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had a 2-for-1 stock split, resulting in WCB Holdings’s owning
21,580,6086 shares of Entegris stock. Also on July 11, 2000,
Entegris completed its IPO. WCB Holdings sold 1,925,000 shares
of Entegris as part of the Entegris IPO.
III. Decedent’s Estate Planning
Decedent sought counsel, considered advice, and worked on
his estate planning from at least 1984. In 1984, decedent did
not want either his children or Cynthia Bongard to directly own
Empak stock. Decedent engaged Larkin Hoffman for estate and
business planning purposes.
A. ISA Trust
On May 23, 1986, decedent established ISA Trust with the
assistance of Larkin Hoffman. ISA Trust was initially funded by
decedent’s transfer of 4,500 of Empak’s 30,000 outstanding
shares, which represented a 15-percent ownership interest in
Empak. The beneficiaries of ISA Trust were decedent’s four
children and Terra Saxe. The initial trustees of ISA Trust were
Mr. Bernards and Larry Welter, an employee of Empak. The
trustees were granted the power to distribute the trust’s income
or principal to any beneficiary acquiring a home or establishing
and maintaining a trade or business. On February 14, 1988, Mr.
6It appears the Empak shareholders received an additional
539,515 shares of Entegris stock pursuant to the consolidation
agreement on the first anniversary of the closing date (June 7,
1999).
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