Estate of Duilio Costanza - Page 3

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          owned in Flint at 1388 Bristol Road West.  The net area of this             
          property was 1.87 acres on a rectangular-shaped plot.  It had 178           
          feet of frontage on Bristol Road West, with a 28-foot curb cut.             
          The retail office plaza was constructed so that its front was               
          perpendicular to Bristol Road.                                              
               Both decedent and his wife established revocable trusts for            
          their property.  Decedent formed his trust on September 30, 1986,           
          with Michael as the trustee and the residual beneficiary.  The              
          terms of the trust permitted decedent to withdraw all or part of            
          the principal of the trust upon notice to Michael, as trustee.              
               Decedent’s wife died on May 24, 1991.  At that time, her               
          revocable trust owned the property on which the Latina restaurant           
          and the retail/office plaza were located.  Appraisals performed             
          in the process of settling her estate indicated that the                    
          restaurant property was worth $330,000 on December 20, 1991, and            
          that the retail/office property was worth $500,000 on May 24,               
               In February 1992, GM announced plans to close its V-8 engine           
          plant in Flint, Michigan.  The plant employed over 4,000 persons            
          and was located one-half mile from the Latina restaurant and the            
          retail/office plaza.  The announcement received substantial                 
          coverage in local newspapers.                                               
               Around this time, decedent decided to retire on income                 
          produced by his investments and return to Italy.  Accordingly, in           

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