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officer of Gilman Paper Co. and Gilman Building Products in June
1998. Bergreen and Moody wanted Davis to help revive the Gilman
businesses. Davis was paid $1.5 million in 1998, $1.2 million in
1999, and $1.2 million in 2000.
C. Decedent’s Will
Article 10 of decedent’s will provides that his executors
were not to receive executor’s fees or commissions, but that they
would continue to receive compensation from Gilman Paper Co. or
Gilman Investment Co. (GIC) as they had when decedent was alive.
Decedent directed that Gilman Paper Co. be sold. Article 12 of
decedent’s will provides:
if the * * * [Gilman Paper Co.] is sold by my executors
while Bernard D. Bergreen is acting as an executor,
Bernard D. Bergreen, P.C. shall be entitled to
compensation for services rendered in connection with
such sale * * *.
Article 13 of decedent’s will provides that the executors
may decide whether receipts were income or principal and whether
expenses were paid from income or principal. Article 8 provides
that the foundation was to receive the residue of the estate
after payment of estate taxes and administration expenses.
D. Administration of Decedent’s Estate in 1998-99
1. Loans, Payment of Expenses, Bequests, and Estate Taxes
The executors paid estate administration expenses including
more than $150,000 for funeral expenses and perpetual care and
more than $4 million in legal fees. The executors also paid 26
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