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the Rookery Building on LaSalle Street in Chicago and formed two
real estate companies, Baldwin Development Corp. (BDC) and
Baldwin Asset Management Co. (BAMCo.), to restore and manage the
Rookery Building. In May 1989, petitioner incorporated Baldwin
Financial Corp. (BFC). BFC was registered with the Commodity
Futures Trading Commission as a commodity pool operator and a
commodity trading adviser. In 1992, petitioner formed a New York
general partnership named MC Baldwin Financial to continue BFC’s
business as a commodity pool operator and commodity trading
adviser.
Granot Loma
During 1986 and 1987, petitioners looked sporadically for a
vacation home. Petitioner first learned of the existence of
Granot Loma in 1987. During a family vacation in 1987,
petitioners, accompanied by their children and Mrs. Baldwin’s
brother, Pat Matre, and his family, drove to see the property.
Granot Loma consisted of approximately 5,000 acres,
including 4 miles of Lake Superior shoreline. There were two
complexes of buildings at Granot Loma, the large log cabin lodge
with its associated outbuildings and the old farm complex. A
separate small log cabin which was the original depot for the
railroad spur that once serviced the property was also located on
the property.
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