- 8 - petitioner’s day-to-day management, which he found to be difficult because he was under the constant scrutiny of his father. He managed petitioner’s office staff of four people, designed petitioner’s marketing catalogues, handled special orders for customers, and designed custom-made items for customers. He managed petitioner’s sales activities and was the primary contact for petitioner’s biggest customer, Baker’s Aid, in 1993, 1994, and 1995. Baker’s Aid accounted for about one- third of petitioner’s sales in those years. Steven Klein was very familiar with petitioner's customers and operations and had good technical knowledge of its products. In 1993 and 1994, Steven Klein worked long hours. Steven Klein became president and chief executive officer (CEO) in January 1995, when Isidore and Gertrude Klein sold their stock in petitioner. In 1995, Steven Klein assumed more responsibility for petitioner. He often received business telephone calls at home during 1993, 1994, and 1995. 3. Petitioner’s Redemption of Gertrude and Isidore Klein’s Stock and Steven Klein’s Purchase of Petitioner Around 1988, Steven Klein proposed buying Isidore and Gertrude Klein’s stock in petitioner because he wanted to control petitioner and to ensure that he and his children would own the business. Steven Klein negotiated intermittently with Isidore Klein from 1988 to 1994 to buy the stock. Isidore Klein initially asked Steven Klein to pay $3 million for the stock.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011