- 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 MONTHLYPage: 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