- 4 -
The March 23, 1992, letter from Mr. Fairchild offered the
following terms in return for petitioner’s voluntary resignation
from the firm: (1) A $55,000 lump-sum payment; (2) receipt of
retirement benefits upon qualification, pursuant to the Winston
Partnership Agreement as if petitioner had not been severed, but
had retired from the firm; and (3) additional payments for
approved “Urgent Family Needs” for a period of 3 years.
On April 15, 1992, petitioner received a second letter from
Mr. Fairchild which offered, in addition to the terms of the
March 23, 1992, letter, payments of $40,000 a year for 3 years.
To receive the additional payments, petitioner had to withdraw
voluntarily from the firm by April 30, 1992. The payments would
commence on the date of petitioner’s withdrawal from the firm,
and could be counted, if necessary, as additional qualified
service for his eligibility to retire and receive benefits from
Winston. The Winston retirement benefit was offered pursuant to
the firm’s partnership agreement, which was subject to
modification by the partnership.
Most Winston partners who were being asked to resign
received letters similar to the first one received by petitioner.
A smaller subset of partners also received letters similar to the
second one received by petitioner. The terms of the two letters
offered severance packages to petitioner and other Winston
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011