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Before entering into the lease and distribution agreements,
petitioner made no independent investigation of Century Concepts
beyond reviewing the promotional materials provided by Century.
Petitioner did not obtain a lawyer, an accountant, a C.P.A., or
any other professional to review the documents before signing.
Petitioner obtained no independent appraisals of the masters
before signing the agreements and received the appraisals
provided by Century only after entering into the lease and
distribution agreements.
Century provided lessees two appraisals for each master
video game. On February 23, 1984, VidElect, Inc., provided
Century with an appraisal of Techno Sport Toboggan with a listed
fair market value of $379,250. On June 1, 1984, WBW Appraisals
provided Century with an appraisal of Techno Sport Toboggan with
a listed fair market value of $2,333,760. On October 8, 1983,
VidElect, Inc., provided Century with an appraisal of Monsoon
with a listed fair market value of $379,250. NSO, Inc., provided
Century with an undated appraisal of Monsoon listing as its fair
market value $375,000. VidElect's appraisals are identical with
the exception of the names of the masters.
Petitioner never received a copy of the Monsoon master.
Petitioner did receive three copies of the Techno Sport Toboggan
master; one was given to the IRS, and the other two are unopened
in their original packaging. Petitioner had no experience in the
computer video game market before his involvement with Century
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