Madeline A. Coblenz and William J. Mason - Page 8

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          which Modern World did not financially recover.  Finally, in                
          Count V, petitioner alleged that First City Bank “breached the              
          duty of ordinary care that a creditor in possession of property             
          securing a debt owes to the pledgor of such property”.  As a                
          result of First City Bank’s breach, petitioner alleged that he              
          lost the Modern World stock which he had pledged to First City              
          Bank.  Petitioner sought actual and consequential damages, as               
          well as attorney’s fees, on account of these alleged causes of              
               In his original and amended complaints, petitioner did not             
          allege that First City Bank’s actions damaged his business                  
          reputation.  Although Mr. Simon retained an appraiser to value              
          petitioner’s equity interest in Modern World, he did not hire an            
          expert to value any harm to petitioner’s business reputation.               
          Initial Offer of Settlement, Mediation, and Documents Filed With            
          the U.S. District Court                                                     
               On October 18, 1994, Mr. Simon made an initial offer of                
          settlement to the FDIC.  Mr. Simon proposed that in settlement of           
          petitioner’s claims, the FDIC provide petitioner with a $750,000            
          payment or a $2 million loan for the purchase of another radio              
          station.  The FDIC rejected Mr. Simon’s offer.                              
               In June of 1995, Mr. Simon contacted Pat Cantrell, a tax               
          attorney, C.P.A., and former IRS revenue agent and Appeals                  

               5  With regard to some counts, petitioner sought incidental,           
          enhanced, and punitive damages.                                             

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