Oren L. Benton - Page 6

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               The Benton estate retained bare legal title to the interests           
          in CBI and CBM with no rights of ownership.  The plan included              
          the following terms, which in effect made the Benton estate a               
          mere nominee:                                                               
               i) the Liquidating Trustee shall be deemed to hold an                  
               irrevocable proxy and power of attorney to act on the                  
               Benton Estate’s behalf with respect to the Baseball                    
               Interests or any of them;                                              
               ii) * * * [the Baseball Interests] shall be deemed                     
               ordered * * * to pay over all payments on account of                   
               the Baseball Interests as the Liquidating Trustee shall                
               iii) the Benton Estate shall not sell, encumber, or                    
               otherwise dispose of any interest in the Baseball                      
               Interests without the express prior written consent of                 
               the Liquidating Trustee.  To the extent required to                    
               effectuate the purposes of this section, the                           
               Liquidating Trustee shall be deemed the representative                 
               of the Estates in regard to the administration of the                  
               Baseball Interests.                                                    
               On September 1, 1997, the first day following the effective            
          date of the plan, petitioner was discharged under the provisions            
          of Bankruptcy Code section 1141(d) from any debt that arose                 
          before confirmation, and he was relieved of his status as                   
               On his 1997 Federal income tax return, petitioner claimed              
          approximately $84 million in NOLs that had arisen before the                
          commencement of the bankruptcy and had not been used by his                 
          bankruptcy estate.  Petitioner contended that he received the               
          NOLs from his bankruptcy estate as of August 31, 1997, the                  
          effective date of the confirmed plan.  During April 1999                    

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