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Kerry Dawes and petitioner Praegitzer subsequently formed
Ameritech Industries, Inc. (Ameritech), a California corporation,
on October 1, 1982, under its original name of American Propeller
Service, Inc. Kerry Dawes and petitioner Praegitzer each
initially contributed $5,000 to Ameritech, and each received
5,000 shares of Ameritech common stock. Petitioner Praegitzer
was president and treasurer of Ameritech, Kerry Dawes was vice
president and secretary, and petitioner Dawes was controller from
1982 until October 3, 1989.
Kerry Dawes and petitioner Praegitzer transferred the
propeller business to Ameritech in 1982. Concurrently, Ameritech
developed and began marketing and selling a line of chemicals for
the protective coating of equipment, including a product known as
303 (the 303 products business).
Petitioner Praegitzer and petitioner Dawes were married in
1984, and they permanently separated on or about July 6, 1987.
Following the separation, petitioner Praegitzer, petitioner
Dawes, and Kerry Dawes could no longer agree on how to operate
Ameritech.
On July 29, 1987, petitioner Praegitzer filed an action for
the dissolution of his marriage to petitioner Dawes. Petitioner
Dawes filed a cross-complaint in the action. In the action,
petitioner Dawes contended that, by virtue of an implied
agreement between the parties, she owned one-half of the 5,000
shares of Ameritech held in petitioner Praegitzer's name. The
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