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and others from interfering. In May 1991, the suit was settled
with petitioner and November emerging with the right to continue
the operation of the bingo business. Under the settlement, EDL
entered into a 10-year sublease of the Chestnut property with
November.
Petitioner/November had hired attorney William M. Krieger
(Krieger) on a contingent fee basis to represent them in the
above-described lawsuit. As a result of the successful
settlement of the suit, it was determined that the value of the
bingo business was approximately $4.5 million and that Krieger
was entitled to a $1.5 million fee. November and petitioner,
during June 1991, executed a promissory note to Krieger for $1.5
million that was payable from bingo income and wholly dependent
on the success of the bingo operations. The note did not have a
maturity date and was payable in monthly amounts computed in
accord with a separate agreement between the parties. The
agreement limited petitioner’s salary to an amount not exceeding
$65,000 until such time as Krieger’s $1.5 million note, including
interest, was paid in full. The note was non-negotiable and
could not be discounted, transferred, assigned, or owned by
anyone other than Krieger and his immediate heirs. Under the
agreement and note, November was obligated for and did pay to
Krieger one-third of the pretax profit, which amounted to
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