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pay the balance due on the purchase of the Brentwood property,
i.e., $29,311.83, was not redeposited into the escrow account.
On November 20, 1990, OIP purchased from Mr. Canty his
residence in Orlando, Florida. Thereafter, Mr. Canty continued
to live rent free in that residence. Of the total purchase price
that OIP paid Mr. Canty for his residence, $125,000 was paid with
a portion of the escrow fund. OIP acquired no other residential
properties during the early 1990's.
On December 11, 1990, OIP purchased for $490,000 approxi-
mately 174.5 acres of land in Vero Beach, Florida (Vero Beach
property), from the General Development Corporation (General),
which was the debtor in possession of that property. General
provided financing to OIP for that purchase in the amount of
$367,500 and retained a purchase money mortgage on the Vero Beach
property with respect to that loan. After debits and credits
reflected in the closing statement with respect to the purchase
of the Vero Beach property, the balance due from OIP to General
was $66,000. That amount was paid by a $66,000 check drawn on
the escrow account, signed by Mr. Hefferan, and dated December
11, 1990.
On December 20, 1990, OIP purchased for $3 million an
apartment complex in Fort Worth, Texas (Quail Ridge property),
from American National Insurance Company (American National).
American National provided financing to OIP for that purchase in
the amount of $2,888,000 and retained a mortgage on the Quail
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