Searcy M. Ferguson, Jr., and Elizabeth L. Ferguson - Page 3

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                                     Background                                       
          General Background                                                          
               Petitioners are husband and wife.  At the time of the filing           
          of the petition, they resided in Dallas, Texas.                             
               From January of 1967 until their divorce in January of 1987,           
          petitioner was married to Elizabeth Robertson Ferguson Smith (Ms.           
          Smith).  The final judgment and decree of divorce incorporated an           
          agreement incident to divorce dated November 25, 1986 (the                  
          divorce agreement).  To resolve various controversies subsequent            
          to the divorce agreement, Ms. Smith and petitioner entered a                
          settlement agreement in 1988 (the 1988 settlement agreement) and            
          another settlement agreement in 1989 (the 1989 settlement                   
          agreement).                                                                 
          The Vernon Property                                                         
               During 1985, petitioner purchased three tracts of real                 
          property in or near Vernon, Texas (hereinafter collectively                 
          referred to as the Vernon property).1  During 1994, petitioner              
          secured a loan from Herring National Bank with a lien on the                
          Vernon property.                                                            
               During December of 1999, petitioner filed a bankruptcy                 
          petition under chapter 11 of the Bankruptcy Code with the U.S.              
          Bankruptcy Court for the Northern District of Texas.  The case              


               1Before 2001, petitioner conveyed a small portion of the               
          Vernon property.                                                            





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