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shall pay all expenses in the * * * [Stephens
litigation] and Intrastate shall pay the expenses in
the * * * [Wiewall litigation] as of the date written
above.
The Letter Agreement was signed by Mr. Syphrett, in his
individual capacity, and by Mrs. Syphrett in her capacity as
Intrastate's vice president.
The Stephens litigation was settled on February 28, 1989,
for $1.5 million; after subtracting Mr. Doherty’s attorney's fees
and expenses of $413,375, the net recovery was $1,086,625 (the
Net Settlement Proceeds). On the same day, Mr. Doherty’s office
issued a check to the plaintiffs in the amount of the Net
Settlement Proceeds. Mr. Syphrett deposited this check in
petitioners’ personal bank account.
A Full Release and Agreement (Release) entered into on
February 28, 1989, in connection with the settlement of the
Stephens litigation was signed by Mr. Syphrett, both in his
individual capacity and in his capacity as Intrastate's
president. As part of the Release, the plaintiffs assigned to
the liability insurance carrier of Mr. Stephens and Baker, Brown
a 50-percent interest in the claims, causes of action, and
recoveries, up to a maximum of $1.5 million, in the Wiewall
litigation.
Intrastate sent Mr. Syphrett the following three invoices
totaling $497,667:
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Last modified: May 25, 2011