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(designated Group 1) and Dave True (designated Group 2). The
contract required the transferring shareholder first to offer any
shares for sale to the remaining member of his group. If no such
member remained, the transferring shareholder had to offer the
shares to members of the other group, equally. In all cases, the
purchase price was book value (excluding intangibles), which was
to be determined by White Stallion’s certified public accountant.
In 1982, the True children each purchased 4-percent interests
from Dave True at book value, thereby becoming members of Group
2. In the same year, Allen True and Cynthia True gave 12.5-
percent interests to each of their two children, who then became
members of Group 1.
8. Other True Companies
The True family owned and operated at least 19 other
businesses, including a bank holding company (Midland Financial
Corp.), a drilling supplies wholesaler (Toolpushers Supply Co.),
and an environmental cleanup company (True Environmental
Remediating LLC). Those that were formed as corporations were
incorporated under the laws of Wyoming, except for Midland
Financial Corp., a Delaware corporation. Those that were formed
as general partnerships (and limited liability companies) were
also organized under Wyoming law.
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