First Blood Associates, Richard M. Greenberg, Tax Matters Partner, et al. - Page 14

                                       - 14 -                                         

          curiam without published opinion 58 F.3d 637 (5th Cir. 1995).  We           
          turn to the question whether the settlement was so conditioned.             
               The negotiations concerning the settlement of the Greenberg            
          Brothers partnerships during this time were primarily conducted             
          by Messrs. Long and Faber.  Mr. Long testified that he intended             
          that in order to consummate any settlement with the partners, a             
          Form 870-P and/or a closing agreement would be executed by the              
          partner or the partner's representative.  This was consistent               
          with Mr. Faber's understanding when he was involved with these              
          cases that further documents would have to be executed.  The only           
          other person with direct knowledge of what happened during this             
          time was Mr. Noumair, and he did not testify.  We have no reason            
          to believe, however, that his testimony would have been                     
               Furthermore, all the parties understood that the settlement            
          terms were not limited to the Greenberg Brothers cases that were            
          currently before the Court.  It also included issues involving              
          the additions to tax that are affected items and the applicable             
          interest, issues that were not before the Court.  Moreover, the             
          settlement terms dealt with the tax effects of the Greenberg                
          Brothers partnerships in future years.  At that time, Mr. Long              
          was of the opinion that either a closing agreement or a Form 870            

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  Next

Last modified: May 25, 2011