- 4 -
Decedent, at the time of the divorce, desired to maintain
control of the Company. Ann Goss was not opposed to decedent's
desire to run the Company, because she recognized that the
Company had prospered under his stewardship. However, in return,
Ann Goss demanded certain property rights that she may not have
otherwise received in a dissolution proceeding, such as alimony
that would continue after her remarriage. On March 6, 1970, in
order to meet these goals, decedent and Ann Goss entered into a
written property settlement agreement (the 1970 PSA) incident to
the divorce proceedings. Pursuant to the 1970 PSA, Ann Goss
received one-half of the jointly owned stock. In addition, she
agreed to place her shares of stock in trust (the voting trust),
and then execute a voting trust agreement in favor of decedent.
Pursuant to the terms of the voting trust, decedent would be
entitled to vote her shares of stock in the Company and Highland
Properties for 21 years or until his death, if sooner. In
return, decedent agreed to pay alimony that would not terminate
upon her remarriage. Further, decedent and Ann Goss agreed to
maintain their reciprocal will provisions. At that time, each of
their wills provided that the stock in the Company and Highland
Properties would pass, in trust, to the surviving spouse for
life, with the remainder to the three children.
On March 10, 1970, decedent's marriage to Ann Goss was
dissolved by a Los Angeles County Superior Court interlocutory
order. The Los Angeles County Superior Court entered a final
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011