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referred to as Parkette), Chestnut Parking Corp., Locust Corp.,
Nine Ten Chestnut Corp., Stephen Girard Investment Corp., and
Twelfth and Sansom Corp. Parkette is the administrative umbrella
for the Sley Corporations.
Some of the Sley Corporations became holding companies when
Harry sold some of the parking lots and garages, and kept the
proceeds of the sales in those corporations.
Harry was the president of each of the Sley Corporations,
and controlled them, until his death in 1977. At that time, some
of the Sley Corporations were still operating as landlords.
After Harry’s death, Beatrice and Lorraine Hicks, hereinafter
sometimes referred to as Hicks, Harry’s secretary for 50 years,
oversaw the investments of the Sley Corporations and continued to
sell some of the lots that some of the Sley Corporations held.
Hicks resigned from the Sley Corporations in the fall of 1980.
Betsy was a corporate officer of each of the Sley
Corporations during the years in issue; she first became an
officer of some of these corporations in the 1960’s. After
Harry’s death, all of the stock in the Sley Corporations has been
owned, either directly or beneficially (through inter vivos and
testamentary trusts) by Beatrice, Betsy, and Ben. Harry intended
that all the Sley Corporations stock was to be owned exclusively
by Beatrice, Betsy, and Ben; he intended that in-laws, such as
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Last modified: May 25, 2011