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This provision was included in the White Stallion buy-sell
agreement at Allen True’s request.
The White Stallion buy-sell agreement was amended and
restated again on September 20, 1984, to reflect, inter alia,
Tamma Hattan’s withdrawal from the partnership.
G. Future of True Family Buy-Sell Agreements
After Dave True’s death and Jean True’s subsequent sale of
most of her interests ,see infra pp. 53-55, the True sons alone
owned a majority of the True companies,22 and they have continued
the preexisting buy-sell agreements. Under those agreements,
upon a brother’s death, his estate would be required to sell, and
the surviving brothers would be required to purchase, the
deceased brother’s interest at book value. At the death of the
last surviving brother, the beneficiaries of his estate would
receive 100-percent ownership of the True companies. This
scenario assumes that none of the True sons’ children become
actively participating owners of the True companies, which may or
may not happen in the future.
The True sons have considered this problem and discussed it
with Mr. Harris. They have decided to wait until the conclusion
of this litigation before making any changes to the buy-sell
agreements.
22Jean True retained her interests in only True Drilling,
White Stallion, and Smokey Oil Co.
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