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filed was No. 326, 4132 S. Rainbow Boulevard, Las Vegas, Nevada
89013.
Prior to 1985, William Michael Owen and Penelope Ann Owen
(the Owens) of New South Wales, Australia, were the owners of a
farm, named Koramba, located in New South Wales. The Koramba
farmland was used for grazing sheep and cattle and for farming
dry-land wheat and sorghum. The Owens, who were looking for a
financial partner to develop their farm, were introduced to
Phillips, who was interested in acquiring additional rural
properties in Australia. In 1985, Phillips and Heetco, Inc.
(Heetco), a U.S. corporation in which Phillips is a shareholder,
acquired a 50-percent interest in the Koramba farm from the
Owens. Phillips, Heetco, and the Owens thereupon formed Koramba
No. 1 to develop the farmland.
The Koramba farmland is located in a floodplain along the
Macintyre and Barwon Rivers in northern New South Wales. The
Koramba partners decided to use the nearby water resources to
develop a portion of the farmland to grow cotton, which requires
ample water supplies. In 1986, Koramba No. 1 started the
construction of an irrigation system to raise cotton on the land.
With the subsequent purchase of two adjacent farms in 1987 and
1988, the scale of the cotton farming operations was expanded,
leading to the formation of Koramba No. 2, a second Australian
general partnership, between Phillips and the Owens. By 1991,
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