Gary L. Lonsinger and Nancy L. Lonsinger - Page 5

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          in the engine room, which destroyed both engines, transmissions,            
          all electrical gear, all of the electronics, the wiring, and the            
          air conditioning system.  In 1990, petitioners accepted $110,000            
          from USF&G in settlement of their insurance claim.  After the               
          partial sinking, the PEDRO was repaired, and was declared                   
          seaworthy in September, 1990.                                               
               In the summer of 1990, petitioners filed suit against Pedro-           
          Holland in an attempt to recover both the devaluation of the boat           
          caused by salt water contamination, and unreimbursed expenses.              
          USF&G filed jointly with petitioner to recover from Pedro-Holland           
          the $110,000 it paid to have the boat repaired.                             
               At the suggestion of the bank mortgagee, petitioners moved             
          the boat to Florida in November, 1991.  On November 15, 1991,               
          Durham Trust Bank, the mortgagee, was closed by the FDIC and                
          "froze" petitioner's assets.  It was petitioner's understanding             
          that this action was taken because of criminal activity that                
          happened in the bank.  In March, 1994, the FDIC permitted                   
          petitioners to sell the boat.  Petitioners realized $85,000 on              
          the sale.                                                                   
               Petitioners' lawsuit against Pedro-Holland came to trial in            
          January, 1994.  The judge in the case excluded petitioners'                 
          expert witnesses on motion of opposing counsel, so petitioners              
          did not recover from Pedro-Holland.  Petitioners did, however,              
          recover $30,000 from their attorney.                                        





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