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sawmills, a railroad, rail cars, and a financial services
company. Gilman Building Products produced lumber.
Gilman Building Products had net positive cashflows which
averaged more than $42 million per year in 1994-99. The GIC
businesses, including Gilman Paper Co., Gilman Timberlands, and
Gilman Financial Services had net negative cashflows of at least
$40 million in 1998. GIC used the net positive cashflow of
Gilman Building Products to pay operating expenses of the GIC
businesses.
GIC also owned the White Oak Plantation (White Oak), an
8,000-acre estate that has a conference center and a wildlife
conservation center with a scientific breeding program for
endangered animals and birds. White Oak houses decedent’s
collection of about 6,000 photographs, which, according to one
appraisal obtained by Bergreen, was worth $80 million in 1998.
Gilman Building Products used about one-third to one-half of its
annual net positive cashflow to maintain White Oak and to fund
the operations and grants of the foundation.
Davis was the chief operating officer of Gilman Paper Co.
and Gilman Building Products until he retired in February 1996.
His successor died of cancer in June 1998. Early in 1998, while
Bergreen and Moody were officers of GIC and coexecutors of
decedent’s estate, Bergreen, Moody, and Davis agreed that Davis
would be paid $5 million to resume his duties as chief operating
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