Madeline A. Coblenz and William J. Mason - Page 10

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          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            

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