Indeck Energy Services, Inc., and Subsidiaries - Page 32




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          Shareholders’ Agreement.  Thus, we believe the settlement could             
          be expected to reflect Indeck’s exposure in the Lake County                 
          Lawsuit to the higher share values asserted there by Mr. Polsky             
          (as compared to the $501,000 per share value awarded by the                 
          arbitrator and on appeal in the Cook County Lawsuit).  Moreover,            
          a plausible inference, if Indeck had failed to give reasonable              
          assistance as the judge in the Lake County Lawsuit opined, would            
          be that Indeck’s failure to cooperate had tainted the third-party           
          offer process and depressed the offer prices of PowerLink and CMS           
          Generation.  It would follow that the $15,030,000 value for the             
          shares awarded by the arbitrator was too low.  In any event, we             
          are persuaded that, in practical terms, Mr. Polsky was in a                 
          superior bargaining position in the settlement negotiations,                
          suggesting that he could obtain a value for his shares reflecting           
          the higher claims advanced in the Lake County Lawsuit, rather               
          than the $15,030,000 awarded by the arbitrator based on the                 
          PowerLink offer.  In addition, nowhere in his pleadings in the              
          Lake County Lawsuit did Mr. Polsky claim entitlement to 10-                 
          percent per annum interest on $15,030,000 commencing January 31,            
          1991.                                                                       
               Based on the foregoing, we are persuaded that in the                   
          settlement Mr. Polsky was well positioned to obtain a $19,886,922           
          purchase price for his shares and in substance did so, and that             
          the arbitrator’s award served merely as a formula for arriving at           






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