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for salary, bonus, and lost percentage compensation (which Indeck
computed as $6,638,800).
On February 20, 1992, the Cook County Circuit Court issued
an order vacating the arbitration award insofar as it awarded
$15,030,000 to Mr. Polsky with respect to his 30 shares of Indeck
stock, based on the court’s conclusion that the arbitrator
exceeded his jurisdiction in making an award with respect to the
stock. The order confirmed the arbitration award insofar as it
awarded damages based on the Employment Agreement, and entered
judgment in favor of Mr. Polsky and against Indeck in the amount
of $6,638,800, plus interest at 10-percent per annum on that
amount until paid.
Indeck paid Mr. Polsky $7,301,005.80 on February 28, 1992,
in satisfaction of the judgment entered in the Cook County
Lawsuit. Mr. Polsky appealed the order in the Cook County
Lawsuit insofar as it vacated the arbitration award and Indeck
cross-appealed.4 These appeals remained pending during the
ensuing 2 years in which Mr. Polsky pursued a different lawsuit
against Indeck in the Circuit Court of Lake County, Illinois
(Lake County Lawsuit).
The Lake County Lawsuit, commenced by Mr. Polsky on April
20, 1992, against Indeck and certain company directors
4 Indeck did not appeal the confirmation of that portion of
the arbitration award that found its termination of Mr. Polsky to
be in violation of the Employment Agreement.
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