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Detailed settlement agreement not specific enough for son to claim funds

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Although a settlement agreement worked out between siblings included details about who would receive the comic books, the Indiana Court of Appeals ruled because the document did not specifically address the accounts receivable, one of the surviving sons would not be entitled to the money.

After George W. King Sr. died in 2001, his three children began fighting over the ownership of his many businesses. His daughter, Kay King, and her son, Christopher King, filed a complaint against her brothers, George King and Bob King, and against five of her father’s corporations and three partnerships.

In June 2003, the trial court appointed a receiver. About a year later, the receiver paid more than $2 million for the estate’s outstanding tax liabilities. He drew the bulk of the funds from one particular company, Crown Associates Inc. because that entity had more liquid assets available than the other businesses. The receiver credited Crown by creating an account receivable which in 2007 was valued at $687,278.

On Feb. 22, 2005, the siblings entered into a Term Sheet for Settlement of Litigation which represented their partial agreement on the broad outlines of asset distribution. As a part of that document, the assets and/or equity interest of Crown was conveyed to the son, George Dean King.  

Concluding the accounts receivable were not part of the assets, the trial court ruled the receiver should eliminate all inter-company accounts prior to transferring Crown to George King.

On appeal, George King argued the court abused its discretion when it approved the elimination of certain Crown accounts receivable prior to conveyance. He asserted the accounts receivable were still on the books when the Term Sheet was executed in February 2005.
 
The COA disagreed in George Dean King v. Kay S. King, et al., 49A02-1202-MF-73. It noted the receiver initially proposed that all receivership entities be liquidated with the proceeds being divided equally between the siblings. However, that goal was altered after the siblings executed the Term Sheet which made the assets included in each receivership entity important.  

While the Term Sheet divided a multitude of assets ranging from real estate to safety deposit boxes and even comic books, it did not address Crown’s accounts receivable.

“Given the level of detail embodied in the Term Sheet,” Judge Patricia Riley wrote, “the absence of a clear expression by the parties to repay the accounts receivable which had been expressly created by the Receiver during the Receivership and which existed during the execution of the Term Sheet, is evidence of intent that no such offset was bargained for.”


 

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  1. Joseph Buser, Montgomery County Chief Prosecutor, has been involved in both representing the State of Indiana as Prosecutor while filing as Representing Attorney on behalf of himself and the State of Indiana in Civil Proceedings for seized cash and merchandise using a Verified Complaint For Forfeiture of Motor Vehicle, Us Currency And Reimbursement Of Costs, as is evident in Montgomery County Circuit Court Case Number 54C01-1401-MI-000018, CCS below, seen before Judge Harry Siamas, and filed on 01/13/2014. Sheriff Mark Castille is also named. All three defendants named by summons have prior convictions under Mr. Buser, which as the Indiana Supreme Court, in the opinion of The Matter of Mark R. McKinney, No. 18S00-0905-DI-220, stated that McKinney created a conflict of interest by simultaneously prosecuting drug offender cases while pocketing assets seized from defendants in those cases. All moneys that come from forfeitures MUST go to the COMMON SCHOOL FUND.

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  4. Oh, and you fail to mention that you deprived the father of far FAR more time than he ever did you, even requiring officers to escort the children back into his care. Please, can you see that you had a huge part in "starting the war?" Patricia, i can't understand how painfully heartbreak ithis ordeal must have been for you. I read the appellate case and was surprised to see both sides of the story because your actions were harmful to your child; more so than the fathers. The evidence wasn't re weighed. It was properly reviewed for abuse of discretion as the trial court didn't consider whether a change of circumstance occurred or follow and define the statutes that led to their decision. Allowing a child to call a boyfriend "daddy" and the father by his first name is unacceptable. The first time custody was reversed to father was for very good reason. Self reflection in how you ultimately lost primary custody is the only way you will be able heal and move forward. Forgiveness of yourself comes after recognition and I truly hope you can get past the hurt and pain to allow your child the stability and care you recognized yourself that the father provides.

  5. Patricia, i can't understand how painfully heartbreak ithis ordeal must have been for you. I read the appellate case and was surprised to see both sides of the story because your actions were harmful to your child; more so than the fathers. The evidence wasn't re weighed. It was properly reviewed for abuse of discretion as the trial court didn't consider whether a change of circumstance occurred or follow and define the statutes that led to their decision. Allowing a child to call a boyfriend "daddy" and the father by his first name is unacceptable. The first time custody was reversed to father was for very good reason. Self reflection in how you ultimately lost primary custody is the only way you will be able heal and move forward. Forgiveness of yourself comes after recognition and I truly hope you can get past the hurt and pain to allow your child the stability and care you recognized yourself that the father provides.

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