-3-
G & B Products used to grind and bag rice hulls. On August 8,
1988, the Small Business Administration (SBA) foreclosed on the
Peveto.
Before February 1989, Mr. Wickersham became interested in
property being auctioned by the Resolution Trust Corporation
(RTC). He requested to be placed on RTC mailing lists, and as a
result he received a brochure regarding the auction of the Peveto
on February 23, 1989 (the auction). Mr. Wickersham attended the
auction, and he was the high bidder for the Peveto.
The terms of the auction did not permit Mr. Wickersham to
purchase the Peveto for the bid price; instead, the rules allowed
Mr. Wickersham to negotiate with the SBA for an opportunity to
purchase the Peveto. Sometime after the auction, Mr. Wickersham
reached an agreement with the SBA to purchase the Peveto for
$100,000. On March 27, 1989, by special warranty deed, the SBA
conveyed the Peveto to Mr. Wickersham.
The OCPND
The Orange County Port and Navigation District (OCPND) is a
governmental entity created by the Texas legislature to
administer the port in Orange County, Texas. The OCPND board is
composed of five commissioners.
From May 1988 throughout 1989, the five commissioners on the
OCPND board were Mr. Winfree, Wallace Wayne Frederick (Mr.
Frederick), Walter Mullins, James Smith, and John Young (Mr.
Young). During this time, the OCPND board held regular and
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