- 21 - Co.'s certificate of incorporation required indemnification of officers for expenses arising from acts performed in good faith and in a manner reasonably believed to be in the best interest of Orange Co. All of the SEC litigation expenses Mr. Davis deducted in 1987 and 1988, see infra, were included in the demand for indemnification in the Orange Co. litigation. In 1992, the Orange Co. litigation was resolved. Stoneridge agreed to pay Mr. Davis $47,500. In a letter dated May 18, 1995, Orange Co.'s directors' and officers' insurance company informed the IRS that it reimbursed Squire, Sanders & Dempsey for its representation of Mr. Davis and reimbursed Laura Byrne for her work as counsel for various officers and directors. Legal Fees Charts In 1987, Mr. Davis paid, incurred, and deducted on his Schedule C for 1987 the following legal fees:4 Matter Amount Squirrel Bend litigation $179,726 SEC litigation 51,285 Orange Co. litigation 36,163 Tax matters 3,493 General business matters 3,115 Total 273,782 4 For convenience, all figures are rounded to the nearest dollar.Page: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Next
Last modified: May 25, 2011