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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), Lakeland
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Last modified: May 25, 2011