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was further funded in 1984 after Modern Globe guaranteed a
$2 million bank loan for Mr. de St. Aubin's estate.
Mr. de St. Aubin's estate subsequently obtained a loan and
distributed $1,560,932.80 to the marital trust. Pursuant
to Mr. de St. Aubin's will, upon decedent's death, the
assets of the residuary trust were divided into four
residuary trusts, one for the benefit of each of their
children. Thereafter, Mr. de St. Aubin's estate
transferred the Modern Globe common stock to the residuary
trusts.
In 1984, sometime after the transfer of the Modern
Globe stock, Modern Globe paid a dividend of $4.16 million
to the residuary trusts, $3,200 per common share. In
September 1984, the residuary trusts sold the Modern Globe
assets to an unrelated party for $35 million. In 1985,
Modern Globe paid a dividend of $23,000 per common share
to the residuary trusts, for a total of $29,900,000.
The residuary trusts then repaid the loan obtained by
Mr. de St. Aubin's estate.
At the time of the filing of these motions, the
administration of Mr. de St. Aubin's estate had not been
concluded, and no accounting had been made by his
executors, the trustees of the marital trust, or the
trustees of the residuary trust.
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