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follows:
Joseph Cyril
Common stock 50,648 75,044
Preferred stock 21,464 11,035
Total 72,112 86,079
Thus, Joseph held 28.26 percent of the voting power of JM, and
Cyril held 33.73 percent of the voting power; together their
shares represented 61.99 percent of the voting power.
As of October 31, 1951, Specialty had issued and outstanding
101,000 shares of stock, consisting of 1,000 shares of voting
common stock and 100,000 shares of nonvoting preferred stock.
The ownership of Specialty stock as of that date is unclear, but
it appears that Jean Blum owned 500 shares of the common stock
and 50,000 shares of the preferred stock, and Cyril, Joseph, and
Donner Factors together owned the remaining 500 shares of common
stock and 50,000 shares of preferred stock. For purposes of
valuing the respective stock interests of Cyril and Joseph, both
parties’ experts assumed the following share ownership in
Specialty:3
3In respondent’s proposed findings of fact, respondent
states that both experts assumed these figures were the share
ownership of Cyril and Joseph. The estate failed to object, and
its valuations assume the same numbers. Both parties relied on
the expert reports, and the share ownership of Specialty used in
them, in reaching their respective conclusions as to the value of
the interests transferred and received by Cyril. Accordingly,
these figures are used for purposes of deciding the value of the
respective stock interests of Cyril and Joseph.
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Last modified: May 25, 2011