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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
A. Petitioner
Petitioner lived in Westerville, Ohio, when the petition was
filed in this case. Beginning about 1979, petitioner provided
financial services to individuals through a sole proprietorship
named Financial Perspectives. Petitioner, his former wife, and
two other couples, formed a general partnership which bought a
building on Sunbury Road in Westerville (Sunbury building) in
1987. Financial Perspectives’ office was in the Sunbury
building. Petitioner managed the Sunbury building.
B. The Nursing Homes
1. Acquisition, Incorporation, and Financing
In December 1985, petitioner and his former wife paid
$650,000 to buy a nursing home in Kirkersville, Ohio
(Kirkersville Nursing Home), from Joseph and Maureen Skidmore
(the Skidmores). Petitioner and his former wife borrowed money
from State Savings Bank, the Skidmores, and Financial
Perspectives’ clients to buy the Kirkersville Nursing Home. In
1986, petitioner and his former wife bought a nursing home in
Utica, Ohio (Utica Nursing Home), from Ms. Maybelle William
Braddock (Braddock) for $850,000. Braddock financed the
purchase.
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