- 13 - Number Price Date Trans. of Shares Per Share Cost Proceeds 7/29/87 Sale 95 $6.25 -- $595.75 9/16/87 Purchase 5,000 9.00 $45,000 -- 9/30/87 Purchase 5,000 10.25 51,252 -- 11/05/87 Purchase 5,000 10.25 51,252 -- 11/20/87 Sale 9,000 4.375 -- 39,364.00 The Steins brought the above suit in their individual capacities. The trust was not a party to the suit, and no mention is made therein of Broadcort's or Steinberg & Lyman's alleged failure to transfer the 2,000 shares of Saztec stock to the trust. Before filing suit, the Steins entered into a "standstill" agreement with Broadcort and/or Steinberg & Lyman which purportedly prohibited Broadcort and its agents from selling the stocks in the Steins' account. The standstill agreement is not contained in the record of this case. Apparently, the standstill agreement covered all of the stock in the Steins' Broadcort account, including the 2,000 shares of Saztec stock that Mr. Stein had allegedly transferred to the trust. There is no evidence that the trust was a party to this agreement. The standstill agreement was backed by a letter of credit in the amount of $150,000 that Mr. Stein obtained on September 30, 1988,Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011