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Port Washington to house petitioner. Petitioner moved from New
York to Port Washington in 1984. Petitioner’s Port Washington
building has an office and a factory. Petitioner rented the
building from Steven Klein for 15 years under a triple net lease.
Under the 1984 guaranty, petitioner promised not to pay cash
dividends or to redeem shares of stock for cash except for stock
owned by Isidore Klein. However, the bank waived the covenant
and consented to petitioner’s redemption of Gertrude Klein's
stock for cash in 1995.
E. Isidore and Steven Klein’s Work for Petitioner From 1980
Through the Years in Issue
As discussed next, from 1980 to 1994, Isidore Klein was
semiretired, and Steven Klein ran petitioner, subject to Isidore
Klein’s overall approval.
1. Isidore Klein
Isidore and Gertrude Klein have lived in Florida since 1980.
Isidore Klein had the title of chief executive officer and
president of petitioner until he sold his stock in January 1995.
Isidore Klein oversaw petitioner’s operations in 1993 and 1994.
He called Steven Klein at least twice a week in 1993 and 1994 to
discuss the business, to monitor the cost of raw materials,
labor, and office personnel, and to approve Steven Klein’s major
business decisions. Steven Klein and Isidore Klein often
disagreed about how Steven Klein should run petitioner, which
caused a strain in their relationship.
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Last modified: May 25, 2011