Arnold P. Mordkin and Cindy Mordkin - Page 17

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          conversations with Mr. Dempsey regarding items that appeared on             
          those statements.  He also discussed matters relating to any                
          upcoming board meeting with the Crestwood management staff prior            
          to arriving at Crestwood.  In addition, petitioner had telephonic           
          conversations with the Crestwood management staff regarding                 
          matters relating to the operations of Crestwood Association, the            
          installation of the fire protection system at Crestwood, the                
          proposal by the town of Snowmass Village to terminate its owner-            
          ship of Crestwood roads and parking lots, and employee housing.             
          Petitioner also contacted the respective chairpersons of the                
          various committees of the board (e.g., insurance, rental rates              
          and usage, budget, nominations, and management compensation                 
          committees) to gain insight as to their activities.                         
               Petitioner spent at least 6.7 hours during 1989 and 9.8                
          hours during 1990 on telephone calls between southern California            
          and Colorado.                                                               
               During each of the years at issue, petitioner spent a total            
          of at least 75 hours, but no more than 135 hours, in attending to           
          matters relating to the Crestwood Association owners' operations            
          and lodge operations and in attending to matters relating ex-               
          clusively to his two condominium units at Crestwood.                        
          Petitioner's Involvement in the Operations                                  
          of Crestwood Association During the Years                                   
          1985 through 1988                                                           
               During the years 1985 through 1988, petitioner was a member            
          of the board and served on various committees of that board.  The           

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