- 268 -
Ballard and Lisle gave family members signatory authority
over the corporate accounts. Mary Ballard had signatory
authority over TMT’s Wells Fargo Bank account. Donna Lisle and
Lisle's brother had signatory authority over Carlco's Goldman
Sachs account. Donna Lisle had signatory authority over Carlco's
North Dallas bank account.
Petitioners assert that the only interest they had in
Carlco, TMT, and BWK, Inc., was the preferred stock issued to the
family trusts and that the stock had minimal value. The
certificates of incorporation of Carlco, TMT, and BWK, Inc.
authorized each corporation to issue 1,000 shares of 10-cent par
value common stock. Certificates of amendment, filed in December
1983, authorized the corporations to issue 11,000 shares of stock
comprised of 10,000 shares of 1-cent par value preferred stock
and 1,000 shares of 10-cent par value common stock. The amended
certificates granted each corporation's board of directors
authority to fix the preferences of the preferred shares. The
record does not contain any evidence of resolutions by the board
of directors of any of the three corporations setting preferences
or limitations on the preferred stock.
Petitioners point to the following preferences and other
characteristics printed on the back of the stock certificates to
support their assertion that the preferred stock of Carlco, TMT,
and BWK, Inc. issued to the family trusts had minimal value:
Page: Previous 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 NextLast modified: May 25, 2011