- 13 - 12-percent rate) the projected net earnings for 1975 of $216,130. The computation was made during a meeting of Mr. Hughes, decedent, and Ronald on January 2, 1975.10 Mr. Hughes completed his computation in 1 day. Neither the parties to the Buy-Sell Agreement nor Mr. Hughes obtained a professional business valuation of CamVic or a professional appraisal with respect to the value of any of the properties owned by CamVic or its subsidiaries prior to acceptance of the $11,333.30 per-share price set forth in the agreement.11 B. The Revised Agreement In or around April 1981, decedent, CamVic, and its minority shareholders entered into a revised version of the Buy-Sell Agreement (Revised Agreement). Attorneys Kenneth Hughes and Gary Hoffman and their law firm, Santen, Santen & Hughes, served as legal counsel to all parties to the Revised Agreement. The only significant modification made in the Revised Agreement was that paragraph 13 was changed with respect to the percentage of stock ownership necessary to amend the terms of the agreement. The Revised Agreement provided that the written 10None of CamVic's other shareholders participated in this meeting. 11The only professional appraisal used in the computation was an appraisal of an unimproved parcel of land owned by CamVic, which had been appraised at $121,000 approximately 2 years earlier on May 7, 1973.Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
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