Ralph Bradbury Issues Statement on IRS Issue

Statement of Ralph Bradbury

“This entire situation is obviously disturbing to me and my family. However, facts will emerge in a formal court setting, if necessary, that will confirm that during these periods that the IRS is concerned about, I was not the party responsible for the non-payment of the taxes or any other diversion of resources out of Continental and beyond the reach of the IRS. Information concerning who is behind the movement of assets out of Continental is already a matter of public record in bank oriented litigation. It is my information that the transfer of assets has continued until quite recently.

“It is particularly disappointing when I consider my long years of loyal service to the Harvey family. Over those years, I was utterly insistent that Continental’s obligations to the government be met fully and in a timely manner. It was not until I was stripped of any real authority and interim management was installed that these problems occurred in contemplation of a sale of the Company, of which I had no part.

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“I had no ownership in the Company at the time in question. It is clear that the beneficiaries of the sale, and any restructuring leading up to the sale, were persons other than myself. Presumably, the ownership of the Company so benefited. It is there that the IRS should seek and find responsibility and money for the payment of taxes. Subsequent legal action would, if necessary, I am confident will so demonstrate. Why the IRS would stop its collection efforts with Pete Campbell’s widow and me is a conundrum to all who observe this matter.

“In point of fact, the IRS has excused me from liability for two of the three periods they are concerned about. I assume that is because they agree with my argument that I had no de jure authority for the payment of taxes for Continental at those times. If that is the case, who is responsible for those periods?

“Those who know me know that I am not stupid enough to participate in the willful non-payment of any tax. And those who know the situation know that I did not benefit in any way from the non-payment of taxes or, for that matter, in any way from the sale of the assets of Continental. ZERO. Only the shareholders enjoyed monetary benefits from that.”