David C. Wilson - Page 9

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          for note collection guarantees; and (4) a maximum of $100,750 in            
          investment advisory fees.  In addition, MFA was also the                    
          ministerial agent for the office building limited partnership               
          and, according to the revised offering memorandum, received                 
          substantial payments in that capacity.                                      
               Efron obtained financing for the EI investments through                
          local banks.  Like a number of limited partners in EI,                      
          petitioners in these cases made a cash downpayment to EI and then           
          signed installment promissory notes for the remainder of the                
          purchase price.  Thereafter, Efron pledged any promissory notes             
          received from limited partners as security for loans to EI.  In             
          addition to lending funds directly to EI, the banks also offered            
          loans to individual limited partners for the downpayments needed            
          with respect to the EI investments.  Donald Cassaday (Cassaday),            
          a vice president of the First Bank of Whiting, was involved with            
          arranging the financing for EI with Efron and arranged required             
          financing for some of the EI limited partners.                              
               Wilson and Sorey subscribed to purchase limited partnership            
          units in EI in the respective amounts of 1-1/2 units ($150,000)             
          and one-half of a unit ($50,000).  Wilson did not borrow any                
          funds with respect to his investment in EI.  The record is                  
          unclear as to how Sorey financed acquisition of his investment in           
          EI.                                                                         
               Wilson learned of EI and the Clearwater transaction from               
          Efron.  In 1981, Wilson began to play professional football as a            




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