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petitioner’s interest in his civil lawsuit, his ownership
interest in his medical practice, or his interest in
Pontchartrain Lithotripsy.
On March 2, 2005, petitioner responded to the preliminary
determination letter. In his letter he said that when he “lost
his job” practicing with another urologist in 2002, he
accumulated substantial debt setting up his new medical practice
and paying necessary living expenses and fell behind on his child
support payments. The letter claimed that the payments made from
the funds realized from the FMC sale in July and home refinancing
in September 2003, were necessary to pay judgments rendered
against him and to avoid additional legal proceedings.
Petitioner provided details on the distribution of the proceeds
of these two transactions. He alleged that he distributed the
$108,000 from the sale of his interest in FMC as follows:
Payee Payment Amount
City Bank (credit card debt)* $13,591.78
City Bank (credit card debt)* 12,468.72
First USA (credit card payoff) 2,745.69
MBNA (credit card payoff)** 30,000.00
IRS (2003 estimated tax payment) 15,600.00
Child support payments 5,464.02
Hibernia Bank (loan repayment) 8,820.20
Whitney Bank (credit line) 4,709.59
William A. Neilson (legal fees) 4,000.00
Paul Lea (legal fees) 5,000.00
Diane Cherry (legal fees) 3,000.00
Pedalhore (accounting fees) 1,600.00
Fintech (accounting fees) 1,000.00
*Payment pursuant to court judgments
**Lawsuit filed against petitioner
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Last modified: November 10, 2007