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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.
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