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BCC performed work for private entities, commercial
enterprises, municipalities, and the State of Georgia. It
obtained work through a competitive bid and negotiation process
and did not rely on any one client or customer for a large
percentage of its revenues. BCC operated on a fiscal year ending
January 31. Each year, it prepared “value in use” analyses in
which it estimated the value of its assets, relying on published
information regarding used equipment values, including auction
prices and information published by the equipment manufacturers.
Other than his brother-in-law, Mr. Jennings, decedent had no
family member who owned stock in or worked at BCC. BCC had a
core group of long-term employees, some employed at BCC for more
than 30 years when decedent died. Decedent did not have a
personal relationship with these or any other BCC employees
outside of work. Decedent served as BCC’s president and was
actively involved in its management, making most major decisions,
including the selection of projects on which to bid and the bid
amounts, until the months preceding his death.
II. 1981 Agreement
In 1981, decedent, Mr. Jennings, and BCC entered into an
agreement restricting the transfer of BCC’s stock entitled
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Last modified: May 25, 2011