Estate of James T. Campion, Deceased, Leona Campion, Executrix, et al. - Page 12

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               Coordinated Pretrial Proceedings in Antibiotic                         
               Antitrust Actions, 538 F.2d 180, 195 (8th Cir. 1974);                  
               citations omitted).]                                                   

          See also Browning v. Navarro, 826 F.2d 335, 345 (5th Cir. 1987).            
               As suggested, the evidence and allegations that petitioners            
          offer in support of their allegations of a fraud upon the Court             
          are extremely vague and unsupported, and they call for little               
          further discussion.  We note that petitioners’ counsel herein and           
          petitioners’ prior counsel represented many taxpayers who were              
          involved in the Elektra Hemisphere tax shelters, and petitioners'           
          former and/or present counsel likely have been aware, for many              
          years, of all settlement positions that were made available by              
          respondent.                                                                 
               Assuming, arguendo, that respondent’s counsel -- in 1994 and           
          later years after the Krause v. Commissioner, 99 T.C. 132 (1992),           
          test case opinion was rendered -- did not specifically inform               
          petitioners’ counsel of all prior settlement positions that were            
          available to investors in the Elektra Hemisphere tax shelters,              
          there would be no basis for finding that a fraud has occurred on            
          the Court.  As explained above, TEFRA settlement procedures do              
          not apply to these cases involving pre-TEFRA years, and there               
          existed no obligation on respondent’s counsel in these cases to             
          inform all petitioners of each and every settlement position                
          available to investors.                                                     






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