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and his lawyers, sent Mr. Grossman demand letters, and finally
sued Mr. Grossman in March of 1987. No evidence was presented
regarding the financial condition of Mr. Grossman except
petitioner's oral testimony that Mr. Grossman had no assets and
had filed for bankruptcy. The limited partners of VIP believed
that Mr. Grossman had assets worth pursuing. Petitioner, as
general partner of VIP, attempted to collect on the replacement
note through legal action during the year 1986.
On June 22, 1986, petitioner, as general partner of VIP,
sent a written notice of default and demand for payment in full
of the Grossman note to Mr. Grossman but not on the replacement
note. On March 6, 1987, VIP filed a petition in the Oklahoma
County (State of Oklahoma) District Court suing Mr. Grossman on
the replacement note. On May 26, 1987, Mr. Grossman filed an
amended answer alleging, inter alia, that he signed the
replacement note to VIP “in his capacity as Trustee, not in a
personal capacity, and, if obligated at all, can only be
obligated in that capacity.” On May 28, 1987, VIP sent Mr.
Grossman a request for admissions and interrogatories, and, in
his answer, Mr. Grossman stated that he signed the replacement
note only in his capacity as trustee for the “Oklahoma City Hotel
Joint Venture” (the joint venture).
The joint venture was composed of M&G Financial Corp., Inc.
(M&G) and MBG Financial Corp., Inc. (MBG). On September 18,
1987, VIP filed an amended petition to join as codefendants M&G
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