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On March 3, 1988, the Estate's administrator filed a
Complaint for Declaratory Judgment in the Court of Common Pleas
of Warren County, Ohio (Warren County Court), Case No. 3-3-88-
102-46883 (insurance suit). In the insurance suit, the Estate
sought a judicial determination of the relative rights of the
Estate, the S Corporation, and petitioner with regard to the
proceeds from the Prudential life insurance policy on Mr.
Jeffcott's life (insurance proceeds).
On April 28, 1988, a status conference and hearing were held
in the embezzlement suit. During those proceedings, Color Q
agreed that in the event that any of the defendants in the
embezzlement suit were adjudicated to be rightful beneficiaries
of the insurance proceeds as a result of the insurance suit,
Color Q would accept the amount of $190,000 in full and final
settlement of all claims with respect to all defendants in the
embezzlement suit. Additionally, during those proceedings, each
of defendants JNANA, Teresa L. Jeffcott, the S Corporation, and
petitioner agreed that if the court in the insurance suit found
any one of them to be the rightful recipient of the insurance
proceeds, that person or entity would make payment of $190,000 to
Color Q, which agreed that, upon payment, it would dismiss all
claims against all defendants in the embezzlement suit.
On May 11, 1988, in a status conference held in the Probate
Court of Warren County regarding the Estate, the Special
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