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parcel of Jackson Creek property prior to the sales from JCLC to
Elite and Vision. As of 1996, however, Triview was experiencing
financial difficulty and was in default on general obligation
bonds issued in 1987 with a face value of $4.8 million and
accrued interest of approximately $3 million.
Petitioner, his brother, and Oldach, in their personal
capacities and/or through the business entities which they owned,
executed three investment and financing transactions that were
related to Triview and Jackson Creek. In addition to JCLC and
Vision, petitioner, his brother, and Oldach held ownership
interests in two additional entities which were parties to these
transactions.
One such entity was Centre Development Co. of Colorado
Springs, LLC (Centre). It was formed on July 27, 1993, for the
purpose of acquiring a shopping center. At all relevant times,
petitioner, petitioner’s brother, and Oldach possessed ownership
interests in Centre of 40 percent, 40 percent, and 20 percent,
respectively.
The second entity was Colorado Structures Corp. (Colorado
Structures). Petitioner and his brother together owned a 49-
percent interest in Colorado Structures. The remaining 51
percent is owned by an employee stock ownership plan (ESOP).
During 1998 petitioner served as the president of
Colorado Structures. Other officers were Oldach who served as
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