- 28 - vation of Mr. Smith at trial, including our observation of his demeanor, we did not find him to be credible. We also found his testimony to be conclusory in certain material respects and irrelevant in certain other material respects. With respect to the testimony of Essie Whitehead, we found her testimony to be inconsistent with certain of the parties’ stipulations of fact in this case. Documentary Evidence The record contains a number of documents on which petition- ers rely to establish their positions with respect to the issues that remain in this case. With respect to the constructive dividend issue, petitioners rely on, inter alia, copies of three Burien Nissan stock certificates, i.e., stock certificates 4, 6, and 9, which we found to be incomplete and questionable in certain material respects. We found those copies to be incom- plete in that there was no legend and no endorsement on the back side of each of them, as required by the May 25, 1990 stock purchase agreement and the September 1, 1990 stockholders’ agreement, respectively. We found the copies of the three Burien Nissan stock certificates in question to be questionable in that the back side of the copy of stock certificate 9 was completely blank,21 and the back side of each of the two copies of stock 21It appears that the back side of stock certificate 9 may not have been copied.Page: Previous 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Next
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