- 26 -
3. Litigation Settlement; Expense Reimbursement;
Releases; Termination of Voting Trust Agreement.
(a) * * * Ormet will pay to Bradley, by wire
transfer of immediately available funds to an account
specified to Ormet in writing, (i) $12 million (the
“Bradley Litigation Settlement Price”) in settlement of
all direct claims (“Direct Claims”) by Bradley against
Ormet, whether relating to the Litigations or
otherwise, including but not limited to those libel and
slander claims described in that certain letter from
Herbert Bennett Conner to Charles E. Bachman dated
August 11, 1995, and (ii) $4 million as reimbursement
of legal fees and expenses related to the Litigations
(the “Litigation Reimbursement”).[28]
(b) Each Member hereby acknowledges that any
claims against the Defendants or the Other Litigations
Parties other than the Direct Claims have no value, and
that no payment is being made to any Member in
settlement of, or otherwise with respect to, such
claims.
Mr. Conner testified that the Settlement Term Sheet
providing for the $12 million payment related only to the
settling of petitioner’s filed direct claims against Ormet, not
to any libel or slander suits. Further, Mr. Dixon stated that
there were no documents regarding petitioner’s physical injuries
available when Mr. Dixon gave a tax opinion regarding the
settlement. Mr. Bachman testified that he did not spend any time
defending Oralco against any personal injury claims because
petitioner never filed any claims against it. Mr. Boyle, Mr.
28 The Aug. 11, 1995, letter written by Mr. Conner and
referred to in Mr. Bachman’s testimony was attached to
petitioners’ opening brief, but petitioners never offered it into
evidence. Petitioners are not permitted to supplement the
evidence to include this letter by merely attaching it as an
exhibit to their brief. Accordingly, the Court will disregard
this document. See also supra note 25.
Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NextLast modified: May 25, 2011