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lawsuit in the probate court against Emile, Haff, HCC, Parker,
Haffner Realty, Fournier Realty, and EMLO Realty. Upon motion by
the plaintiffs in the family lawsuit, the probate court
consolidated that action with the family lawsuit and with another
action that the plaintiffs had filed in that court against Louise
and Emile, individually and as executors of Emma’s will.8 Each
of the three separate lawsuits involved common questions of law
and fact concerning the 1961 transfer.
Jerrold Katz (Katz) was the individual selected to value the
shares of petitioner and certain of its related entities. Katz
issued his report on October 16, 2000. The report concludes that
the fair market value of petitioner, HCC, Parker, and a fourth
operating entity organized after the subject years totaled $67.8
million as of December 31, 1998, and that the fair market values
of the respective entities were approximately $29.3 million,
$22.1 million, $10 million, and $6.87 million. The report
expresses no conclusion as to the specific value of the disputed
shares. To date, the parties to the family lawsuit have not
formally indicated their positions on Katz’s report, and the
family lawsuit is still pending.
7(...continued)
probate court appointed Minasian as the administrator of John’s
estate.
8 On the same date that John had signed his will, Emma had
signed a reciprocal will disposing of her estate in trust to the
grandchildren.
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