In the mid 1980s, the promoter and his family absconded with the majority of the partnerships' assets. In 1995 the promoter voluntarily filed bankruptcy for one of the many tier partnerships which drained the partnerships of most of the remaining assets. These partnership assets could have been amassed for settlement negotiations with the IRS, if the partners had known the facts. Partner options have essentially been boiled down to two. Most have settled just to get this out of their lives, simply didn't care anymore, or they were enticed into an agreement based on the IRS presentation of the facts.
Settlement is a one way door with no backing out.
However, due to personal situations, this option may be the best. This effort is being pursued on two fronts, one by the partnerships as a whole and the other by individual partners. Some partners have retained the services of a lobbyist to help pass legislation for IRS interest abatement as well as other laws and regulations to help the defrauded partners. Partners are between the proverbial rock and the hard place. There currently are no formal settlement discussions with the IRS, only a total disallowance of deductions and addition of income as a result of the fraudulent investment.