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and shareholder interests in real estate partnerships and S
corporations; and (4) real estate directly owned by decedent.
Since her husband’s death, Mrs. Lassiter has controlled the
day-to-day operations and strategic decisions relating to the
above-described assets. She has also continuously possessed
signature authority over the approximately 50 bank accounts
relating to these assets.
As administrator and trustee under the 1970 will, Mrs.
Lassiter votes 98 percent and 100 percent of the voting stock in
MDI and Lassiter Properties, respectively, and thereby controls
their boards of directors. She serves as chairman of the board
of both MDI and Lassiter Properties, and has done so since Mr.
Lassiter’s death. She was also chief executive officer of both
companies until designating Cathy as CEO of Lassiter Properties
in December of 1998. Among the business matters controlled by
Mrs. Lassiter in her various roles at MDI and Lassiter Properties
are selection of management; hiring, firing, and compensation of
employees; and declaration of dividends. Major corporate
transactions likewise fall within her sphere of responsibility,
as evidenced by her decision that MDI would declare bankruptcy on
June 21, 1999, due to a decline in business after 1994.
In addition to her duties above as a corporate director and
officer, Mrs. Lassiter actively manages, reviews, and executes
the real estate leases pertaining to properties owned directly,
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