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Cascade on a part-time basis, which included working evenings, on
weekends, and during vacations.
The Officers and Their Duties
Lea was the president of Cascade, Burroughs was the vice
president and treasurer, and John Lea was the secretary and
corporate counsel.
Lea supervised production and quality control of the
mattresses. Burroughs supervised Cascade's sales and marketing.
Burroughs' duties included developing cash-flow models that were
used to determine whether to purchase new equipment and when to
pay the corporate officers. John Lea's duties were to take notes
at the officer's meetings and attend to the corporation's legal
matters.
The Recapitalization
In 1978, Lea retired from Boeing and became the first full-
time employee at Cascade. In this year, Cascade was
recapitalized to reflect better the relative contributions of the
various shareholders. As a result of the recapitalization,
Cascade's stock was owned as follows:
Ownership
Shareholder Percentage
Lea 62
Burroughs 29
John Lea 8
Richard Brooks (Brooks) 1
Total 100
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