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outlined in the letter. This letter of intent was signed by
Robert G. Burton, as chairman, president, and CEO of WCP. The
letter was accepted by Ewel Grossberg, as chairman of NMG; by
Randolph K. Ginsberg, as president of NMG; by Jim Cooper, as vice
president of manufacturing of NMG; and by John Woodlock, as vice
president of finance of NMG. On October 22, 1993, WCP’s board of
directors adopted a resolution to negotiate and to enter into the
agreement for the purchase of all the issued and outstanding
capital stock of NMG.
On November 9, 1993, Arbeit executed an assignment of its
rights in the NMG warrant to four institutions: (1) The
University of St. Thomas; (2) Marquette University; (3) the Mayo
Foundation; and (4) the Archdiocese of St. Paul and Minneapolis,
Catholic Community Foundation. The rights to purchase 772.14
shares of NMG class A common stock were allocated as follows:
(1) University of St. Thomas, 260.00 shares; (2) Marquette
University, 130.00 shares; (3) Mayo Foundation, 190.00 shares;
(4) Archdiocese of St. Paul and Minneapolis, 190.00 shares; and
(5) Arbeit, 2.14 shares. The donee institutions were
organizations described in section 170(c)(2).
On November 9, 1993, the general manager of Arbeit wrote a
letter to the chief financial officer of NMG requesting that the
warrant formally held by Arbeit be reissued to reflect the
assignments and that the reissued warrants be delivered by mail
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Last modified: May 25, 2011