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POLSKY.” Although the arbitration award did not allocate the
money damages between the damages for Indeck’s breach of the
Employment Agreement and the value of Mr. Polsky’s 30 shares, it
elsewhere provided that seven additional shares of Indeck stock,
with respect to which Mr. Polsky’s claim of ownership was
disputed, had a value of $501,000 per share. The January 31,
1991, date on which interest began to accrue under the
arbitrator’s award was the date on which Indeck had received the
PowerLink offer, and the per share value assigned by the
arbitrator to the seven disputed Indeck shares was the price
offered by PowerLink.
On December 3, 1991, Mr. Polsky brought an action seeking
confirmation of the arbitration award and entry of judgment
thereon in the Circuit Court of Cook County, Illinois (Cook
County Lawsuit). Indeck’s filing in response sought to have the
arbitration award vacated insofar as it required a payment of
$15,030,000 ($501,000 per share) for Mr. Polsky’s 30 shares of
Indeck stock, on the grounds that the arbitrator lacked
jurisdiction over that issue.3 Indeck did not contest the
portion of the award relating to amounts Indeck owed Mr. Polsky
3 In the alternative, Indeck sought to vacate the
arbitration award insofar as it required immediate payment of the
$15,030,000 value assigned to Mr. Polsky’s shares, plus interest
at 10 percent from Jan. 31, 1991, rather than imposing the
Shareholders’ Agreement’s terms permitting payment for Mr.
Polsky’s shares in five installments with interest at the Federal
funds rate.
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