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Petitioner also guaranteed two loans, one in 1988 and one in
1991, to Costar Corporation (Costar). These notes payable to
Costar were known as the “Somerset” note and the “Holdings” note,
respectively. In 1992, Costar filed suit against petitioner in
the United States District Court for the District of Connecticut
to enforce petitioner’s guaranties. The district court entered
judgment November 30, 1992, wherein petitioner agreed that as of
January 3, 1992, he and Pierre R. Debroux as guarantors owed
Costar $3,231,085.80 and $1,430,000 for the Somerset and Holdings
notes, respectively.10
II. The Six Lawsuits
A. Bradley v. Boyle, Oralco, OMS, ORA, Ormet, Michael J.
O’Brien, and O’Sullivan, Graev & Karabell (Oralco/Ravenswood
Exchange of Stock)
In 1989, petitioner, together with Mr. Boyle and Mr.
Strothotte, bought out an aluminum processing company named
9(...continued)
In the Implementing Agreement, petitioner, in order to settle the
Signal claims under its judgment, the loan agreement, and related
documents, agreed to a cash payment in the amount of $27 million
and a $4 million promissory note from Mr. Bradley payable to
Signal.
10 A judgment was entered in the total amount of
$4,661,055.80 as the sum of the principal balances under the
Somerset and the Holdings notes plus costs, accrued but unpaid,
interest, and attorney’s fees. Because the sum of the amounts
due under the two notes is actually $4,661,085.80, the Court
assumes the small difference represents a typographical error.
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