Transpac Drilling Venture 1982-21, Asher Fensterheim, Charles L. Pincus, Thomas D. Callahan, Donald W. Dvorak, and Thomas J. Williams, Partners Other Than The Tax Matters Partner, et al. - Page 18

          reaffirm" the settlement he had reached with respondent.  This              
          argument is without merit.                                                  
               Fensterheim's letter of September 9, 1992, did not purport             
          to be a settlement.  It was merely correspondence in which                  
          Fensterheim alleged that all of his interests in the Transpac               
          partnerships had been settled in 1991.                                      
               Respondent's authorized representative did not execute the             
          Forms 870-L(AD) for Transpac partnerships 1982-15 and 1982-21,              
          and we have found that there were no settlement agreements for              
          Transpac partnerships 1982-15 and 1982-21 for Fensterheim to                
          "ratify and reaffirm".                                                      
               Subsequent to Fensterheim's letter of September 9, 1992,               
          Goldbas sent a duplicate set of settlement documents to                     
          Fensterheim covering Transpac partnerships 1982-15 and 1982-21,             
          which Fensterheim ignored.  If Fensterheim had intended finally             
          to consummate the settlement in September 1992, as suggested in             
          his alternative argument, he could easily have done so by signing           
          the duplicate set of settlement documents.                                  
               Fensterheim was his own only witness.  He was clear and                
          positive regarding facts favorable to him, but vague and cavalier           
          with respect to matters adverse to him.  He seemed to know the              
          difference.  He was well prepared.  After listening to                      
          Fensterheim's testimony and observing him on the stand, we do not           
          find his version of the facts to be believable.  We conclude that           

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