- 5 -
of his children and Terra Saxe, and funded it with shares of
Empak stock. ISA Trust is described in further detail infra pp.
17-19.
On January 17, 1991, Empak incorporated Empak International,
Inc. (Empak International), as a wholly owned subsidiary.
Pursuant to a joint venture agreement, Empak sold an interest in
Empak International to an unrelated foreign corporation. See
infra p. 8 for greater details of this joint venture.
Between April 22, 1991, and December 30, 1994, ISA Trust
made six distributions of shares of Empak stock to specific
beneficiaries. After each distribution, Empak redeemed the
shares from the distributee for cash. See infra pp. 18-19 for
specific details of these distributions/redemptions.
On January 30, 1996, WCB Holdings, LLC. (WCB Holdings) was
established, but was not capitalized until December 28, 1996.
Before WCB Holdings was capitalized, two significant events
occurred. First, on April 18, 1996, Empak had a stock split of
223 to 1, significantly increasing the number of shares decedent
and ISA Trust owned. See infra pp. 10-11 and p. 19. for details
regarding the stock split and its effect it on the Empak
shareholders. Second, in February 1996, Empak incorporated
Emplast, Inc. (Emplast), and capitalized it with some of Empak’s
noncore assets. On July 31, 1996, Empak distributed its Emplast
shares to decedent in exchange for some of his Empak shares,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011