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concerning the backgrounds of these individuals. Petitioner
received Glenn Tillman's resume during his San Diego meeting in
the early part of 1989. Petitioner relied upon this resume in
making his decision to enter into a joint venture to hunt for
gold and treasure with International Recoveries. As part of his
investigation into Mr. Tillman's qualifications and expertise,
petitioner contacted the Mel Fisher organization,5 a prior
employer of Mr. Tillman, in order to verify his expertise. Mr.
Tillman was given a favorable report. Mr. Tillman's
qualifications encouraged petitioner to participate in this
venture.
Mr. Harrison did not see or rely on any information that
showed any prior salvage operations conducted by International
Recoveries or its owners. With respect to the salvage operation
contemplated by International Recoveries, petitioner was shown
papers and reports of its prospective activities. He saw no
financial data about International Recoveries before becoming
involved with that company or its principals. Petitioner entered
5 The Mel Fisher organization was a very successful
treasure hunting group. His group spent millions of dollars
searching for the Atocha, a Spanish galleon. In 1980, Fisher
found the Margarita, another galleon, whose treasure yielded $20
million, which was insignificant compared with the expected yield
of the Atocha. In 1985, Fisher discovered the Atocha. The
treasure that was discovered included nearly 40 tons of silver
bars, over 2,300 natural, uncut gems with some weighing up to 77
karats, gold chains as much as 50 feet long, and other items such
as weapons and personal items. Mr. Tillman was not with this
group at the time of the Atocha discovery.
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