Harold T. and Christine B. Couch - Page 11

                                       - 11 -                                         
          property of HTC still had some value.  This belief, in turn, is             
          evidence that the dissolution of HTC in 1990 was not a "closed              
          and completed" transaction indicating the worthlessness of the              
          loans HTC held.                                                             
               Petitioners also contend that their unsuccessful attempts to           
          recover the debts through litigation are evidence of the                    
          worthlessness of the debts.  HTC submitted a formal claim under             
          the Contract Disputes Act of 1978 for an equitable adjustment in            
          the Contract price in November 1989.  The Army denied the claim             
          in March 1990.  That same month, HTC appealed the Army's denial             
          of its claim to the Armed Services Board of Contract Appeals.               
          The Board rendered a decision in 1992 against petitioners.                  
          Petitioners then caused that decision to be appealed to the                 
          United States Court of Appeals for the Federal Circuit, and                 
          pursued that appeal vigorously and aggressively as evidenced by             
          the extensive briefs filed in that litigation.  And after a                 
          divided panel of the Court of Appeals affirmed the Board's                  
          decision in an unpublished opinion, HTC Indus., Inc. v. Aspin,              
          Secretary of Defense, 22 F.3d 1103 (Fed. Cir. 1994), petitioners            
          caused HTC to file a petition for rehearing including a                     
          suggestion for a rehearing en banc.  The petition for rehearing             
          was denied, and the suggestion for rehearing en banc was                    
          apparently not favorably acted upon.  Finally, the Couchs caused            
          HTC to seek further review in the Supreme Court, which denied the           






Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  Next

Last modified: May 25, 2011