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At the time the petition was filed, petitioners resided in
Cerritos, California.
Background
Mr. Rungrangsi was born in Thailand in 1938. He first came to
the United States in 1968 to attend Georgia State University where
he obtained a master's degree in economics. After obtaining his
degree, Mr. Rungrangsi returned to Thailand to work for the Thai
government. In 1979, Mr. Rungrangsi married and he returned to the
United States with Mrs. Rungrangsi and became a bartender in New
York. In 1980, petitioners moved to southern California and Mr.
Rungrangsi continued to work as a bartender; Mrs. Rungrangsi worked
as a registered nurse.
After moving to California, petitioners began investing in
real estate. In 1984, they acquired commercial property in Long
Beach, California, and in 1987, they acquired a residence. In
1989, petitioners acquired a minimarket business in South El Monte,
California, with the equity from their house. They invested
approximately $120,000 to purchase the minimarket, but had
insufficient funds to purchase inventory. Consequently,
petitioners borrowed funds from Suvanee Eagatatt, a friend of Mrs.
Rungrangsi. Ms. Eagatatt obtained a home equity loan of $96,000
and lent the proceeds to petitioners without interest. Petitioners
were obligated to pay off the loan directly to Ms. Eagatatt's
lender.
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