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of Debtor may be reduced further by any future
payments received by Claimant from limited
partners of Debtor.
Dakotah Hills was only one of approximately 42
partnerships and corporations related to the JNC Companies
and Mr. David Randall Jenkins that filed for protection
under the bankruptcy laws. All of the cases were jointly
administered by the Bankruptcy Court, and a single trustee
in bankruptcy was appointed. Admiral was the largest
creditor of the JNC estates and filed claims totaling
approximately $79 million.
On or about November 10, 1989, Admiral and three law
firms representing investors in various JNC partnerships
executed a Settlement Agreement under which Admiral and any
investors who joined the agreement could settle their legal
claims against one another. The preamble of the agreement
refers to an attached list of law suits “pending in the
United States District Court for the District of Arizona
and/or the Arizona Superior Court in which Admiral has
asserted claims against Investors and Investors have
asserted claims against Admiral.” It appears that some of
the limited partners of Dakotah Hills were parties to a
suit against Admiral, but the record does not disclose
whether all of the limited partners of Dakotah Hills were
parties to such a lawsuit. The same is true of the limited
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