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offered employment to assist Eastdil in establishing a southwest
office.
Petitioner was permitted to engage in real estate activities
on his own behalf. Petitioner focused his efforts on acquiring and
selling selected nonperforming secured promissory notes. In this
respect, petitioner spent many hours perusing real estate
offerings, obtaining lists of nonperforming assets, performing on-
site inspections, interviewing the management of targeted
properties, and doing financial projections.
Forum 303 Note and Its Acquisition
In early 1988, C. Marshall Rea (Mr. Rea), an attorney, and
petitioner caused a corporation, known as AMI Resources, Inc.
(AMI), to be formed under the laws of the State of Texas in order
to purchase a note, dated December 1, 1982, executed by Forum 303,
Ltd., in the original principal amount of $4 million (the Forum 303
note) that was held by FSLIC as receiver for Mainland. The Forum
303 note was secured by a deed of trust that constituted a second
lien on a shopping center located at Forum Drive and Highway 303 in
Dallas, Texas. Under the terms of the note, Forum 303, Ltd., was
required to make monthly payments of $36,667, with a balloon
payment of $3,878,597 due in January 1993.
Mr. Rea was the president and sole shareholder of AMI;
petitioner was the secretary and a director of the company.
Petitioner’s brother, Phillip Noons (P. Noons or his brother),
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