- 9 - BHC refused to pay to William Becker the $5 million installment due April 1, 1992, because of its claim that William Becker had materially breached the covenant not to compete. On March 19, 1992, BHC filed a complaint against William Becker in the United States District Court for the Southern District of Florida alleging, among other things, breach of contract. On April 13, 1992, William Becker filed a counterclaim for the accelerated payment of amounts owed to him under the purchase documents. On March 7, 1994, the Federal District Court found the covenant not to compete to be valid but also found that there was no material breach and held for William Becker on his counterclaim. Becker Holding Corp. v. Becker, No. 92-14057-CIV- JCP (S.D. Fla. 1994). BHC appealed the decision and, on March 27, 1996, the Court of Appeals for the Eleventh Circuit (Eleventh Circuit) affirmed the District Court’s judgment in favor of William Becker, reversing and remanding to adjust the damage award for prejudgment interest. Becker Holding Corp. v. Becker, 78 F.3d 514 (11th Cir. 1996). On May 22, 1996, BHC paid $27,200,784 to William Becker in satisfaction of the entire judgment. Mr. Lynch prepared William and Mary Ann Becker’s Federal income tax return for 1991. Due to the litigation then pending in the Federal District Court, in which BHC sought to recover the $5 million paid to William Becker in 1991, William Becker wantedPage: 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