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amount in (i) from January 31, 1991 through April 13,
1994 for a total of * * * $4,809,600; plus (iii) an
amount determined by interest on the amount in (i) at
* * * [the Federal funds rate] between April 14, 1994
and May 9, 1994, for a total of * * * $47,321.85. The
total Purchase Price of * * * $19,886,921.85 shall be
paid * * * at the Closing.
Motion To Enforce Settlement
Prior to the execution of the Settlement Agreement, however,
Mr. Polsky’s counsel notified Indeck (on May 11, 1994) of his
intent to present a motion to enforce settlement to the court in
the Lake County Lawsuit. In the written motion, which contended
that Indeck was improperly refusing to pay interest it had agreed
to pay between April 13, 1994, and the closing date of the
settlement, Mr. Polsky’s counsel described the contemplated
settlement payment by Indeck of $19,886,921.85 as “[representing]
the total of the Arbitrator’s value of the shares, the
Arbitrator’s award of interest on that value up to April 13, 1994
and interest on the Arbitrator’s original value from April 14,
1994 to May 9, 1994 at the ‘federal rate’.”
On May 16, 1994, Mr. Polsky’s counsel argued his motion, and
the court ordered payment. Indeck and Mr. Polsky thereupon
executed the Settlement Agreement, Indeck paid $19,886,921.85 to
Mr. Polsky, and Mr. Polsky relinquished control over his 30
shares of Indeck.
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