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Mr. McWade prepared and submitted to the Court requested
findings of fact respecting the Thompsons' participation in
the disputed Kersting programs. Mr. McWade relied upon
Mr. Thompson's testimony at trial to support respondent's
proposed findings of fact that Mr. Thompson "lost $80,000
maintained in the savings program with the Kersting company."
Mr. Izen was permitted to cross-examine Mr. Thompson.
Mr. Izen questioned Mr. Thompson about his purported $80,000 loss
from the Bauspar program, Mr. Thompson's dispute with
Mr. Kersting, and Mr. Kersting's threats to bring a lawsuit
against the Thompsons.56
C. Mr. Kersting
Mr. McWade subpoenaed Mr. Kersting to testify at the trial
of the test cases. Mr. Kersting testified extensively at the
trial of the test cases regarding the Kersting programs in
dispute. As discussed in greater detail below, Judge Goffe
concluded in Dixon II that Mr. Kersting's testimony lacked
credibility.
Mr. Kersting testified about the First Savings acquisition.
In particular, Mr. Kersting testified that the acquiring group of
approximately 40 investors (including Mr. Thompson) had been
56 Mr. Thompson testified that the $80,000 loss arose from
Mr. Kersting's failure to remit to the Thompsons the buildup in
the forced savings leg of the Bauspar transaction under which the
Thompsons had paid $1,200 per month to Citizen's Financial, Inc.
Mr. Thompson testified that Mr. Kersting treated the $1,200
payments as interest payments, rather than as contributions to a
savings plan.
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