Jerry and Patricia A. Dixon, et al - Page 182




                                       - 256 -                                        

          respondent's deficiency determinations or to air his grievances             
          against Mr. Kersting and possibly achieve some advantage against            
          Mr. Kersting's threats to collect on Mr. Thompson's promissory              
          notes.  Our review of Mr. Thompson's testimony at the trial of              
          test cases, which testimony was both favorable and detrimental              
          to the cause of the test case petitioners, suggests that                    
          Mr. Thompson may have viewed the trial of the test cases as an              
          opportunity to attempt to attain both objectives.  On the one               
          hand, Mr. Thompson sought to prove that, because of his prior               
          involvement in the First Savings acquisition, he had a legitimate           
          business purpose; i.e., a profit motive, for participating in               
          Mr. Kersting's programs.  On the other hand, Mr. Thompson was the           
          only test case petitioner to testify that Mr. Kersting had orally           
          assured him that promissory notes would not be enforced.                    
          Despite Mr. Thompson's apparently conflicting objectives, we                
          are convinced that Mr. Thompson's testimony at the trial of the             
          test cases was truthful.  Although Mr. Thompson testified that              
          Mr. Kersting had assured him that promissory notes would not be             
          enforced, Mr. Thompson's testimony merely corroborated                      
          Mr. Kersting's written assurances or comfort letters to so-called           
          "nervous Nellies".  Moreover, in a March 1986 letter, Mr.                   
          Kersting had confirmed to Mr. Thompson that his promissory notes            
          would be canceled if Mr. Thompson would surrender all relevant              
          stock certificates to Mr. Kersting.  It appears that Mr. Kersting           
          later reneged on this confirmation by requiring that Mr. Thompson           



Page:  Previous  246  247  248  249  250  251  252  253  254  255  256  257  258  259  260  261  262  263  264  265  Next

Last modified: May 25, 2011