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Common Stock
Shareholder Number of Shares Percentage
Decedent 4,230 84.6
Poesch 750 15.0
Simone 20 00.4
Preferred Stock
Number of Shares Number of Shares
Shareholder of 4% Preferred of 6% preferred
Decedent 3,375 6,660
Poesch 1,725 1,500
F.C.G. Foundation 2,250 315
Decedent strongly believed that the best interests of the
company would not be served if it were owned and managed by
outsiders, including his family members. Decedent also believed
that Simone was the best candidate to be the chief executive of
the company. Decedent’s plan of corporate succession was to have
Simone both own and manage the company.
At the time of the 1987 redemption agreement, the company’s
senior management consisted of decedent, Poesch, and Simone.
Poesch refused to enter into a similar redemption agreement.
Simone, however, did enter into a similar redemption agreement.
At the time of the 1987 redemption agreement, decedent was
1(...continued)
after the 1960 redemption agreement was signed.
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Last modified: May 25, 2011