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On November 5, 1987, Ms. Boyle filed for divorce in the
Circuit Court of Ohio County, West Virginia (Circuit Court),
seeking equitable distribution of the marital assets. Although
the divorce proceedings lasted into 1994, the parties were
separated on November 11, 1987. Upon the grant of divorce, by
the Circuit Court on December 15, 1992, all the Boyles’ marital
assets were divided.
Mr. Boyle and Ms. Boyle disputed the number of Oralco shares
that should be awarded to Ms. Boyle in satisfaction of her
marital rights. During the Boyles’ separation, the value of the
Oralco shares had increased significantly from $66.55 per share
to $275 per share. Although Mr. Boyle acquired 241,935 Oralco
shares during his marriage with Ms. Boyle, in its December 15,
1992, order, the Circuit Court awarded Ms. Boyle only 29,273
Oralco shares and Mr. Boyle 212,662 Oralco shares. Since Ms.
Boyle believed she was entitled to at least half of Mr. Boyle’s
Oralco shares, she appealed the divorce decree on February 17,
1993.
On December 17, 1992, after the Boyles’ divorce decree was
entered, petitioner and Ms. Boyle entered into a confidential
option agreement (Option Agreement) granting petitioner the
option to purchase from December 17, 1992, through December 31
1996, for cash or certified funds at a price of $117 per share
all Oralco shares that Ms. Boyle might acquire from Mr. Boyle
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