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preferred stock. In addition, Pohatcong Hosiery redeemed
the O'Hayer shares of its own common and preferred stock.
Finally, Fairlee redeemed all stock held by the O'Hayer
family. As a result of the transactions described above,
the O'Hayer family relinquished its minority interests in
Vesta Underwear, Vesta Corp., Fairlee, and Pohatcong
Hosiery. The total purchase price for those interests was
approximately $2,200,000.
At the time of the O'Hayer buyouts, the younger
Mr. de St. Aubin was the president and chairman of the
board of Vesta Underwear. Decedent had also been a member
of the board of directors of Vesta Underwear. Shortly
after the buyouts of the O'Hayer holdings, Vesta Underwear
changed its name to Modern Globe, Inc. Vesta Underwear
and Modern Globe are sometimes hereinafter referred
collectively to as "Modern Globe".
In the early 1970's, Pohatcong Hosiery and Vesta Corp.
were involved in corporate restructuring with Pohatcong
Investors, Inc., another personal holding company. It
appears that the two former corporations were dissolved,
and only Pohatcong Investors survived. Decedent and her
son were directors of Pohatcong Investors from its
incorporation in February 1971. Pohatcong Hosiery and
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