Estate of Albert Strangi - Page 9

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          Accordingly, TCB declined to serve as coexecutor of decedent’s              
          estate and renounced its right to appoint a successor                       
          coindependent executor.  When decedent’s will was admitted to               
          probate on April 12, 1995, Mrs. Gulig was appointed as the sole             
          executor of decedent’s estate.                                              
               Angela Seymour consulted two attorneys regarding the                   
          validity of Mrs. Strangi’s will during 1994.  She never intended            
          to contest decedent’s will, and, ultimately, no claim or will               
          contest was filed against decedent’s estate.                                
          Partnership Activities                                                      
               Following the formation of SFLP, various distributions were            
          made by SFLP to decedent’s estate and the Strangi children.  When           
          distributions were made, corresponding and proportionate                    
          distributions were made to Stranco either in cash or in the form            
          of adjusting journal entries.  In July 1995, SFLP distributed               
          $3,187,800 to decedent’s estate for State and Federal estate and            
          inheritance taxes.  Also in 1995 and in 1996, SFLP distributed              
          $563,000 to each of the Strangi children.  The distributions were           
          characterized as distributions to decedent’s estate.                        
               In May 1996, SFLP divided its primary Merrill Lynch account            
          into four separate accounts in each of the Strangi children’s               
          names, giving them control over a proportionate share of the                
          partnership assets.  The partnership also extended lines of                 
          credit to John Strangi, Albert T. Strangi, and Mrs. Gulig for               

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