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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
A. Decedent and the Executors of Decedent’s Estate
Decedent resided in New York, New York, when he died on
January 3, 1998. Bergreen and Moody, the executors of decedent’s
estate, lived in New York, New York, when the petition was filed.
Bergreen is an attorney and was decedent’s close business
adviser. Bergreen is an officer and director of decedent’s
corporations. Moody was decedent’s administrative assistant and
vice president and secretary of decedent’s corporations.
In 1981, decedent formed the foundation to support the
performing arts, wildlife conservation, and cardiovascular
disease research. The foundation is tax exempt under section
501(c)(3). Bergreen was a director of the foundation. Moody
became a director of the foundation in 2000.
Decedent owned all of the outstanding stock of Gilman
Investment Co. (GIC), some apartments, and $702,890 in cash or
cash equivalents when he died. The fair market value of
decedent’s estate was more than $611 million when he died.
B. The Gilman Businesses and the Hiring of Davis
Decedent was chairman of the board of directors of GIC when
he died. GIC owned about 50 businesses, including Gilman
Building Products, Gilman Paper Co., Gilman Timberlands, and
Gilman Financial Services. GIC’s holdings included timberland,
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