Estate of George C. Blount, Deceased, Fred B. Aftergut, Executor - Page 6

                                        - 6 -                                         
               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                  

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011