Word: waded
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...half-dozen real estate developments under way, and he needed an outlet for the growing cash flow they were generating. In any event, McDougal didn't expect to own the property for very long. Even as he reached an agreement to list the parcel, he told Wade to divide it up and sell the individual pieces. Wade was able to sell all of them by the time McDougal closed on his own purchase, netting McDougal a handsome profit without ever having put his capital at risk...
That summer, when Chris Wade happened to mention that he had a new listing he thought might interest McDougal, the Clintons' finances were on McDougal's mind. He mentioned to Wade, "I'd like to do something to help Bill Clinton. He's starving to death as attorney general. I'd really like to see him make a little money." McDougal said he'd jump in the car with Susan and come...
...Take a look at this," Wade said when the McDougals arrived in Flippin after the three-hour drive from Little Rock. A group of local businesspeople, shareholders of the 101 Development Corp., had just listed a parcel of 230 acres along the White River, about a 20-minute drive from Flippin. The group had bought the property after the prior owner had fallen into bankruptcy. McDougal was intrigued, especially because the acreage had a lot of frontage on the White River. The river descends through the rugged terrain of north-central Arkansas and has stretches of white water, making...
...McDougals told Wade they were interested, and wanted to talk to the Clintons and maybe some other potential investors about it. They weren't told that the price per acre of nearly $900, a total of $203,000, was more than double what the 101 group was paying for it in a deal that hadn't even yet closed. As with his earlier deal with Wade, McDougal wanted to move quickly, listing the individual lots for resale as soon as possible, even before closing. He didn't see the investment as more than a two- or three-year venture...
Given that Wade was a founder and director of the Citizens Bank & Trust Co. of Flippin, it wasn't surprising that McDougal turned there first to finance the purchase of the 101 tract, with Wade's encouragement. The loan officer was a young senior vice president, Frank Burge, who was soon to be named president of the bank. The president then was James Patterson, who happened to be one of the investors in 101 Development Corp., which was selling the land...