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period ended September 30, 1994, was filed by the bankruptcy
trustee and reflected the $557,257 settlement amount, less claims
for attorney’s fees and other deductions in the amounts of
$224,156.25 and $1,419.88, respectively. Petitioner did not
receive Schedules K-1 or copies of HGTG’s Federal tax returns
that were filed during the pendency of the bankruptcy proceeding
for HGTG’s 1991 through 1994 tax years. Petitioner was not aware
of the filing of HGTG’s 1991 through 1994 returns, and he did not
understand the operation or mechanics of bankruptcy proceedings.
The settlement agreement and release were in exchange for
petitioner’s general release of all claims against the
defendants. The language of the settlement agreement was that it
was to cover “all pending and potential claims (including, but
not limited to, e.g., potential mental anguish claims by Wade H.
Griffin, III * * *) that might have been brought”. Of the $6
million settlement, $4,997,895.70 was disbursed in connection
with petitioner’s interests as follows:
Recipient For Amount
Attorney Middlebrooks Reimbursement of expenses $250,000.00
Attorney Kilborn Reimbursement of expenses 250,000.00
Attorney Kilborn Attorney’s fees 944,558.19
Attorney Middlebrooks Attorney’s fees 894,558.19
Attorney Reed Attorney’s fees 179,915.85
Attorneys Phillips Attorney’s fees 25,000.00
& Reems
Attorneys Silver Attorney’s fees 16,078.38
& Voit
Chrysler Credit Corp. — 932,683.74
Heritage Imports, Inc. — 244,853.28
Petitioner — 1,260,248.50
Total disbursed $4,997,895.70
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