- 10 -
his equity interest in Modern World and petitioner’s valuation of
the equity interest. On August 1, 1995, petitioner moved for
summary judgment with regard to certain causes of action in his
lawsuit (cross motion for summary judgment). In that cross
motion for summary judgment, petitioner alleged that his damages
amounted to the value of his stock awarded to Gnat Robot Corp.
Final Settlement Discussions
After mediation failed, Mr. Simon and petitioner decided to
negotiate with Bob Brown (Mr. Brown), who was in charge of FCLT.
On August 29, 1995, prepared to make a detailed presentation
regarding petitioner’s claims, Mr. Simon and petitioner met
briefly with Mr. Brown. Before the meeting, the FDIC had
approved Mr. Brown’s involvement in the settlement discussions.
At the meeting, Mr. Brown only asked Mr. Simon and petitioner for
a settlement figure. There were no discussions about the alleged
causes of action in petitioner’s lawsuit. The meeting lasted
only 10 to 15 minutes, and they agreed that the FDIC, subject to
its approval, would pay $550,000 to settle petitioner’s claims
(settlement offer).
FDIC Approval of the Settlement Offer
Mr. Brown, thereafter, notified the FDIC attorney of the
settlement offer. On August 30, 1995, the FDIC attorney wrote a
legal memorandum to an FDIC officer summarizing the facts
involved in petitioner’s lawsuit, analyzing each of petitioner’s
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011