- 7 -
Blount, returned from retirement to serve as interim president of
the company.
The Settlement Negotiations and Agreement
On November 25, 1991, Reak met with petitioner to discuss
the possibility of a settlement (the November 25 meeting). Reak
had no interest in partially settling the litigation with
petitioner and was interested only in a settlement that resolved
all outstanding issues. After the November 25 meeting, Reak
tendered a written settlement offer to petitioner dated November
27, 1991 (the November 27 offer). Petitioner did not accept the
November 27 offer.
Jim Alexander (Alexander), defendant's counsel, was first
advised of petitioner's response to the November 27 offer by a
telephone call from Bolton the next day, November 28, 1991
(Thanksgiving Day). On Thanksgiving Day, extensive discussions
took place between Bolton and Alexander. By the end of the day,
Alexander and Bolton reached an agreement in principle for a
basis of settlement of the lawsuit (the agreement in principle),
and Alexander reported to his clients that the matter had been
resolved. On Saturday, November 30, 1991, Alexander faxed a
draft settlement agreement to Bolton.
On December 2, 1991, Alexander met with L. Daniel Morris
(Morris), Blount's vice president of legal services, and
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