- 4 - FINDINGS OF FACT Some of the facts have been stipulated and are so found. At the time their petition was filed, petitioners resided in Park City, Utah. Petitioner Stanley Kurzet (petitioner) was a successful inventor and businessman. For many years, petitioner owned and personally managed ALS Corp. (ALS), a company based in southern California that petitioner founded in 1958 and that was involved in the design and manufacture, apparently for the U.S. military, of sophisticated electronic and engineering equipment. ALS became extremely profitable and valuable. In 1984, at the age of 53, petitioner sold the stock of ALS in an arm's- length transaction to an unrelated third party for $20 million in cash. As part of the sale of ALS, petitioner entered into a limited, 7-year consulting agreement with the new owners of ALS to be available to consult with the new owners in the continuing management of ALS, and petitioner entered into a broad covenant not to compete with ALS. The covenant not to compete prohibited petitioner from engaging in any business or investment activity relating, in any way, to the type of engineering work and business in which ALS was engaged and severely restricted petitioner's ability to engage in any business or for-profit activity that related, in any way, to petitioner’s prior work and experience at ALS.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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