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delivered.5 There is no evidence that Joseph and Cyril delivered
any Specialty stock to the Bank.
On May 15, 1952, Joseph and Cyril entered into a
supplementary agreement. The supplementary agreement referred to
the option that Joseph had granted to Cyril and Anna on October
31, 1945, to purchase 18,158 shares of Joseph's common stock in
JM at $1 per share. Pursuant to the terms of the option, the
certificates representing the 18,158 shares had been deposited
with Joseph's attorney, Nat Schmulowitz.6 The supplementary
agreement between Joseph and Cyril provided that the 1945 option
would remain in effect, except that if Cyril exercised the
option, the shares delivered to Cyril upon such exercise were to
be pledged to the Bank and subject to the terms of the 1951
Agreement. In the event that Cyril did not exercise the option,
then Mr. Schmulowitz would deliver the shares in his possession
to the Bank to be held subject to the 1951 Agreement.
On November 16, 1952, Joseph and Cyril entered into a second
5There is some discrepancy between the number of shares
delivered to the Bank and the number of shares owned by Joseph
and Cyril as of Oct. 31, 1951. The schedule indicates that
51,648 shares of JM common stock were delivered by Joseph, but
Joseph owned only 50,648 shares of JM common stock as of Oct. 31,
1951. Similarly, the schedule reflects that 11,135 shares of JM
preferred stock were delivered to the Bank by Cyril, but Cyril
owned only 11,035 shares of JM preferred stock as of Oct. 31,
1951.
6The share certificates that were delivered to Mr.
Schmulowitz in 1945 were not delivered to the Bank pursuant to
the Agreement between Joseph and Cyril in 1951.
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