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retained a 2.2-percent interest that would remain a 2.2-percent
interest.
Weisel Resignation Agreement
On October 14, 1988, as required by the option agreement,
Weisel and Biomass entered into an agreement (the Weisel
resignation agreement). Among other things, the Weisel
resignation agreement grants Weisel 7.5 percent of the gross
recovery from the Biomass lawsuit.
Weisel-Petitioner Sharing Agreement
Also on October 14, 1988, Weisel and petitioner entered into
an agreement (the Weisel-petitioner sharing agreement) whereby
they agreed to share their interests in Biomass equally,
including, among other things, Weisel's 7.5-percent interest in
the gross recovery from the Biomass lawsuit. Petitioner and
Weisel had agreed prior to entering into the option agreement
that they would not enter into the option agreement unless they
shared everything they received from Biomass.
Settlement Proceeds
After the settlement of the Biomass lawsuit, by a letter
dated November 14, 1989, Marc D. Rappaport, the then managing
general partner of Biomass authorized Irell and Manella to pay
Weisel 7.5 percent of the settlement proceeds then held in the
trust account. Pursuant to that authorization, payments from the
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Last modified: May 25, 2011