Estate of Howard Gilman, Deceased, Bernard D. Bergreen and Natalie Moody, Executors - Page 4

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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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