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Jeffcott died as a result of injuries sustained in an automobile
accident.
On December 21, 1987, Color Q filed a Complaint in the
Common Pleas Court of Montgomery County, Ohio (Montgomery County
Court), Case Number 87-4055, to recover the money allegedly
embezzled by Mr. Jeffcott (embezzlement suit). In its complaint,
Color Q named the following defendants: (1) Teresa L. Jeffcott
(the wife of William T. Jeffcott), (2) JNANA, Inc. (JNANA), a
corporation formed by the Jeffcotts and owned by Teresa L.
Jeffcott, (3) petitioner, and (4) the S Corporation. The Estate
of William Jeffcott (Estate) was subsequently added as a
defendant on May 10, 1988. Color Q sought consequential and
incidental losses that were allegedly sustained as a result of
Mr. Jeffcott's embezzlement, as well as treble damages, costs of
the suit, and attorney's fees pursuant to the Ohio Corrupt
Activities Act.
During December 1987, the S Corporation sent to the Estate's
administrator an "Affidavit in Statement of Claim" stating that
the S Corporation was "the owner of a claim" against the Estate
for the amount of $193,500 plus interest from December 16, 1987.
The S Corporation stated that the claim was "contingent on the
outcome" of the insurance suit (described below); i.e., it was
contingent on the S Corporation's being found to be the
beneficiary of the proceeds of the Prudential life insurance
policy on Mr. Jeffcott's life.
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