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officers of GIC, and that the Gilman businesses (not the estate)
paid Davis those amounts.
The estate contends (and Bergreen and Moody testified) that
Davis was rehired to help to sell the Gilman businesses. We
disagree. First, Isabella Rossellini (Rossellini), an
independent director of the foundation, testified, and the Pearl
Meyer report states, that Davis was hired to run the businesses.
The Pearl Meyer report states in pertinent part: “Since June
1998, Mr. Davis has devoted his full professional energies and
time to Gilman business matters.” A document that Bergreen
prepared to justify his compensation to the foundation’s
compensation committee states that he hired Davis to fix the
companies. Neither the Pearl Meyer report nor Bergreen’s
document indicates that Davis was hired to help sell the Gilman
businesses. We conclude that Davis performed services for the
Gilman businesses and not for the estate. Thus, it was not
necessary for the estate to borrow funds to compensate him.
3. Miscellaneous Expenses of $816,175
The estate contends that the executors reasonably estimated
the amount it needed to borrow to close the estate, and that,
after calculating the tax savings resulting from deduction of the
interest on the $38 million loan, the estate estimated that its
tax savings would be enough to fund Bergreen’s and Davis’s
compensation, leaving $816,175 to pay other miscellaneous
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