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At the time of trial, a potential buyer had offered $25
million for Herold's stake in petitioner and was engaged in due
diligence. At that point, Herold had not accepted the offer.
2. Petitioner's Owner
Herold was born and raised in Iowa. He joined the U.S. Navy
upon graduating from high school and received training in various
categories of complex electronic communications and navigation
equipment. After his discharge from the Navy, Herold held a
series of jobs with electronics companies such as Control Data
and Univac. In the course of these jobs, he developed computer
programming and diagnostic skills.
In late 1960, Herold began working at Dayton-Hudson and
evolved a role in which he acted as an internal management
consultant, interviewing company executives, reviewing
operations, and recommending improvements for various business
units of Dayton-Hudson around the country. While working full
time for Dayton-Hudson, Herold attended the University of
Minnesota and earned a bachelor's degree in 3 years. He later
began but did not complete a master's degree in business
administration. At that point, a number of graduates of
nationally recognized M.B.A. programs were Herold's subordinates
at Dayton-Hudson and, observing them, Herold was not convinced
that additional academic studies would be worth the investment of
his time and energy.
Herold left Dayton-Hudson for a position as an account
executive at SCC in 1972. This was his first sales-related
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