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over the payment of its direct mail campaign expenses. However,
petitioner’s efforts to obtain full control over disbursements
from the Escrow Account ultimately were unsuccessful.
In his letter dated July 31, 1986, to Watson, petitioner’s
executive director confirmed that he and petitioner’s chief
financial officer would be attending a meeting at W&H’s offices
on August 12, 1986. As part of the agenda for their meeting, the
executive director enclosed for Watson a list of petitioner’s
“staff concerns”. Among the listed staff concerns, was one which
stated that the “EXECUTIVE COMMITTEE MOVED TO BRING ALL
ACCOUNTING FUNCTIONS IN-HOUSE EFFECTIVE JANUARY 1, 1987.
Approval of all invoices and check requests shall come from the
UCC Headquarters, as well as the actual writing and
reconciliation procedures.”
In his letter dated August 21, 1986, to Watson, petitioner’s
executive director stated his understanding that, at the August
12, 1986, meeting with Watson, “It was agreed that when UCC
demonstrates the capability of assuming escrow authority and the
escrow account debt level is significantly reduced, then UCC will
become the escrow agent.”
In her letter dated January 14, 1987, to petitioner’s chief
financial officer, preparatory to a meeting scheduled for January
28, 1987, a W&H executive stated as follows concerning
petitioner’s previously expressed desire to take over management
of disbursements from the Escrow Account, beginning in early
1987:
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