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evidence of the substance of the meeting. He did not speak with
Ms. Jobin, the bankruptcy trustee.
Based on M&L's October 1990 letters, his conversations with
Mr. Brayer and Karen Marx, and his attendance at the November
creditors' meeting, Mr. Premji concluded that M&L's investment
materials he had reviewed in August 1990 were not accurate. He
questioned why M&L was having difficulty securing financing if
its net worth was as claimed. He interpreted the October 1990
letters as nothing more than excuses for why money was not
available and an attempt by M&L to cover its tracks.
Consequently, he believed that the funds he had invested with M&L
would not be repaid.
Mr. Premji consulted an attorney in late February 1991. He
was told that a suit against the Bank of Boulder (Amazing
Enterprises suit) was planned and that several other
possibilities for investor recovery were being considered.
Shortly thereafter, in March 1991, he signed a retainer agreement
with the attorney's firm. As a result, Mr. Premji was one of the
68 Amazing Enterprises suit plaintiffs seeking to recover losses
from their M&L investments. The Amazing Enterprises suit was
commenced on or about July 1, 1991. It was settled in January
1993. Mr. Premji received $29,205 in settlement of his claim in
late 1994. His legal fees and costs associated with the suit
were $9,772.
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