- 11 -
League. Efron was Sorey's sports attorney and agent in 1981 and
throughout his professional football career, commencing in 1975.
Efron was involved in Sorey's business decisions, and he
consulted with his client and advised him, at least as to the EI
investment in Clearwater, before Sorey made the investment.
Efron was the general partner of EI. In addition, Efron
owned limited partnership interests in EI through Efron and Efron
Real Estate, a partnership owned by Efron and his wife, and AMBI
Real Estate, a partnership owned by Efron and his sister. EI was
the first partnership for which Efron served as a general
partner. Efron organized EI so that he could earn legal fees and
fees for managing the partnership. He received compensation and
fees as the general partner of EI and as a 50-percent shareholder
of MFA. Efron learned of the Clearwater transaction from Gordon.
In 1981 Gordon was counsel to EI, to Efron as the general
partner of EI, to Efron personally, and to MFA. He and Efron
have known each other since meeting at the University of Michigan
in 1955. In the early 1960's Efron and Gordon began investing
together in the stock market, real estate, business loans, and
other investments. Gordon is an attorney who holds a master's
degree in business administration and at one time was employed by
the Internal Revenue Service. Prior to the date of the
Clearwater private placement offering, Gordon had experience
involving the evaluation of tax shelters. Gordon was paid a fee
in the amount of 10 percent of some investments he guided to
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011