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After the gifts, Mr. Wall continued to own all 1,200 shares
of Demco’s voting common stock and the remaining 2,620 shares of
Demco’s nonvoting common stock.
Demco’s stock was not listed on an exchange on or around the
date of the gifts, and there was no other public market for Demco
stock.
Demco’s History and Business
Demco is a direct mail distributor and manufacturer of
office supplies, furniture, and accessories. Demco’s principal
customers are libraries, schools, and professional and business
offices. Demco distributes its products nationwide and has over
100,000 customers.
Demco started doing business in 1906 as part of the Democrat
Printing Company of Madison, Wisconsin. In 1931, Demco was
chartered as Demco Library Supplies, Inc., a company owned and
operated by Norman Bassett. In January 1972, Demco became a
wholly owned subsidiary of George Banta Co. of Menasha,
Wisconsin, a publicly owned educational printer. In 1978,
following a failed takeover attempt by another corporation,
Demco’s management (including Mr. Wall, who was then Demco’s
president and chief executive officer) acquired Demco’s stock in
a leveraged buyout.
Demco’s headquarters are in Madison, Wisconsin. At the time
of the gifts, Demco also operated a 15,700 square foot
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Last modified: May 25, 2011