Estate of Charles Whittaker Wright, Deceased, Valerie Wright-Ballin, Administratrix, and Betty J. Wright, Deceased - Page 4
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US Tax Court > 2007 > Estate of Charles Whittaker Wright, Deceased, Valerie Wright-Ballin, Administratrix, and Betty J. Wright, Deceased - Page 4
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22, 1991. It was similar to the first, but it provided different
terms regarding the timing of the payments. When these proposals
proved unsuccessful, Mr. Besson took over control of the
negotiations in April 1991. He directed that a memorandum be
prepared by other lawyers at Paul, Hastings. This memorandum
discussed 10 potential causes of action that Mr. Wright might
have against Mr. Gussman and Mr. Friedman, including a claim for
intentional infliction of emotional distress. Regarding the
intentional infliction of emotional distress, the memorandum
included the following:
At a minimum, as a result of Messrs. Gussman’s and
Friedman’s fraudulent, wrongful actions and self-
dealing, and refusal to permit Mr. Wright to inspect
the books and records of MEI [sic], Mr. Wright has
suffered substantial emotional distress.
The memorandum further stated that a claim for intentional
infliction of emotional distress might be unlikely to result in
damages in litigation unless fraud by the other former
shareholders was established.
A subsequent draft memorandum of agreement was dated July
1991. This draft treated in greater detail certain intellectual
property that Mr. Wright sought to have assigned to him, Mr.
Wright’s employment with MEC, and other matters. It provided for
$2 million in settlement of claims for personal injury. Like the
prior draft agreements, it was never finalized.
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Last modified: November 10, 2007