- 26 -
opinion. Dr. Glassley was impressed with Whittaker's
credentials.
On December 15, 1981, petitioners Glassley subscribed to one
partnership unit of JDP at a cost of $50,000. As a result of
their capital contribution to JDP, petitioners Glassley acquired
an 11.1-percent capital interest in JDP. Also on December 15,
1981, they executed the signature page to the certificate and
agreement of limited partnership and certificate of fictitious
name, offeree questionnaire, and a promissory note in the amount
of $35,000 payable to JDP in installments of $15,000 on or before
May 1, 1982, $10,000 on or before May 1, 1983, and $10,000 on or
before May 1, 1984, together with interest of 10 percent per year
of the unpaid balance. Petitioners paid to JDP or its escrow
agent $15,000 on December 15, 1981, $16,160 on April 26, 1982,
$12,000 on April 29, 1983, and $11,000 on April 30, 1984.
Dr. Glassley maintained his interest in the jojoba plant and
its commercialization. He continued to read about jojoba and
together with Mrs. Glassley attended an international conference
on jojoba held in Tucson, Arizona, during 1982. Petitioners
Glassley also traveled to Hyder, Arizona, and visited the jojoba
plantation during 1982, 1983, and 1985.
Dr. Glassley would not have invested in JDP if he had
thought the joint venture would not be formed. He was interested
in making a profit from his investment and believed that there
could be no profits without the formation of the joint venture.
Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NextLast modified: May 25, 2011