- 21 - 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...)Page: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Next
Last modified: May 25, 2011