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[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, with
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