- 6 -
B. The Signal and Costar Loans
During 1992 through 1995, petitioner, Mr. Seibert (through
1993), and Mr. Poole were shareholders in Stanwich, a Delaware
corporation. Petitioner and Stanwich guaranteed a loan in the
original amount of $19,490,692 from Signal Capital Corporation
(Signal) to Oneida Products Corp. (Oneida) by guaranty agreements
dated August 17, 1988, as amended August 12, 1991. Shortly
thereafter, in 1992, Signal commenced a lawsuit against
petitioner and Stanwich in the Superior Court of the State of
Connecticut8 (Connecticut Superior Court) to collect on loan
guaranties made by petitioner and Stanwich with respect to the
Oneida loan. As of October 20, 1992, Signal obtained a
prejudgment attachment of all of petitioner’s right, title, and
interest in 95,000 Oralco shares. As security for the Signal
loan, petitioner, by agreement dated October 29, 1992, pledged to
Signal his voting trust certificate for the 95,000 Oralco shares.
Then, on January 7, 1994, the Connecticut Superior Court issued a
judgment in favor of Signal and against petitioner and Stanwich
in the principal amount of $24 million with respect to the loan
guaranty.9
8 The action was titled Signal Capital Corp. v. Bradley &
Stanwich Partners, Inc., docket No. CV-92-0127300-S (Jud. Dist.
of Stamford, Conn. Super. Ct. 1992).
9 As discussed infra, on Aug. 17, 1995, in conjunction with
the terms of the Implementing Agreement dated Aug. 18, 1995,
Signal terminated its liens against petitioner and other parties.
(continued...)
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