28
Also on August 17, 1983, Paul, Mike, and Peter Brown took
several other actions related to the Brown family partnership.
First, Paul Brown assigned the $3.51 million promissory note from
Sawyer to the Brown family partnership.5 Second, Mike and Peter
Brown assigned the stock option agreement to the Brown family
partnership. Third, Paul Brown gave 375 Brown family partnership
units to members of his family as follows:
Donee Units
Mike Brown 20.00
Peter Brown 187.50
Nancy Brown
(Mike's Wife) 20.00
Katherine Brown Trust
(Mike's Daughter) 73.75
Paul H. Brown Trust
(Mike's Son) 73.75
Total 375.00
Fourth, Paul Brown sold 1,925 Brown family partnership units to
members of his family. Each of those family members gave Paul
Brown a promissory note (partnership unit notes), bearing 9-
percent interest, for the partnership units they bought from him.
All principal and interest was to be due on December 31, 2001.
At that time, Paul Brown, if living, would be 93 years old. The
5 Sawyer listed on a balance sheet for 1988 the 1983
promissory note in the amount of $3.51 million as a note due to
the Brown family partnership.
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