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testimony of Mr. Bachman, Oralco’s and Mr. Boyle’s attorney, who
stated: “I don’t remember spending any time ever evaluating or
defending against a claim of libel or slander.” Petitioner and
his attorney, Mr. Conner, testified that they had intended to
amend their pleadings at some point to allege personal injury in
the form of libel and slander but were deterred from doing so by
the court, which informally requested that no additional claims
be filed until the pending claims could be resolved. As a
result, Mr. Conner first informed Mr. Boyle and Ormet of Mr.
Boyle’s personal injury claims in a letter dated July 27, 1995,
to Cathy M. Armstrong, counsel for Ormet.
V. Settlement of the Six Lawsuits
Settlement efforts to resolve the Six Lawsuits began in the
fall of 1994, but they did not become serious until the summer of
1995. In order to raise funds to settle the lawsuit between
petitioner and Signal, petitioner’s counsel discussed Ormet’s
possible redemption of petitioner’s Ormet shares,26 as well as,
the Ormet shares under petitioner’s voting control as trustee of
the voting trust.
To determine the value of petitioner’s Ormet stock, both
petitioner and Mr. Boyle conducted valuations of Ormet to
facilitate Ormet’s possible stock redemption. Petitioner
received a draft valuation of Ormet, dated December 5, 1994, from
26 By this date, Oralco had changed its name to Ormet.
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