Only yesterday I blogged a failed attempt at out of time participation in a Dixieland Boondockery (see my blogpost “The Perpetuity Punt – Part Deux,” 5/1/25). Of course, copycatting follows apace, as that Boondockery was one of 34 (count ’em, 34, and Judge Goeke has) consolidated Ornstein-Schuler mass productions.

Looks like a new cottage industry has arisen, representing disgruntled micro-minority participants looking to renegotiate the settlement IRS has offered. Here, Putatives own 2.24% of the deal, Canary Aggregates, LLC, Ornstein-Schuler, LLC, Tax Matters Partner, Docket No. 31765-21, filed 5/2/25, at p. 3. (Happy Palindrome Day). Same lead counsel for the two Putative Participants, same arguments, same result, virtually the same opinion.

I’m not inclined to rehash here, nor will I blog the sure-to-follow cases, here and in other blown-up Boondockeries. The only winners in these phony dodges look to be the lawyers.

Judge Goeke wisely tells any wannabe Putatives: “When a person owns a minority interest in an entity, there is often a chance that they will be forced to acquiesce to the will of the majority. Such is the case in this instance.” Order, at p. 6. TMPs have to deliver the greatest good for the greatest number.

Remember Beverly Bernice Bang? What no? How fleeting is fame. See my blogpost “Bang – A Warning to Tax Matters Partners and Their Advisors,” 1/5/11.