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In a letter dated December 20, 1990, Mr. Trueheart demanded
from Mr. Suiter a refund of $55,000 for the amounts paid (i.e.,
$30,000 + $25,000) for the extensions of the Earnest Money
Contract. In his letter, Mr. Trueheart alleged that "we have
discovered significant discrepancies between income and expenses
information you have provided Mr. Patterson and the actual
operation and [sic] of the projects." In addition, Mr. Trueheart
alleged that the square footage attributable to Skylane
Apartments differed substantially from the description of the
property in the Harris County records.
Mr. Boyd responded to petitioner's allegations in a letter
dated December 28, 1990. Mr. Boyd recounted that Mr. Suiter had
not been anxious to extend the deadline for the closing of the
sale of Skylane Apartments but that petitioner had been
"insistent". Mr. Boyd observed that petitioner "was always
optimistic that financing would be obtained". Mr. Boyd also
observed that both addenda to the Earnest Money Contract
contained specific disclaimers concerning the accuracy of the
financial data that was made available by Mr. Suiter. Finally,
Mr. Boyd stated that Mr. Suiter refused to refund the $55,000.
After Mr. Trueheart's letter dated December 20, 1990, there
were no further oral or written demands made by petitioner or Mr.
Trueheart on Mr. Suiter for the refund of the $55,000. Further,
petitioner had no communication with Mr. Trueheart after 1990,
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