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The stock of IMED was neither publicly traded on an
established stock market exchange nor registered with the
Securities and Exchange Commission from 1978 through 1981. The
directors and three or four key officers owned approximately 75
percent of the outstanding IMED stock.
On March 1, 1978, Henry joined IMED as vice president-
finance and chief financial officer (CFO). Initially, Henry was
expected to raise equity for IMED and to institute financial
controls. Later on, Henry was in charge of determining IMED's
capital needs, preparing cash-flow forecasts, and raising cash as
necessary. As IMED's CFO, Henry was directly responsible to
Cramer and met with him daily. At IMED, Henry was one of the
IMED officers who could meet with Cramer on an unscheduled basis.
Also, occasionally Cramer and Henry would go out to dinner and
discuss business. Henry also saw Boynton, who was number two in
IMED's hierarchy, on a daily basis since his office was nearby.
However, Henry did not have frequent contact with Monaghan at
IMED.
When Henry became the CFO of IMED, Hendrickson was
responsible for the accounting department. As IMED's CFO, Henry
was Hendrickson's direct supervisor. Hendrickson's office,
however, was located in another building at the same office
compound. When Henry began work for IMED, the accounting
department had approximately 10 people who reported to
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Last modified: May 25, 2011