-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.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011