- 3 -
particular, the controversy centers on whether section 1056 was
intended to apply where the buyer acquires a partnership interest
in a partnership holding player contracts.
FINDINGS OF FACT2
Patrick Bowlen (Bowlen), after graduating from the
University of Oklahoma law school, practiced law for 2 years in
Calgary, Canada. Thereafter, he began a real estate development
business which he operated into the late 1980's. During 1984-85,
Bowlen acquired an interest as a general partner in a partnership
that was the franchised owner and operator of the Denver Broncos
(Broncos) professional football team, a member of the National
Football League (NFL). That partnership, P.D.B. Sports, Ltd.
(Bowlen I), was a Colorado limited partnership with its principal
place of business in Colorado at the time the petition was filed.
Prior to Bowlen's involvement in the Broncos, Bowlen I was
99.75-percent owned by Edgar F. Kaiser, Jr. (Kaiser), a Canadian
national.3 The remaining .25 percent of Bowlen I was also
indirectly owned by Kaiser, through a corporation E.F.K. Sports
Holdings, Ltd. (Kaiser I). Due to Bowlen's prior interest in
2 The parties' stipulation of facts and the attached
exhibits are incorporated herein by this reference.
3 Bowlen I, prior to the transactions in question and when
controlled by Kaiser, had been named E.F.K. Sports, Ltd. When
Bowlen acquired a partnership interest, he changed the
partnership name from E.F.K. Sports to P.D.B. Sports, Ltd.
(referred to as Bowlen I for purposes of this opinion).
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