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account that petitioner had opened in his own name solely to hold
the funds.
In a letter to O’Dowd dated October 13, 2000, petitioner’s
attorney stated: (a) Petitioner would tender his shares of Green
Hills to O’Dowd, as required by the arbitrator’s award under
protest, and without waiver of any rights or remedies; (b) the
shares were to be held in trust; and (c) petitioner was not
entitled to the checks. Petitioner delivered his stock to O’Dowd
on October 13, 2000. Petitioner did not endorse the shares.
Interest was credited to petitioner’s account in the amounts
of $469,593.63 in 2000 and $1,513,788.28 in 2001. There were no
transactions on the account in 2000 or 2001 other than the
crediting of interest and withholding of Federal income tax.
In a letter to petitioner’s attorney dated November 21,
2000, O’Dowd’s attorney stated that the account into which
petitioner had deposited the $41,585,388 was not a trust account.
O’Dowd’s attorney offered to hold the funds for petitioner in the
attorney’s trust account. Petitioner did not respond to the
offer.
D. Later Events Relating to the Arbitration
In February 2001, the Court of Appeal denied petitioner’s
request to stay the arbitration proceedings. Petitioner filed a
motion for rehearing with the Court of Appeal, and the motion was
denied. Petitioner filed a petition for review in the Supreme
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