Stephen F. Scofield and Nancy E. Scofield - Page 11

          13, 1988.  Robert Williams, Thomas Keane, and Christopher W.                
          Parker represented petitioner in the adversary proceeding.                  
               3.   The Settlement Agreement                                          
               On April 7, 1988, Norkevicius (as nominee), the bank, CNI,             
          Zayre, and petitioner reached a settlement.  In the settlement,             
          the parties resolved all disputes and claims in the Northeast               
          litigation and the adversary proceeding.  Petitioner agreed to              
          pay to the plaintiffs $750,000, consisting of $300,000 when he              
          executed the agreement and $450,000 by May 16, 1988.  The parties           
          agreed that, if petitioner timely made the payments, the                    
          plaintiffs would dismiss their claims and release all defendants            
          in the Massachusetts action (except McKee), and petitioner would            
          dismiss his counterclaims, cross-claims, and third-party claims.            
          The plaintiffs agreed that they would not object to any pleading,           
          action, or motion by petitioner to obtain a discharge in                    
          bankruptcy or any other relief which he deemed appropriate in the           
          bankruptcy proceedings.                                                     
               Petitioner paid $750,000 to the plaintiffs in the Northeast            
          litigation in 1988.  On May 16, 1988, the Bankruptcy Court                  
          approved the settlement agreement, dismissed the adversary                  
          proceeding with prejudice, set aside the order for relief from              
          the voluntary petition, and dismissed the voluntary petition                
          without prejudice.  The Bankruptcy Court filed its order on May             
          26, 1988.  Petitioner did not obtain a discharge in bankruptcy.             

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