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shareholdings of Joseph and Cyril in JM were as follows:
Joseph Cyril
Common stock 50,648 75,044
Preferred stock 21,464 11,035
Total 72,112 86,079
Thus, Joseph held 28.26 percent of the voting power of JM, and
Cyril held 33.73 percent of the voting power; together their
shares represented 61.99 percent of the voting power.
As of October 31, 1951, Specialty had issued and outstanding
101,000 shares of stock, consisting of 1,000 shares of voting
common stock and 100,000 shares of nonvoting preferred stock.
The ownership of Specialty stock as of that date is unclear, but
it appears that Mr. Blum owned 500 shares of the common stock and
50,000 shares of the preferred stock, and Cyril and Joseph
together owned the remaining 500 shares of common stock and
50,000 shares of preferred stock.
On October 31, 1951, Cyril also held certain options to
acquire JM stock. On October 31, 1945, Joseph had granted to
Cyril and Anna (as joint tenants with the right of survivorship)
3(...continued)
(subsequently JM) were silent as to the voting rights of the
preferred stock until a 1968 amendment, which expressly provided
that the preferred stock was entitled to voting rights equal to
those of the common stock. However, it appears that prior to the
1968 amendment, the preferred stock was considered to be voting
by the corporation and that the holders of the preferred stock
actually did exercise voting rights.
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