-12--12-
At some time before April 1988, the Raiders completed an
82-page damage study that alleged total losses of $25,083,146.99
as a result of the Oakland suit. This study indicates that the
Raiders suffered the following damages: (1) Lost Olympic
committee contract revenue; (2) lost attendance income; (3) lost
food and beverage income; (4) lost merchandise income; (5) lost
game program income; (6) lost Oakland practice field revenue;
(7) lost suite income; (8) lost radio income; (9) lost per diem;
(10) lost Santa Rosa air travel revenue; and (11) lost Oakland
office rent.
On May 6, 1987, the notice of claim in the eminent domain
action and the complaint in inverse condemnation were
consolidated. On November 10, 1988, the Raiders and Oakland
settled the lawsuit. The settlement provided for $4 million plus
interest to be paid in $1-million (plus interest) installments
over 4 years. The settlement agreement recited that the
agreement was entered into by the parties for the “purpose of
settling disputed claims involving the restoration of lost
franchise value and does not constitute an admission of liability
of any party.”
In the FPAA’s for 1988 and 1989, respondent determined that
$600,000 ($1 million less $400,000 attorney's fees) in each year
constituted taxable income.
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