- 5 - correspondence) includes a copy of a “Dormant Account Status Approval Form” with respect to the loan, which shows an effective date of October 6, 1994. The form contains the following statement: “This memorandum is a request for Authorization to write off the remaining balance of $1,338,924.32”.2 Under the heading “1099 Will be Generated”, the preparer marked the space adjacent to the entry “Not Economic to Pursue and Unsalable”. The form also contains a brief narrative describing the loan and the status of collection efforts with respect thereto. The narrative references a July 1994 asset search that revealed no assets available for repayment of the loan. The narrative concludes: “It does not appear to be cost effective to pursue a collection lawsuit against the obligor.” The form bears the stamp “REQUEST APPROVED BY OVERSIGHT COMMITTEE SPECIAL ASSET BANK” with a handwritten date of October 20, 1994. The FDIC correspondence also includes two pieces of correspondence between petitioner and Wayne D. Eckstine, a principal of AMRESCO.3 In a letter to Mr. Eckstine dated November 1, 1994 (the November 1 letter), petitioner reiterates his reluctance to provide current financial information in light of the adverse effect such information may have on certain other 2 The form lists principal of $596,078 and interest of $742,846.32. 3 AMRESCO apparently managed certain loan accounts on behalf of the FDIC.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011