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the New York State bar, Fredericks practiced law for about one
year with his father, a real estate attorney in New York City.
He then pursued a very successful career in advertising beginning
in approximately 1950. Fredericks spent the first 20 years of
his advertising career at Ogilvy & Mather and rose to executive
vice president of that agency. Thereafter, Fredericks served as
the president, chief operating officer, and as a director of an
advertising agency in which he held a major amount of stock,
Wells, Rich, Greene.
In addition to the foregoing, from 1970 through the years in
issue, Fredericks served as a director of Product Design and
Engineering (PDE), a corporation located in Minneapolis,
Minnesota. PDE manufactures polyethylene and polystyrene
closures for consumer packaged goods as well as all kinds of
small plastic parts. The president and principal stockholder of
PDE during that time was A. J. Porter (Porter), a graduate of the
University of Minnesota and a licensed engineer. Fredericks
explained that the closures and other plastic parts manufactured
by PDE are molded from raw material under hot presses. During
the mid to late 1970's, in order to economize its purchases of
raw material, PDE began recycling its scrap plastic. Scrap
plastic was run through grinders--no other processing was
necessary--and fed into another batch to be molded.
In October of 1981, Fredericks sought to leave the employ of
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