- 10 -
Gifts by Michael Ferguson
On August 15, 1988, Michael Ferguson, in contemplation of a
tithing, executed a donation-in-kind record indicating his
intention to donate 30,000 shares of AHC stock to the Church of
Jesus Christ of the Latter Day Saints (the Church). On or about
August 16, 1988, Brett Floyd, a Merrill Lynch stockbroker,
assisted Michael Ferguson to open a new brokerage account and to
place 391,651 shares of AHC stock in that account. A legend
restricting transfer appeared on those shares, and Merrill Lynch
would not sell or otherwise transfer the shares until it was
advised that it could do so by its legal department; that
clearance process “took upwards of two weeks”. On or about
August 26, 1988, Michael Ferguson formed the Michael Ferguson
Charitable Foundation (MF Foundation). On September 8, 1988,
Brett Floyd caused an in-house journal entry to be made to
transfer from Michael Ferguson's brokerage account 30,000 shares
of AHC stock to an account maintained by the Church and 27,000
shares of AHC stock to the account maintained by the MF
Foundation. On September 9, 1988, Michael Ferguson executed an
authorization to transfer the shares that Brett Floyd transferred
by in-house journal entry the day before. A donation-in-kind
receipt issued to Michael Ferguson by the Church provides that
the date of donation for the 30,000 shares of AHC stock was
September 9, 1988. On October 5, 1988, Billy G. DuPree, Jr., an
officer of AHC, forwarded to the SEC a statement of changes in
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011