Philippe and Nadine Grelsamer - Page 18

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          filed.  Nadine Grelsamer is a petitioner in docket No. 5788-90              
          solely because she filed a joint Federal income tax return with             
          her husband Philippe for the year in issue.                                 
               Philippe Grelsamer (Grelsamer) graduated high school in                
          France and thereafter received a B.S. degree in industrial                  
          engineering from the Rensselair Polytechnic Institute (RPI) in              
          New York State in 1945.  He then worked for 2 years in the                  
          engineering department of the Carrier Corp. (Carrier), which he             
          considered to be the leading air conditioning and refrigeration             
          corporation in the United States, if not the world.  After                  
          leaving Carrier, Grelsamer worked in the marketing department of            
          a cosmetics firm for several years and after that as an agent for           
          a biochemical manufacturer that specialized in products for the             
          cosmetics industry.  Sometime in the late 1950's or early 1960's,           
          Grelsamer became self-employed as a money manager.  At that time,           
          he already had started managing money for family members and                
          friends.  Grelsamer invested his clients' money in the stock                
          market and liquid securities in general.  Over the years,                   
          Grelsamer has reviewed hundreds of preliminary prospectuses and             
          he has personally invested in dozens of private placements.                 
               After the oil embargo in the early 1970's, Grelsamer sought            
          to invest in oil drilling ventures.  He expressed his interest to           
          a social acquaintance who had experience in the oil business,               
          petitioner Morgan.  Morgan was interested, and the two contacted            






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