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testamentary plan.17 Mr. Hite testified that decedent “had
promised to leave him [Nikita Maggos] the shares when she
died.”18 The conclusion that the redemption transaction was part
of an estate plan is corroborated by the fact that as part of the
redemption transaction plan, Nikita Maggos’ and PCAB’s attorneys
17Mr. Hite testified:
Q And did Mrs. Maggos ever ask you to negotiate with
anyone --
A No.
Q -- about the price?
A No. She said, “This is what we want to do; this
is what we’re going to do.”
Q Did you have an understanding of why she did not
ask you to negotiate?
A Well, she was--I knew of the relationship with her
son, and that she was eventually going to give him this
stock upon her death, and she and he had worked out a price
that she was satisfied with, and I just felt that I wasn’t
being asked to question what they had already determined,
and I was just to protect her interests, in making sure she
got what she had bargained for.
Q So you thought she had negotiated the price before
she got there?
A I did.
Q Was Mrs. Maggos present during all of your
discussions with Mr. Helm and Mr. Bezman?
A She was.
Q Did she ask any questions?
A Not that I recall. I remember explaining to her
that this -- this idea of a freeze was a legitimate
transaction, and that it would stop the value of her asset
from going any higher, and that the current -- it would
remain at the current value that it -- that they placed on
it.
Q Did Mrs. Maggos seem pleased with the price?
A She did.
18Mr. Hite testified:
Q. Okay. And this redemption was part of--came
to be a central part of Mary's overall estate plan?
A. That's correct.
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