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food handling equipment primarily for the bakery industry.
Isidore Klein and Victor Lampeh (Lampeh) incorporated petitioner
in 1949 in New York, after Isidore Klein developed white lung
disease (similar to emphysema) and had to retire from baking.
Isidore Klein initially invested only $119 in petitioner.
Petitioner issued 4 shares of common stock in 1949. In
1954, Lampeh left the company. From March 1954 to January 1995,
Isidore Klein owned 3 shares and Gertrude Klein owned 1 share of
petitioner’s stock. Before and during the years in issue (until
January 1995), the members of petitioner’s board of directors
were Isidore and Gertrude Klein, and Isidore Klein was chairman
of the board of directors.
C. Isidore Klein’s and Steven Klein’s Work for Petitioner
Before 1980
1. Isidore Klein
Isidore Klein created, developed, and built petitioner into
a profitable business. His background in the baking industry
helped him to understand what bakers needed and to develop
products to meet those needs. Isidore Klein worked 12 to 18
hours a day, 6 days a week. He manufactured baking implements
during the day and often sold his products to bakers at night
while they worked.
Petitioner grew during the 1950's because Isidore Klein
invented and manufactured several successful products. For
example, he invented a hanging cord dispenser, aluminum anodized
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Last modified: May 25, 2011