Southmark

was the sponsor of over 1,000 real estate investment partnerships that were economically structured in accordance with pre-1986 tax law. As a result of the Tax Reform Act of 1986 and the unprecedented changes in the existing tax law, significant tax advantages for taxpayers investing in real estate were eliminated. As one of the largest tax advantaged limited partnership sponsors and investors, the company suffered severe economic hardship in its existing partnerships along with the virtual termination of this line of business.

Gene and Southmark board members strongly disagreed on the company's recovery strategy, so Gene disassociated himself from the company in January 1989. By July 14, 1989 the company filed for bankruptcy.



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Years Later, Gene founded Prime Income Asset Management a Dallas-based real estate investment advisor. Prime would go on to employee a skilled staff of over 150 experienced real estate and business professionals. It provides real estate advisory services to two publicly traded companies with assets with a market value of over $2.1 billion.

Gene is also involved with many international companies and finds ways to use his talent and experience to assist them in achieving tremendous results.

He is the chairman of Balkan Energy Company LLC, which is a privately-owned energy company that handles power projects in underdeveloped countries.

Recently, he has become involved in the operations of a cable company located in Bulgaria, and an oil and gas drilling company located there as well.

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