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trust that made investments in commercial real estate. MIP was not
a WC subsidiary but was managed by WC.
During the year in issue, petitioner managed all of WC's
financial service subsidiaries and was responsible for
approximately 2,000 employees. He was one of the 10 most highly
compensated individuals at WC, earning a base salary of $279,232.56
in 1989. Petitioner did not have a written contract with WMC or
WC.
Although WC policy required that employees receive annual
employment reviews, petitioner never received such a review.
Nevertheless, he always received bonuses when he became eligible.
Between 1980 and April 1989, John W. Creighton served as
petitioner's immediate supervisor. Mr. Creighton and petitioner
were close friends. At the time of trial, Mr. Creighton was the
chief executive officer and chairman of the board of WC.
Within WC's financial services chain of command, petitioner
was the number 3 person, below George Weyerhaeuser and Mr.
Creighton.
Communications Before Petitioner's Termination
In 1988, petitioner expressed a concern to Mr. Creighton that
because of the developing trend to consolidate in the mortgage
banking industry, there was a strong possibility that WC would
sell WMC, which might then leave petitioner unemployed. In response
to this concern, Mr. Creighton orally assured petitioner that WC
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