Lance R. and Elaine C. LeFleur - Page 5

                                                - 5 -                                                 
            a cash payment that was tied to the sales price obtained for                              
            BERC.  On May 2, 1989, petitioner accepted the offer.                                     
                  On October 23, 1989, a meeting was held between Van Sant and                        
            petitioner in which they discussed the possible separation and                            
            sale of BERC's domestic and foreign assets (the October 23                                
            meeting).  After the October 23 meeting, petitioner grew doubtful                         
            of Blount's intent to abide by the arrangement set forth in the                           
            April 27 letter.  Petitioner's concern led him to contact an                              
            attorney, John Bolton (Bolton).  On November 3, 1989, a meeting                           
            was held to discuss the terms of the April 27 letter (the                                 
            November 3 meeting).  At the conclusion of the November 3                                 
            meeting, Van Sant fired petitioner.                                                       
                  Blount ultimately sold all of the assets of BERC in three                           
            separate sales, all of which had closed prior to the end of 1991.                         
            Blount sold BERC for $38-39 million net of transaction costs.                             
            Blount failed to make any payments to petitioner under either the                         
            April 6 or April 27 letters.                                                              
                  Petitioner's Action Against Blount, BERC, and Van Sant                              
                  On January 22, 1991, petitioner instituted suit against                             
            Blount, BERC, and Van Sant (referred to collectively herein as                            
            the defendants) in the Circuit Court of Montgomery County,                                
            Alabama.  The complaint set forth five causes of action.  The                             
            first and second counts alleged that Blount and BERC had breached                         
            their contract with petitioner arising out of the April 6 and                             
            April 27 letters.  The third and fourth counts alleged that the                           

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