- 16 -
On March 31, 1994, Ms. Boyle transferred her 29,273 Oralco
shares back to Mr. Boyle. Mr. Boyle, in turn, transferred
120,967.5 EAC II shares to Ms. Boyle. Mr. Boyle then caused
Oralco to purchase Ms. Boyle’s 120,967.5 EAC II shares for
$14,400,000. To finance Oralco’s purchase of Ms. Boyle’s EAC II
shares, Bancboston Financial Company (Bancboston) acting through
its employee, David L. Risdon (Mr. Risdon), lent $14,400,000 to
Oralco. These actions prevented petitioner from exercising his
stock purchase option with Ms. Boyle because the event triggering
the Option Agreement never occurred.
On March 31, 1994, the Circuit Court denied petitioner’s
motion to intervene in the Boyles’ divorce proceeding on the
theory that petitioner’s interests were adequately protected by
existing parties.20 This action prompted petitioner to appeal
the order to the West Virginia Supreme Court of Appeals. On June
16, 1995, the Supreme Court of Appeals of West Virginia upheld
19(...continued)
for any and all losses, liabilities, judgments, awards, damages,
assessments, charges, fines, penalties, costs, attorney’s fees,
and expenses paid, suffered or incurred by Ms. Boyle arising out
of any claim, demand, action, suit, or proceeding brought by
petitioner resulting from Ms. Boyle’s actions in compliance with
the final divorce decree.
20 This is lawsuit number four of the Six Lawsuits. See
also supra note 3.
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011