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partner, limited partners, or assignees, second, to satisfy any
liabilities owed to the interest holders,7 and third, to satisfy
any liabilities owed to the general partner. Any remaining
assets were to be allocated among the general partner, limited
partners, or assignees in accordance with their respective
capital accounts.
C. Additional Trusts Created by Decedent
On December 28, 1996, decedent created the Wayne C. Bongard
Children’s Trust (CH Trust), and appointed Mark Bongard and Mr.
Bernards as trustees. Decedent initially funded the CH Trust on
March 15, 1997, with 77,262 class A governance and 77,262 class A
financial units in WCB Holdings.
On December 30, 1996, decedent created the Wayne C. Bongard
Grandchildren’s Trust (GC Trust). The trust agreement was
drafted by Mr. Fullmer. Decedent appointed Del Jensen and Mr.
Eitel, both of whom were employed by Empak, as trustees.
Decedent funded GC Trust on March 15, 1997, by transferring
77,262 class A governance and 77,262 class A financial units in
WCB Holdings. Decedent’s children and issue were the named
beneficiaries of GC Trust.
7Pursuant to the partnership agreement, an interest holder
is a holder of an “interest”. An “interest” is “an ownership
interest in the Partnership [held] by a Limited Partner (or an
assignee)”.
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