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settlement negotiations in January of 1998. In April of 1998,
the court granted ARCO’s motion to exclude the defendants’ expert
witness testimony that related to the valuation portion of the
case.
ARCO and Exxon desired to obtain simultaneously a settlement
agreement with William Houchin and a codefendant. By letter
dated October 28, 1998, William Houchin’s attorney, Gary C.
Davenport, communicated to him a combined $8 million settlement
offer from ARCO and Exxon separately made to both William Houchin
and the codefendant. On October 29, 1998, William Houchin and
the codefendant separately accepted the combined settlement offer
of $8 million, to be divided between William Houchin and the
codefendant.
On December 18, 1998, William Houchin received the
settlement agreement for his separate settlement. The settlement
agreement contains the following language:
3. Payment. In consideration of the release and
agreements described above, ARCO and Exxon agree to
wire transfer to Houchin’s attorneys * * * a total of
$8 million ($8,000,000.00) on January 4, 1999 in full
and complete compromise and satisfaction of his
Counterclaim that his Royalty has been underpaid and in
full and complete compromise and satisfaction of the
[codefendant’s] Claim that its Royalty has been
underpaid. * * *
* * * * * * *
18. Counterparts. This Settlement Agreement may
be executed by the Settling Parties in any number of
counterparts, each of which shall be deemed an original
instrument, but all of which together shall constitute
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