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of $416,632 to "Mark Bogen, Attorney and Carl Anthony Cramer,
Attorney". The check was deposited into a Fifth Third Bank
account in the name of the attorneys as fiduciaries with the
endorsement "Mark R. Bogen" and "Carl Anthony Cramer trustee
11/16/88 deposit in trust only".
Sufficient proceeds to pay Color Q were moved from the Fifth
Third Bank account in the name of the fiduciaries to the S
Corporation's account. On November 16, 1988, a check in the
amount of $193,500 drawn on an account held in the name of the S
Corporation was issued to Color Q et al. The check bore the
notation: "In full settlement of any and all claims per
Montgomery County Common Pleas Court Case #87-4055." In issuing
such check, the S Corporation paid to Color Q and Color Q's
attorneys $193,500 in satisfaction of the Color Q claim.
On June 22, 1990, the Warren County Court, deciding that the
S Corporation was the beneficiary of the Prudential life
insurance policy, awarded to the S Corporation the remaining
proceeds from the policy; i.e., the difference between (1)
$400,000 plus accrued interest and (2) $193,500. By Memorandum
Decision and Judgment Entry, dated December 23, 1991, the Court
of Appeals, Twelfth Appellate District of Ohio, Warren County,
affirmed the judgment of the Warren County Court that the S
Corporation was the legal beneficiary of the insurance proceeds.
From the day after Mr. Jeffcott's death in December 1986
until the resolution of the embezzlement suit in 1990,
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