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Dunne had concerning FRC’s affairs and did not wish to be a party
to the dispute, it informed Mr. Dunne through counsel that it
would provide Mr. Dunne with further financial information only
upon the request of FRC through its president.
Mr. Dunne responded in a letter dated October 8, 1997, in
which he asked the bank’s attorney for documentation showing that
he was not a director, officer, and coowner of FRC and therefore
not entitled to receive copies of FRC’s financial information
from the bank. Mr. Dunne also sent a letter to the bank
reasserting his position as a director, officer, and coowner of
FRC and asking for the documentation that the bank relied upon to
determine that he no longer held those positions. The attorney
for the bank responded by a fax dated October 15, 1997, that it
received no document indicating that Mr. Dunne was no longer a
director, officer, or coowner of FRC but that out of caution it
would like FRC’s president to be aware of Mr. Dunne’s requests
for FRC’s financial information. Mr. Dunne sent several more
letters to both the bank’s attorney and the bank asserting his
position as a director, officer, and coowner of FRC.
On April 15, 1998, Mr. Dunne wrote to an FRC employee
requesting copies of FRC’s Form 1120S, U.S. Income Tax Return for
an S Corporation, and Mr. Dunne’s Schedule K-1, Shareholder’s
Share of Income, Credits, Deductions, etc., for 1997. Mr. Dunne
stated that he understood that FRC’s taxable income for 1997
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Last modified: March 27, 2008