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Attorney Cardone that Barbara Drake and petitioner accepted the
settlement terms. In a letter to Mr. Burke on that date,
Attorney Cardone stated as follows:
Dear Attorney Burke:
Pursuant to our conversation of this date, we are
enclosing the original and two copies of a Decision
document in the [instant] case. The original and one
copy should be signed, dated, and returned to this
office for filing with the Tax Court. The third copy
is for your records.
We are enclosing a release for Gregory Drake Jr.
and Darren Drake. Please review the document. The
release should be signed and dated and returned to this
office.
We are also enclosing facsimile memorandums from
Gregory Drake, Jr. and Darren Drake to Smith Barney.
Gregory Drake, Jr. and Darren Drake need to execute the
appropriate memorandum and fax to Smith Barney.
With the letter, Mr. Cardone sent the following documents to Mr.
Burke: (1) A proposed stipulated decision with respect to the
instant case (the proposed stipulated decision); (2) a waiver of
any claims of Darren Drake and Gregory Drake, Jr., against the
United States pursuant to section 7426(a) (the proposed waiver);
and (3) a memorandum from each of Darren Drake and Gregory Drake,
Jr., authorizing Citigroup to liquidate by sale all assets in
their joint brokerage account containing the 1997 bankruptcy sale
proceeds. Both the proposed stipulated decision and the proposed
waiver referenced the settlement terms.12 None of the
12The proposed stipulated decision stated, inter alia, that
(continued...)
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