WSB Liquidating Corporation - Page 14

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          provided to Walter.5  The Settlement Agreement then provides with           
          respect to the pension payment and benefits as follows:                     
               So long as Wife receives her pension payment and                       
               benefits as herein set forth, Wife waives her right to                 
               alimony pursuant to 13 Del. C. �1512(d).  Upon the sale                
               of Walter S. Bandurski, Inc. and the termination of                    
               Wife’s pension payment and the other benefits provided                 
               herein, the parties shall attempt to agree on Wife’s                   
               entitlement to alimony, if any, and upon their failure                 
               to agree, the matter shall be submitted to the Family                  
               Court for a determination.                                             

          On the basis of these provisions, and the fact that the                     
          Settlement Agreement by its terms was intended to settle Walter             
          and Barbara’s “respective rights and obligations against and to             
          one another”, we conclude that the payments at issue satisfied              
          Barbara’s rights to alimony and relieved Walter of an obligation            
          to make alimony payments.  Barbara waived her right to alimony              
          for so long as the payments under the Pension Agreement                     
          continued.  Petitioner argues that Barbara’s waiver of her                  
          alimony rights was made in exchange for various benefits she                
          received under the Settlement Agreement other than the payments             
          under the Pension Agreement–-e.g., exclusive occupancy of the               

               5 It is not clear from the record whether the amounts                  
          petitioner reported as compensation to Barbara on Forms W-2 and             
          claimed as wages deductions for the years in issue consisted of             
          (i) the weekly $375 payments provided for in the Pension                    
          Agreement (as adjusted for inflation) or (ii) the foregoing plus            
          the “benefits” (automobile use, health insurance) provided for in           
          the Settlement Agreement.  As respondent’s determination covered            
          a specified figure in each year, and the parties have not                   
          addressed this possible distinction, we do not consider it                  

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Last modified: May 25, 2011