- 19 -
shares to Jean Ann Richard, and Ellen Cordes transferred 100
shares17 to Jean Ann Richard. On January 26, 1989, Jean Ann
Richard transferred 1,000 shares to Mr. Cordes. On August 20,
1991, Mr. Cordes transferred 1,000 shares back to Jean Ann
Richard.
D. John Cordes, Inc., Stock Transfers
John Cordes, Inc., initially issued 500 shares of stock in
May 1983--300 shares to Mr. Cordes, 100 shares to Mrs. Cordes,
and 100 shares to Jean Ann Richard. On January 7, 1987, Mrs.
Cordes and Jean Ann Richard each transferred 100 shares to John
Cordes. On August 8, 1991, Mr. Cordes transferred 300 shares to
John Cordes.18 Mr. Cordes effected these transfers of John
Cordes, Inc., stock to John Cordes because he intended John
Cordes to hold legal title to the stock and operate John Cordes,
Inc. Sometime thereafter, the franchisor, General Motors,
informed Mr. Cordes that he was in violation of their franchise
agreement requiring that Mr. Cordes be the principal owner and
principal operator of John Cordes, Inc. In response, on March
16, 1994, John Cordes transferred 500 shares back to Mr. Cordes.
17See supra note 7.
18Mr. Cordes reported a gift to John Cordes of 200 shares of
stock in John Cordes, Inc., in 1991.
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011