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cash to Mr. MacDonald and executed a promissory note to him in
the aggregate principal amount of $2,756,600. Installment
payments of $58,915 principal, plus accrued interest, were to be
made on April 5, June 5, September 5, and December 5 of each
year, plus $200,000 principal was due on January 15, 1980, and
January 15, 1981. The promissory note was due and payable in
full by December 5, 1988.
After the incorporation of GSI and its purchase of Mr.
MacDonald's stock, the following dividends were declared by BI
and paid in cash to GSI by BI:
Fiscal year Dividends declared Amount paid
3/31/79 $310,640 $310,640
3/31/80 524,888 524,888
3/31/81 489,426 489,426
6/30/811 169,440 169,440
1982 1,613,012 1,613,012
1983 204,740 204,740
1984 420,070 420,070
1985 388,300 388,300
1986 76,248 76,248
1987 105,900 105,900
1988 0 0
1989 0 0
1990 5,000,002 5,000,002
1991 0 0
1 Short period due to change in fiscal year.
In addition, in 1990, BI transferred improved real estate having
a value of approximately $2,700,000 to GSI as a dividend.
Dividend payments in 1988 and prior years were used by GSI to pay
Mr. MacDonald. The 1990 real estate dividend was paid as a
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Last modified: May 25, 2011