-3- Petitioner’s Business Pursuits Petitioner has been a business associate of Keith Pomeroy (Pomeroy) since the early 1980s. In 1983, he and Pomeroy entered into a Development Agreement (1983 Development Agreement). It provided, in relevant part: 1. Purpose. The principal purpose of the Parties acting together is to acquire, hold, develop, operate, and sell various real estate and building projects, primarily, although not exclusively, nursing homes and housing for the elderly. The Parties shall contribute equally funds as are required to acquire, hold, develop, operate and/or sell projects that are subject to this Agreement, and each shall own an undivided one- half interest in such projects. Only those projects will be acquired and developed on which there is unanimous agreement. Either Party may decline to participate in any project for any reason whatsoever. In such case, the other Party may not proceed with such project individually. Pursuant to the 1983 Development Agreement, petitioner and Pomeroy through the years have organized numerous entities primarily to acquire, develop, manage, and operate commercial real estate. Petitioner directly owned an interest in approximately 21 real-estate-related entities during the subject years and was involved with numerous other entities primarily by virtue of contractual relationships through the entities which he owned. The relevant entities are Arbor Corporation (Arbor), Peachwood Nursing Center (PNC), H.K. Peach, Inc. (H.K. Peach), REH1 Corporation (REH1), TROY-SAK Associates (TROY-SAK), LakelandPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011