- 3 -
I. FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
A. Petitioners
Petitioners lived in San Antonio, Texas, when they filed the
petition. Petitioner graduated from high school and completed 2
years of college. He then worked for several years as a steel
fabrication draftsman. He later worked for a machine shop and a
container business.
B. Formation and Early Years of the Diversified Resources and
Development Partnership
In the mid-1970's, petitioner met Trisch, a petrochemical
furnaces consultant. In the early 1980's, Trisch, petitioner,
and Ronnie Pace (Pace) orally agreed to form the DRD partnership
to hold and rent real estate. DRD bought real property with
mobile homes in Truth or Consequences, New Mexico, to rent to
skiers during the winter.
DRD lent money to two people during the 1980's. Before
1990, DRD had no business activity other than the mobile home
rental activity and the two loans.
Pace withdrew from DRD in 1986, leaving Trisch and
petitioner as equal partners. The partnership distributed some
partnership assets to Pace when he left DRD, leaving DRD
primarily with the property in Truth or Consequences. On
December 29, 1987, Trisch, in DRD’s name, bought mobile homes in
Kerr County, Texas.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011