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On August 21, 1989, petitioners’ attorney, Mr. Handel, wrote
to Prudential Bancorp’s attorney to confirm his understanding
that pursuant to the settlement, Prudential Bancorp would
“immediately release any and all interests” in the vending
machines.
6. Crestwood Property
Petitioners purchased the Crestwood undeveloped land during
1983 for $375,000 and in 1984 borrowed $1.4 million from
Concordia Bank to construct a residence. Concordia Bank received
a security interest in the Crestwood property. Petitioners
completed construction of a 12,000-square-foot, three-story,
four-car-garage residence in October 1986.
The Crestwood property was flooded twice during December
1987. On or about December 6, 1987, a few days after petitioners
moved in, sewage backed up, contaminating the first floor of the
house. Within a week, a windstorm caused flooding and wind
damage to the property. For example, it blew out all the windows
in the house.
During June 1988, another flooding incident occurred at the
Crestwood property. The floods destroyed some of petitioners’
personal and corporate records as well as personal property. The
destroyed records were discarded by workers who were cleaning up
the flood damage.
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