Thomas F. and Toyia A. Noons - Page 3




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               Petitioners resided in Houston, Texas, at the time they filed          
          their petition.  For the year at issue, they were husband and wife;         
          they divorced in 1995.                                                      
          Petitioner’s Employment: 1983-88                                            
               Petitioner emigrated to the United States from Great Britain           
          in 1983.  Almost immediately he obtained employment with Mainland           
          Savings Association (Mainland), a savings and loan association              
          located in Houston, to computerize their commercial lending and             
          service operations.  Later, after demonstrating an ability to               
          manage complex real estate investment transactions, he became head          
          of Mainland’s commercial lending branch, charged with overseeing a          
          $1.5 billion commercial loan portfolio.  Petitioner’s employment            
          with Mainland ended in early 1986 after Mainland was placed in              
          receivership by the Federal Savings and Loan Insurance Corporation          
          (FSLIC).  Thereafter, he began to explore different business                
          opportunities in which to invest.  He attempted to establish a              
          chain of Fuddrucker restaurants in the United Kingdom.  He also             
          attempted to develop a wildlife safari park in Jamaica.  Neither            
          venture materialized.                                                       
               In May 1986, petitioner was approached by Eastdil Realty, Inc.         
          (Eastdil), a real estate investment bank based in New York that             
          specializes in managing large (typically over $400 million) real            
          estate portfolios for major corporations and others, and was                








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