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partner formed M&D Enterprises, Inc. (M&D), to develop and market
the product. Petitioner was president of M&D from 1965 until it
was dissolved in December 1995.
Before he acquired the patent rights, petitioner
investigated the cement product by himself and with the
assistance of an engineer and chemist. He also investigated the
prior owner's books and how the prior owner conducted business.
Based on these investigations, petitioner believed that the
product was valuable and that the prior owners had mismanaged the
business. Petitioner established a plant to manufacture the
product and a sales force to market the product. The operation
became profitable after 6 years.
In 1975, petitioner founded and became president of
International Materials Corp. (IMC). IMC was formed to license
the cement product in countries other than the United States.
IMC licensed the cement patent to foreign manufacturers. In the
early 1980's, M&D's patent expired, and the company closed its
U.S. plant and ceased international licensing. After the patent
expired, M&D could no longer collect royalties.
Since 1980, petitioner has appeared as an expert witness in
construction litigation cases.
In 1994, petitioner acquired a truck stop and restaurant in
Cabool, Missouri, now known as Midwest Truck Stop, for $500,000.
Petitioner reviewed Midwest Truck Stop’s financial records before
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