- 3 -
owned and actively operated as a family enterprise, with the only
stockholders being descendants by blood or marriage of its
original stockholders who were Louis Herman Marrero, Sr., and his
three sons, Louis Herman Marrero, Jr., William Felix Marrero, and
Leo A. Marrero. (We shall refer to the descendants by blood or
marriage of the original stockholders of Marrero Land as Marrero
family members.)
At the time Marrero Land was incorporated, article VI of its
articles of incorporation (article VI) provided:
No stockholder shall have the right to sell or
transfer any share or shares of the capital stock of
the said corporation owned by him until the expiration
of fifteen days, after given [sic] written notice to
the other stock holders who will have the privilege of
purchasing the same during said fifteen days at the
actual cash value thereof, as established by the books
of the corporation.
Around 1980, N. Buckner Barkley, Jr. (Mr. Barkley) and Keith
M. Hammett (Mr. Hammett), who were not members of decedent's
immediate family and who were at the time members of the board of
directors and the executive vice president and the treasurer,
respectively, of Marrero Land, had concerns regarding Louis
Marrero, IV (Mr. Marrero), who was then president of Marrero
Land. That was because, inter alia, Mr. Marrero had pledged the
Marrero Land stock which he owned in order to secure certain of
his personal obligations, and Mr. Barkley and Mr. Hammett be-
lieved that that stock might be sold to satisfy Mr. Marrero's
Page: 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