- 6 -
money in lieu of corporate distributions, then, and in
that event, he shall be entitled to be repaid by the
Wife, without interest, from such distribution
ultimately received by the Wife, at such time these
distributions are received and exceed the guaranteed
amounts of payments pursuant to � 6.6(B) due as of that
time. Further, in the event that the Wife should sell
all or a portion of her stock in either of the
corporations, Husband shall also be entitled to be
repaid by the Wife for any personally guaranteed
amounts funded in lieu of corporate distributions,
without interest, from the net after tax proceeds of
any such sale to the extent such net after tax
proceeds, together with all personally guaranteed
amounts and prior distributions to her pursuant to �
6.6(B) exceed the sum of Two million ($2,000,000.00)
dollars.
Paragraph 6.6D provided that nothing in the marital
settlement, “except for the cumulative receipt by the Wife” of
the payments specified in paragraph 6.6B, would satisfy Mr.
Hoffman’s obligation for the payment of $2 million in personal
guaranties. The marital settlement did not state that the $2
million guaranty was in the form of alimony and was silent as to
whether Mr. Hoffman’s obligation to decedent terminated at the
death of either party.
Article IV contained an offset provision related to article
VI. Paragraph 4.2 provided that the annual alimony received by
decedent would be reduced by $80 per year (at a rate of $6.67 per
month) for each $1,000 received by decedent after January 1,
1992, pursuant to the terms of paragraph 6.6B. Article IV
further provided:
4.3 Notwithstanding the fact that all amounts
received by the Wife as the INITIAL BASE MONTHLY
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