Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 69




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          guaranty was actually of the $1 million note, the evidence is               
          ambiguous and fails to establish such a guaranty by a                       
          preponderance.                                                              
               Concerning a possible guaranty of the $1 million note by Mr.           
          Goldstein, we again find the record insufficient to meet                    
          respondent’s burden.  While the April 15, 1991, letter indicates            
          prospectively that Mr. Marsh intended to seek a guaranty from Mr.           
          Goldstein, the absence of any reference to a Goldstein guaranty             
          in the June 6, 1991, letter is conspicuous.  The June 6, 1991,              
          letter specifically enumerates documents pertaining to the $1               
          million note, as well as a personal guaranty by Mr. Marsh.  The             
          omission of any mention of a guaranty by Mr. Goldstein could                
          certainly imply that the anticipated assurance was not obtained.            
          The only other item which alludes to a Goldstein guaranty is the            
          February 10, 1995, letter written nearly 4 years later.  Given              
          this record, we are not convinced that the latter document                  
          sufficiently overcomes the inference which can be drawn from the            
          more contemporaneous letters.  In summary then, we conclude that,           
          on the evidence before us, personal guaranties should not be                
          considered as a factor enhancing the value of the Marsh note.               
               As regards the factor directed toward the interest rate on             
          the note, Mr. Thomson found this element to be neutral.  Mr.                
          Thomson compared the 9.13-percent conventional mortgage rate for            
          the week ended January 27, 1995, as reported in the Federal                 






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