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directors. In the mid-1980s, decedent became the sole member of
Empak’s board of directors and remained in that position until
his death, except for a 28-day period from December 30, 1996, to
January 24, 1997.
Empak grew into a successful business through decedent’s
leadership. Empak’s growth was attributable to selling a greater
number and variety of products, expanding its markets,
reinvesting its earnings, and borrowing funds. Empak, however,
never declared a dividend.
B. Empak, Marubeni Corp., and Marubeni America Corp. Joint
Venture
In the 1980s, Empak, Marubeni Corp. (MC), and Marubeni
America Corp. (MAC) engaged in a joint venture to produce plastic
compact disk containers (a.k.a. jewel boxes). MC was a Japanese
trading entity with over 700 subsidiaries and was listed on
numerous international stock exchanges. MAC was the U.S. sales
and marketing subsidiary of MC. Basically, MC financed and
provided materials for the joint venture and Empak manufactured
the jewel boxes.
C. Empak’s Incorporation of Empak International
On January 17, 1991, Empak incorporated Empak International,
Inc., a wholly owned Minnesota subsidiary organized to
distribute, sell, and manufacture a proprietary line of computer
disk and semiconductor packaging products outside the United
States and Canada. The formation of Empak International was a
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Last modified: May 25, 2011