- 5 -
Neither Schall nor petitioner informed Hylland or Newell that
petitioner was suffering from a physical injury or physical
sickness as a result of the dispute. By the end of the meeting,
those present had negotiated a document titled “Issues to be
Resolved in Final Agreement”, which stated, in part:
Upon effective closing of the contemplated Coast,
Empire Energy, and SYN MLP transactions, NGC in
resolution of all arrangements among NGC, SYN, and
Empire Gas Corporation [EGC] would provide a cash
payment of $20.0 million to Empire Gas and/or Paul S.
Lindsey [petitioner]. In the event that Coast and
Empire Energy acquisitions close and the MLP has not
been effected by June 30, 1997 the cash payment in
resolution of all arrangements shall be $15.0 million.
The Termination Agreement
On September 28, 1996, the dispute was resolved by the
execution of a termination agreement. The termination agreement
provided, in part:
(e) NGC and Paul S. Lindsey, Jr. [petitioner]
hereby agree that, in exchange for the written general
release from Mr. Lindsey * * *, $2,000,000 of the
Payment Amount shall be allocated to Mr. Lindsey, as
the controlling shareholder of EGC, in settlement of
his claims for tortious interference with contracts,
for personal injury including injury to Mr. Lindsey’s
personal and professional reputation and emotional
distress, humiliation and embarrassment resulting from
termination of the Synergy Acquisition documents, and
Mr. Lindsey shall provide consulting services to NGC as
the parties may agree * * *
Petitioner or EGC proposed the split between petitioner and EGC
of the $20 million settlement that was initially agreed upon on
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011