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intervals as agreed upon between the parties in the future,
and all such future payments are to be made by depositing
the funds in a bank in Iran to the account of FERYDOUN
AHADPOUR.
Petitioners testified that they never received the $2
million from Ammareh. Petitioner stated that he signed the
document based on Ammareh’s oral promise that the funds had been
transferred to a bank.
The Khossravi Appraisal
Ammareh went back to Iran shortly after signing the fair
price agreement and Statement of Account. He had GMS’s assets
appraised by Mr. Hajet Khossravi (Mr. Khossravi), who appraised
the assets at 85,600,000 rials (the Khossravi appraisal).6 By
letter dated May 10, 1979, Ammareh forwarded the Khossravi
appraisal to petitioner.
Before the end of 1979, petitioner and Ammareh had angry
conversations regarding the payment, and Ammareh refused to speak
to petitioner.
Petitioner’s United States Business Endeavors
In the United States, petitioner primarily became involved
with real estate development and investments. In 1977,
petitioners formed University Ranches, Inc. (URI). URI was
solely owned by petitioners, and it engaged in a real estate
6 The stipulated annual average exchange rate is 70.48
rials to one dollar. Therefore, under the Khossravi appraisal
the assets were appraised at $1,214,529.
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