Why it Pays to Settle Sometimes..

$182K Is Easier to Split Two Ways Than 23 Ways.......

Discretion is often the better part of valor - and often smarter and more profitable. The case of Amanda Reece and Bob Kitts. Kitts was a contractor in Cleveland, and a childhood friend of Reece's. Reece hired Kitts to do some work on an 83 year old house she had just purchased.

Kitts was working in the bathroom, when he noticed what looked like a wire behind the vanity mirror. He pulled it out from behind the wall, and found the wire attached to two metal boxes containing about $182,000 in cash from the 1930's... It turns out that the cash belonged to Patrick Dunne, a local businessman who owned the house during the Depression, when banks weren't insured by the FDIC.

Reece agreed that Kitts should be entitled to a portion of the money for finding it. But the two couldn't find a number to agree on: Reece wanted to give Kitts 10%, and Kitts asked for 40%. It went on for months, and eventually, the battle made the news - and got the attention of Patrick Dunne's relatives.

Dunne's family sued, and 21 members of his family ended up being included in the settlement (although I don't think they would be legally entitled, but it depends on state law). Also, Reece said most of the money was gone. She said she spent $14,000 on a trip to Hawaii, and said that $60,000 of it was stolen from a shoe box, but she never reported it. RIIIIIIIIIGT! You'd think a lady who hit the motherload of luck would have enough sense to put the money in the bank.

In the end, Kitts only got a couple thousand, as opposed to the $18,000 if he settle on Day One, or $36,000 if he just gave in a bit. You live, you learn.....

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