- 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 And after a divided panel of the Court of Appeals affirmed the Board's decision in an unpublished opinion, HTC Indus., Inc. v. Aspin, Secretary of Defense, 22 F.3d 1103 (Fed.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 thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
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