- 3 -
washes, one a corporation and the other a partnership.2 The
remaining 150 shares of MUI were owned by Eugene's brother
Joseph. It would appear from the record that Eugene and Joseph
had come to a parting of the ways. Both Joseph and MUI were made
parties defendant in the divorce litigation.
The decree found that on or about February 14, 1985, Eugene
and his brother Joseph "entered into a Buy-Sell Agreement with
respect to Plaintiff's [Eugene's] shares of stock in Defendant
Maintenance Unlimited, Inc." The decree further found that
Eugene's employment with MUI was terminated on August 8, 1986,
and that since that time he "has been unable to negotiate a
satisfactory resolution of the sale or redemption" of that
business interest. The decree then granted the divorce, and
provided for the "division of property" of the "principal
remaining assets of the marriage" as follows:
The Court further finds that the principal
remaining assets of the marriage consist of Plaintiff's
business interests in Defendant Maintenance Unlimited,
Inc., of which Plaintiff owns fifty percent (50%) of
the issued and outstanding stock, and [the two car
washes] * * *.
* * * * * * *
IT IS FURTHER ORDERED, ADJUDGED AND DECREED that
Plaintiff [Eugene Friscone] is hereby awarded, as
division of property, the following assets:
2 The car washes appear to be of relatively minor importance
here, and nothing in controversy is concerned with them in this
case. Both were parties defendant in the divorce proceedings.
Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011