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One of the terms was petitioner’s inspection of the property before
closing.
b. Traffic Accident
On June 16, 1988, petitioner was struck by a truck and
severely injured. He sustained face, neck, back, and leg injuries.
As a result of his injuries, he was classified as disabled by the
Social Security Administration. Between 1988 and 1993, petitioner
underwent 15 operations and months of physical rehabilitation; he
was unable to work on a consistent basis. Petitioner required
additional operations in 1995 and 1996 to alleviate back pain
sustained as a result of the accident.
Because of petitioner’s accident, he was unable to complete
the purchase of either the commercial loan portfolio from Killeen
Savings & Loan or the property in London.
c. Postaccident
In 1995, petitioner formed a limited liability company (LLC),
called Flagship Home Builders (Flagship), in which he was a 50-
percent limited partner. Flagship was in the business of
constructing custom homes. Petitioner did not purchase or sell
promissory notes with respect to any of Flagship’s business
transactions.
In 1997, petitioner formed Heights Venture (Heights), an LLC,
in which he was a 1-percent general partner and an 80-percent
limited partner. Heights was in the business of purchasing,
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