Martin and Marion Abbene - Page 28

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                  Petitioners argue that Mr. Abbene expected current profits                             
            from the use of his horses by ABC because ABC promised "many,                                
            many more jobs" and that he hoped that such work would provide a                             
            springboard to additional similar work.  Petitioners, however,                               
            offered no evidence to substantiate that expectation.  Blue                                  
            Ribbon contracted with ABC on two occasions during 1989.  It is                              
            uncontroverted, however, that ABC had no further dealings with                               
            either Mr. Abbene or Blue Ribbon after the February 1989                                     
            agreement to rent King Lion.  Moreover, James Balzaretti, the ABC                            
            employee responsible for procuring props needed for the                                      
            production of AMC, testified that he had no recollection that ABC                            
            made any promises that it would use Blue Ribbon for further film                             
            work.  In fact, he indicated that subsequent to the episode                                  
            filmed during February 1989, no horses were needed for the                                   
            production of AMC.  Additionally, there is nothing in the record                             
            to indicate that Mr. Abbene actively sought additional film and                              
            television work after February 1989.  In light of those                                      
            circumstances and given the magnitude of Blue Ribbon's losses in                             
            relation to the income generated from its activities, we are                                 
            unpersuaded that Blue Ribbon was likely to ever make a profit,                               
            much less recoup its past losses.                                                            










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