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deceased. On December 29, 1987, pursuant to a Journal Entry of
Final Settlement, 60 percent of that 1/6 interest was conveyed to
petitioner personally or for his benefit, and 40 percent to
Suzanne personally or for her benefit.
In December 1986, petitioner's wife, Elaine Gordon (Elaine),
filed for divorce. In a Memorandum Decision of March 13, 1987,
the divorce court ruled that Elaine and her husband, Marshall,
were "deemed to own 45% of [Blackbob]", one-half of which (22.5
percent) was allocated to Elaine. The court ordered Marshall "to
obtain a deed from Gordon Realty to Mrs. Gordon, conveying to her
a 22.5% interest in the tract." When he failed to deliver the
deed, Elaine filed a "Motion to Compel Defendant, Gordon Realty
Company, Inc., and Defendant, Gordon Financial Corporation, to
Transfer Real and Personal Property".
On October 9, 1987, petitioner and Elaine met before the
district court judge and announced that they had reached a
compromise. Elaine would receive $800,000 for her share of
Blackbob, "conditioned upon the * * * execution of the agreement
between Marshall Gordon and Suzanne Aron as set forth in the
arbitor's [sic] award." The parties agreed to "formally prepare
a separation agreement and submit it to the Court for its
approval at a later date."
In February 1988, the arbitration between petitioner and
Suzanne formally ended. An award was entered requiring that the
ownership of all assets of the Estate of Milton Gordon and Gordon
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