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Richard), who owned 5/9ths of one share of the Company's stock,
sought to sell that fractional share interest. Pursuant to
amended article VI, Ms. Richard offered to sell it to Marrero
Land. The Company exercised its right under that article and, on
March 24, 1987, purchased Ms. Richard's fractional share interest
in Marrero Land at book value.
The second occasion on which the provisions of amended
article VI became operative occurred in 1988, when James Cleary,
Jr. (Mr. Cleary), who owned 5/9ths of one share of the Company's
stock, sought to sell that fractional share interest. Pursuant
to the provisions of amended article VI, he offered to sell it to
Marrero Land. The Company exercised its right under that article
and, on October 31, 1988, purchased Mr. Cleary's fractional share
interest in Marrero Land at book value.
According to the audited financial statements of Marrero
Land, the book value of Marrero Land's equity as of the valuation
date was $12,936,054, and the book value of decedent's interest
in that equity was $4,316,920.1 Except for the real properties
identified in the following table and referred to herein as
remaining unimproved real properties, the following table shows
the fair market values of Marrero Land's assets as of the val-
uation date:
1This figure was rounded.
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Last modified: May 25, 2011