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accounting firm. From 1967 to 1971, petitioner worked as an
executive vice president of the investment banking firm, Laird,
Inc., starting his career in leveraged buyouts. Since 1967,
petitioner has served in executive and board positions with many
companies, including president of Stanwich Investment Co. and
Stanwich Partners, Inc. (Stanwich). During 1992-95, petitioner
was embroiled in a number of lawsuits related to his business
endeavors, the settlement of six of which resulted in the
settlement payments at issue in this case (the Six Lawsuits).3
3 The Six Lawsuits in which petitioner was involved are as
follows (and as identified in the parties’ joint stipulated
Exhibit 79-J and herein by number): (1) Bradley v. Boyle, C.A.
No. 5:92CV171(S) (N.D.W.Va., Oct. 7, 1992); (2) Bradley v. Boyle,
C.A. No. 5:94CV29(S) (N.D.W.Va., May 24, 1994); (3) Ormet Corp.
v. Bradley, C.A. No. 5:93CV21(S) (N.D.W.Va., Jan. 20, 1993); (4)
Boyle v. Boyle, C.A. No. 87-C-772 (W.Va. Cir.Ct., Mar. 31, 1994),
affd. sub nom. Boyle v. Boyle, No. 22564 (W.Va., June 16, 1995);
(5) Boyle v. Bradley, C.A. No. 5:94CV33(S) (N.D.W.Va., Mar. 31,
1994); and (6) Bradley v. McCamic, C.A. No. 5:95CV62(S)
(N.D.W.Va., May 18, 1995). This opinion for purposes of
historical context first discusses several of the other cases and
then, discusses each of the Six Lawsuits to determine whether any
of the $76 million settlement was made for personal injury claims
and if so, whether those personal injury claims were tort-like as
described in sec. 104(a)(2).
A settlement term sheet, dated Aug. 7, 1995 (Settlement Term
Sheet), see infra, lists Ormet Corp. v. Bradley, C.A. No.
5:92CV639 (WWE) (N.D. Conn. Nov. 2, 1992), as one of the Six
Lawsuits to be settled. This case was removed to the United
States District Court for the Northern District of West Virginia,
following a consent order by Judge Eginton, where it was
recaptioned as the aforementioned lawsuit number three, above,
and subsequently, dismissed by Judge Stamp. See infra note 33.
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