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CONFIDENTIAL

Jun. 1, 2005

Contracts
Breach of Contract
Purchase Contract

Confidential

Settlement –  $180,000

Judge

Joan M. Lewis

Court

San Diego Superior


Attorneys

Plaintiff

Carlos Negrete

Lee Freedman


Defendant

Steven M. Maslauski
(Prindle, Goetz, Barnes & Reinholtz LLP)


Experts

Plaintiff

Kathy Griffen
(technical)

Defendant

J. Neal Snowden
(technical)

Facts

The subject suit involved the purchase of a Mitsubishi jet by the plaintiff Canamera Holdings/Philip Oldridge. The defendants were the escrow company (and its employees) which handled the escrow transaction.

Settlement Discussions

The plaintiff demanded $350,000 in November 2003, eventually reducing the demand to $217,500 after two settlement conferences. The case settled after the defendant served a C.C.P. Section 998 offer of $175,000 and the plaintiff reduced his $217,500 settlement demand to $185,000.

Damages

Loss of use of $160,000, or a plane of that value, since October 2002.


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