- 4 -
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. At
the time their petition was filed, petitioners resided in Park
City, Utah.
Petitioner Stanley Kurzet (petitioner) was a successful
inventor and businessman. For many years, petitioner owned and
personally managed ALS Corp. (ALS), a company based in southern
California that petitioner founded in 1958 and that was involved
in the design and manufacture, apparently for the U.S. military,
of sophisticated electronic and engineering equipment.
ALS became extremely profitable and valuable. In 1984, at
the age of 53, petitioner sold the stock of ALS in an arm's-
length transaction to an unrelated third party for $20 million in
cash.
As part of the sale of ALS, petitioner entered into a
limited, 7-year consulting agreement with the new owners of ALS
to be available to consult with the new owners in the continuing
management of ALS, and petitioner entered into a broad covenant
not to compete with ALS. The covenant not to compete prohibited
petitioner from engaging in any business or investment activity
relating, in any way, to the type of engineering work and
business in which ALS was engaged and severely restricted
petitioner's ability to engage in any business or for-profit
activity that related, in any way, to petitioner’s prior work and
experience at ALS.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011