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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.
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Last modified: May 25, 2011