-11- Other Circumstances Mr. Leonard had open-heart surgery in 1977 and 1980. Around 1983, he considered himself substantially retired. In 1986, Mr. Leonard’s doctor recommended that he limit his work to 6-8 hours a day. In 1987, at 67 years of age, Mr. Leonard limited his work to 7-8 hours a day, 6 days a week. In 1985, Mr. Leonard underwent a divorce. Pursuant to a February 27, 1986, temporary support order of the Superior Court of Arizona, Mr. Leonard was required to cause one of his corporations to pay his estranged wife a salary; accordingly, petitioner paid Mrs. Leonard $3,000 a month (even though she did not work for petitioner). In April 1987, the Maricopa County Superior Court entered a decree of dissolution of marriage with regard to the Leonards. Mr. Leonard and his estranged wife agreed to a property settlement divorce and separation agreement. Pursuant to this agreement, Mrs. Leonard received from Mr. Leonard money and property valued at $1,680,000. She also received a 1985 380 Mercedes Benz automobile (which had previously been owned by petitioner), as well as 1,165,000 class A shares of RLLH stock. Following his divorce, Mr. Leonard decided to restructure his companies in light of his imminent retirement. Mr. Leonard retired in mid-1988.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