- 12 - for salary, bonus, and lost percentage compensation (which Indeck computed as $6,638,800). On February 20, 1992, the Cook County Circuit Court issued an order vacating the arbitration award insofar as it awarded $15,030,000 to Mr. Polsky with respect to his 30 shares of Indeck stock, based on the court’s conclusion that the arbitrator exceeded his jurisdiction in making an award with respect to the stock. The order confirmed the arbitration award insofar as it awarded damages based on the Employment Agreement, and entered judgment in favor of Mr. Polsky and against Indeck in the amount of $6,638,800, plus interest at 10-percent per annum on that amount until paid. Indeck paid Mr. Polsky $7,301,005.80 on February 28, 1992, in satisfaction of the judgment entered in the Cook County Lawsuit. Mr. Polsky appealed the order in the Cook County Lawsuit insofar as it vacated the arbitration award and Indeck cross-appealed.4 These appeals remained pending during the ensuing 2 years in which Mr. Polsky pursued a different lawsuit against Indeck in the Circuit Court of Lake County, Illinois (Lake County Lawsuit). The Lake County Lawsuit, commenced by Mr. Polsky on April 20, 1992, against Indeck and certain company directors 4 Indeck did not appeal the confirmation of that portion of the arbitration award that found its termination of Mr. Polsky to be in violation of the Employment Agreement.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011