- 11 - agreement, Russell agreed to transfer $2 million to the estate to be deposited in a trust account to be held in trust for the benefit of the estate pending the execution of certain releases attached to the settlement agreement. All interests in oil properties held on March 4, 1994, by BBP and/or Melvin or Russell, individually, jointly, or as tenants in common, were divided equally between the estate and Russell. Various bank and stock accounts held in the name of BBP and Melvin and Russell were to be closed within 30 days with the assets’ being distributed equally between the estate and Russell.13 All debts owed by Verde Oil Company to BBP on or after March 4, 1994, were assigned to the estate. The estate agreed to drop its embezzlement loss claim against Russell, and the parties stipulated that all grain, and any proceeds therefrom, held on or after November 1993 in the name of BBP were to be the sole property of Russell. Finally, the parties stipulated that, subject to the terms and conditions stated in the settlement agreement and stipulations of ownership, all assets and liabilities of BBP held on or after March 4, 1994, would be the sole property of Russell. After Melvin’s death, Mr. Feldmann received information regarding the oil and gas activity primarily from Carolyn 13Title and possession of three vehicles were transferred from BBP to Jean Ballantyne.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