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The order in the Cook County Lawsuit vacating this portion of the
arbitration award remained on appeal until Indeck and Mr. Polsky
agreed as part of the Settlement Agreement to dismiss the appeal.
Two months after the arbitration award was vacated, Mr.
Polsky commenced the Lake County Lawsuit, wherein he maintained
his contention that, due to his wrongful termination, he was owed
the value of his shares as of June 1, 1993 (i.e., not the value
determined by third-party offers received during the year
following his September 1990 termination). He claimed the amount
due him for his shares under this theory was not less than $55
million. Moreover, he advanced claims premised upon the higher
($750,000 per share) offer received from CMS Generation for
Indeck’s outstanding shares on August 6, 1991, which had not been
presented to the arbitrator. Indeck, for its part, maintained
its position that the amount it owed Mr. Polsky for his shares
depended upon their net book value as provided in the
Shareholders’ Agreement, since no bona fide offers for Indeck’s
shares had been received within the requisite period provided in
the agreement.
Thus, during the more than 3-year period that Indeck claims
interest was accruing on a $15,030,000 indebtedness due January
31, 1991, the parties were in fact vigorously disputing the
18(...continued)
modified. Id. at 5/11, 5/12, 5/13.
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