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Stock certificate number three was canceled and replaced by
stock certificate number five on May 15, 1987. The records
produced at trial indicate that stock certificate number five was
issued to "Irvine Dungan, Trustee for Mark P. Owens". However, a
corporate questionnaire filed on June 15, 1988, with the
California Department of Alcoholic Beverage Control by Mr. Foust
(petitioner) as president of Vosburg indicates that stock
certificate number five was issued to the "Oliver Q. Foust &
Talietha Foust Family Trust" on May 15, 1987.2
On December 15, 1988, the shareholders of Vosburg executed
an agreement entitled "Agreement of Purchase and Sale of Capital
Stock of Vosburg Hotels, Inc." In this agreement, the
shareholders of Vosburg agreed to sell all of the outstanding
shares of Vosburg to Thomas and Juanell Snedeker. The selling
shareholders were shown as Mark and Ruth Owens and the Oliver Q.
Foust and Talietha Foust Reversionary Trust. In a "Statement of
Transferee to Accompany Application for Consent to Transfer
Securities Subject to Legend or Escrow Condition", dated December
22, 1988, the selling Vosburg shareholders were listed as Mark P.
Owens and Ruth Owens and the Oliver Q. Foust and Talietha Foust
Reversionary Trust.
2Petitioners created the "Oliver Q. and Talietha Foust,
Reversionary Trust" on Apr. 28, 1972. The corpus of the trust
consisted of stock which the trustees were to distribute to the
beneficiaries (petitioners' nieces) in the event that either
petitioner died prior to the trust's termination on June 28,
1987.
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