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petitioner from $250,000 to $435,000. That balance was
attributable to credit extended by Caesar’s prior to December
1985. When informed of the returns of the checks, petitioner
promised to make arrangements to clear them and, subsequently, to
send new checks. In the course of a contact with Caesar’s
concerning the returned check for $110,000, petitioner also
inquired when the $250,000 balance of his account was due, and
Caesar’s informed him that it was due January 12, 1986. On
December 23, 1985, Caesar’s received a check for $110,000, which
was returned due to insufficient funds on January 15, 1986.
During 1986, petitioner made the following payments on his
account:
Date Amount
May 13, 1986 $25,000
Aug. 11, 1986 10,000
Dec. 3, 1986 10,000
The IOU envelope for petitioner’s account sets forth the
following notation with respect to a contact with petitioner on
January 8, 1987: “Got him [petitioner] straight[en]ed out about
25M pmt [payment] which we rec back in 5/13/86--verified balance
& pmts [payments] made & he agrees”. Caesar’s sent petitioner an
account statement dated February 4, 1987, informing him that its
executive committee had approved a lump-sum settlement in a
reduced amount and inviting him to call its account
representative for details. During 1987 and 1988, petitioner
made payments on his account as follows:
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Last modified: May 25, 2011