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beliefs concerning how his family should own and operate their
businesses, beliefs that he ingrained in his children so that
they readily consented to any ownership conditions proposed by
their father.
Dave True’s control over his children’s interests in the
True companies indicates that he had absolute discretion to set
the buy-sell agreement terms. Before the True children had
reached majority, Dave True transferred gifts of cash and minor
interests in the True companies to the children’s guardianship
accounts, which he managed for their benefit. The children were
unaware of how or when they acquired those early interests in the
True companies. When the True children were in their early 20's
and 30's, Dave True transferred to them (either by gift or sale)
interests in three principal True companies, Belle Fourche, True
Drilling, and True Oil. The True children’s purchases of their
interests in Belle Fourche were financed with cash gifts from
their parents over the years and with earnings distributions from
other True companies. They did not know why, in connection with
their stock purchase, they also had to lend money to Belle
Fourche. Although the True children (except Tamma Hatten)
received gifts from Dave and Jean True every year but one between
1955 and 1993, they never received cash in hand. Instead,
amounts were transferred (under Dave True’s direction) to
accounts that were accumulated for the children’s benefit,
monitored by the True companies’ bookkeepers, used to purchase
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