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Dallas, Texas. Eulich had known Ballard and Lisle since at least
1965. Eulich dealt with Ballard and Lisle in connection with
Prudential's financing his real estate development work, when
Ballard and Lisle worked in Prudential's Houston regional
office.14 Eulich was also a close personal friend of A.N.
Pritzker. Eulich met Kanter through Pritzker in the late 1960's
or early 1970's. Kanter and Eulich had many business dealings
with each other. Kanter helped raise capital for some of
Eulich's business ventures.
Eulich's real estate development activities were primarily
conducted through Vantage, Inc., a corporation that he owned. In
1968, Eulich acquired Rodeway Inns, a company that owned a small
chain of garden court motels. Over the years, Rodeway Inns
increased the number of its motels. Rodeway Inns and Eulich
obtained financing from Prudential for the acquisition of many of
the additional motels. From 1968 through about 1973, Eulich
dealt with Ballard in securing the financing from Prudential for
Rodeway Inns.
In about 1974, Eulich and Prudential became dissatisfied
with the performance of the hotel management company that was
managing and operating 16 Rodeway Inns motels that had been
financed by Prudential. Eulich decided to establish his own
14
After Lisle began working for Travelers in 1982, he dealt
with Eulich in connection with the managing of Travelers'
properties.
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