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When Edward became the general manager, he negotiated a
resolution to the family dispute. At a meeting with petitioner
husband and Edward, Der-San Chen, representing the Wan Yang Chen
family, voiced his concern that the Lily Chan family had acquired
a large portion of Henry's assets. The Wan Yang Chen family
believed that Henry had wished to give it something. The two
families entered into a written agreement (1986 Agreement) which
required Lily, petitioner husband, Eastimpex, and Edward to pay
$1.25 million to the Wan Yang Chen family. The agreement did not
allocate the payments for which each party would be responsible.
However, it was the parties' understanding that petitioner
husband acted only as a guarantor and was liable only if Lily
failed to pay. As part of the agreement, Edward received the
18-percent share of Shin that Daniel had received from Henry.
Edward paid the portion of the $1.25 million payment equal to the
value of the 18-percent share of Shin he acquired.
In exchange for the $1.25 million, the Wan Yang Chen family
agreed to forgive the failure to make payments to Wan Yang under
the prior agreement and to not make any further claims to Henry's
assets. In addition, Daniel returned the improperly removed
corporate documents and did not file a criminal complaint that he
had prepared alleging that Shin paid excessive commission to
Eastimpex. Daniel had threatened to file the complaint if he was
not satisfied with the resolution of the dispute.
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