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During the summer of 1981, Dixon decided that he wanted
to buy a savings and loan. Dixon researched various financial
institutions and chose Vernon. Dixon proposed that he buy 70
percent of Vernon's stock, and that petitioner, Lemons, and Rick
Ramsey (not otherwise identified in the record) each buy 10
percent.
Dixon bought 97 percent of Vernon in January 1982 for an
amount not stated in the record. Dixon paid 20 percent of the
purchase price in cash and financed 80 percent.
Dixon transferred Vernon's stock to Dondi Financial in June
1982. Dondi Financial was a holding company formed to hold
Vernon stock. Dondi Financial had no other assets. Dondi
Financial assumed Dixon's obligation to pay the rest of the
purchase price. Dondi Financial paid significant amounts on this
obligation while it owned Vernon.
3. Petitioner's Reassociation With Dondi Group, Inc.
Dixon contacted petitioner in June 1983. Petitioner needed
additional capital for his apartment project. Dixon convinced
petitioner to work for him again by agreeing to provide capital
for the project. Petitioner moved to Dallas and started working
for Dixon at Dondi Financial in June 1983.
Petitioner became president of Dondi Financial shortly after
he returned. Lemons was Vernon's chairman when petitioner
returned to Dondi Financial.
C. Texana Savings & Loan
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Last modified: May 25, 2011