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deal with Mr. Spedding, the deal fell through, because Ford Motor
Co. had rejected Mr. Spedding as a potential franchisee. Mr.
Richardson, Mr. Turner, and Mr. Blewett rejected Mr. Wright's
initial offer.
After this first meeting, Mr. Richardson, Mr. Turner, and
Mr. Blewett decided that they would return to their hometown,
examine the financial statements of Mr. Wright's companies in
more depth, and schedule another appointment with Mr. Wright.
Mr. Richardson, Mr. Turner, and Mr. Blewett also had to decide
who would run the Totem Lake dealerships if they did consummate a
purchase from Mr. Wright. Before going back to continue
negotiations with Mr. Wright, Mr. Richardson, Mr. Turner, and Mr.
Blewett asked Mr. Zellner if he would be interested in running
the Totem Lake dealerships. Mr. Zellner indicated that he was
interested in running the dealerships.
At the end of February or the beginning of March 1988, but
prior to March 4, 1988, Mr. Richardson, Mr. Turner, Mr. Blewett,
and Mr. Zellner (sometimes the buyers), along with William Hyde,
counsel for the buyers, went to Washington to negotiate with Mr.
Wright. The negotiations were primarily between Mr. Wright and
Mr. Richardson. The negotiations did not result in a purchase
agreement, because the purchase price requested by Mr. Wright was
too high for the buyers.
Before leaving Washington, Mr. Richardson and Mr. Blewett
decided to make one more attempt to reach an agreement with Mr.
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