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into a joint venture with International Recoveries, Inc., based
on business plans and maps that were shown to him as well as his
evaluation of the other investors and Mr. Tillman's expertise in
the area.
When assessing potential transactions for his trucking and
waste management businesses, Mr. Harrison generally sought legal
assistance. Mr. Harrison did not seek legal assistance with
respect to his dealings with International Recoveries.
Petitioner went to libraries and read books and other
publications regarding treasure hunting. The materials
petitioner referred to did not discuss the cost of treasure
salvaging or how to make a treasure hunt economically feasible.
Petitioner set no specific budget with respect to his gold
mining and treasure hunting activity. Mr. Harrison was invited
to join International Recoveries in its ongoing exploration for
sunken treasures for an investment of $50,000. For this
investment, petitioner was to share in any recovery. Petitioner
did not agree to the first offer to join International Recoveries
and negotiated a better deal than that originally presented.
During 1989, the International Recoveries group participated
in three primary expeditions with petitioner. The group was
involved in operations off the Florida Keys, off the coast of
Louisiana near the base of the Mississippi River, and on a farm
in Goliad, Texas.
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