- 4 -
5 days following her employment termination, Brigitte filed a
motion seeking permanent alimony in Louisiana State court.
Two months after their employment relationship ended,
Brigitte and Michael entered into stock redemption and
noncompetition agreements with Brinson. Brigitte was 62 years
old at the time these agreements were executed. The terms of the
stock redemption agreement called for Brinson to purchase the
entire stock interests of both Brigitte and Michael. The terms
of the noncompetition agreement required Brinson to pay a
specific amount annually to both Brigitte and Michael for a
period of 10 years in exchange for their agreement not to compete
with Brinson for a period of 15 years. By amendment, on April 3,
1986, this 15-year term was reduced to a 5-year term.
In February 1986, after Brigitte and Brinson executed the
noncompetition and redemption agreements, Brigitte sought to have
her claim for permanent alimony dismissed. On February 14, 1986,
an order was issued by a Louisiana State court granting her
motion to dismiss.
On January 27, 1987, 13 months after the execution of the
original noncompetition agreement, Brigitte died from cirrhosis
of the liver. Brigitte was 63 years old at the time of her
death.
Brinson amortized the noncompetition agreements and
allocated a portion of the deductions to its subsidiaries,
Brinson Company-Texas and Brinson Company-Midwest. On their
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011