- 17 - Ruf for the years indicated:13 Year Ended Total Compensation Accrued Feb. 28, 1987 $395,603 Feb. 29, 1988 1,003,629 Feb. 28, 1989 132,693 Feb. 28, 1990 2,600,000 Feb. 28, 1991 750,000 The $80,000 in cash compensation petitioner paid to Mr. Ruf during its fiscal year ended February 28, 1987, represented (1) $60,000 in compensation that was earned pursuant to the man- agement agreement between MFC and petitioner and (2) $20,000 in compensation that was earned by Mr. Ruf in his individual capac- ity after that management agreement was terminated in December 1986 when Stanislaus purchased petitioner. The $132,629 in cash compensation petitioner paid to Mr. Ruf during its fiscal year ended February 29, 1988, represented his base salary for that year. The $1,454,746 in cash compensation petitioner paid to Mr. Ruf during its fiscal year ended February 28, 1989, represented four components: (1) His base salary for that year of $132,693, 13 Petitioner's financial statements for its fiscal years ended Feb. 29, 1984, and Feb. 28, 1985, were audited by Peat, Marwick, Mitchell & Co. Its financial statements for its fiscal year ended Feb. 28, 1986, for the period Dec. 29, 1986 (the date of the acquisition of petitioner by Stanislaus) through Feb. 28, 1987, and its fiscal year ended Feb. 29, 1988, were audited by Touche Ross & Co. No financial statement was prepared for the period Mar. 1, 1986, through Dec. 28, 1986. Petitioner's fi- nancial statements for its fiscal years ended Feb. 28, 1989, Feb. 28, 1990, and Feb. 28, 1991, were not audited by an independent certified public accountant.Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next
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