and the properties held by the ventures in which Mr. Kluener held
an interest could not be sold. During 1986 through 1989, the
ability of the ventures to pay interest to Mr. Kluener
deteriorated, and, during 1989, (1) the ventures were not
generating sufficient cash-flow to afford him an adequate source
of funds to pay the interest on his debt to Fifth Third, (2) the
real estate held by the ventures could not be sold for an amount
sufficient to retire their debts to Mr. Kluener, and (3) Mr.
Kluener's loans to the ventures were considered worthless.
During 1989, Mr. Kluener owned stock in ALUCHEM, an
aluminum-grinding company. Also, during all times (prior to Mr.
Kluener's death) relevant to the instant case, Mr. Kluener was
the sole shareholder and chief executive officer of American
Power Equipment Co., Inc. (APECO). During 1989 and 1990, Mr.
Kluener was also a director of APECO. Mr. Kluener had previously
been the principal executive of the Campbell Hausfeld Co.
(Campbell Hausfeld), a successful manufacturer of paint-spraying
equipment in which Ms. Kluener's family held an interest and
which had been sold around 1971. Although APECO had originally
produced chain saws, upon the expiration of the covenant not to
compete that he had signed when Campbell Hausfeld was sold, Mr.
Kluener made APECO into a manufacturer of paint-spraying
equipment, which was its business when the events in issue in the
instant case occurred. APECO's business activities were
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