- 15 - [revolving] around the arbitration award that had been given to Mr. Polsky and is essentially looked at as a $15 million award with $5 million of interest that was figured at a 10 percent rate as required by the arbitrator. * * * * * * * * * * the settlement is basically a settlement of the arbitration and structured around the arbitration award and will include a dismissal of the pending appeal * * * [of the Cook County Lawsuit]. Mr. Polsky’s counsel expressed agreement with the terms as outlined by Indeck’s counsel, and the court issued an order that day dismissing the case with prejudice and retaining jurisdiction to enforce the settlement. Written Settlement Agreement Indeck’s counsel served as draftsman for a written agreement to cover the terms of the settlement. Successive versions of a written agreement were drafted or revised between April 21 and May 11, 1994. A draft prepared by Indeck’s counsel and submitted to Mr. Polsky’s counsel on or before April 26, 1994, described the payment to be made for Mr. Polsky’s 30 Indeck shares as follows: Indeck * * * agrees to purchase * * * the thirty (30) shares of * * * stock * * * for the price of * * * $501,000 per share, for a total purchase price of * * * $15,030,000, plus interest on the purchase price at Ten Percent (10%) from January 31, 1991 through April 13, 1994. * * * The draft further provided for payment of $10 million at closing with the remainder payable in two equal annual installments, withPage: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011