Judgments: Luck of Clarence Jackson

Twelve years ago, Clarence Jackson was a prospering Phoenix, Ariz., businessman. He owned an entire city block with only a small mortgage remaining. On the block stood a bar and a large supermarket, which he and his wife operated. There were also a few stores, houses and a gas station, which he rented out. Jackson figured the whole package was worth at least $250,000, and there was some still-vacant land on which he had just decided to build a motel. Things were looking good. In his wildest nightmares, Jackson could not have...

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