Estate of Wayne C. Bongard, Deceased, James A. Bernards, Personal Representative - Page 116

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          opinion’s finding that decedent and ISA Trust transferred their             
          respective shares of Empak stock to WCB Holdings in order to                
          position Empak for a liquidity event9 but also decedent’s                   
          fiduciary duties as Empak’s CEO and the sole member of its board            
          of directors.  Depleting Empak’s assets by causing Empak to                 
          redeem the Empak stock owned by WCB Holdings in order to be able            
          to diversify BFLP’s assets through a redemption by WCB Holdings             
          of the WCB Holdings class B membership units owned by BFLP would            
          not have been consistent with the objective of positioning Empak            
          for a liquidity event.  Indeed, given that objective, it would              
          have been, at best, bad business judgment on the part of decedent           
          and a misconception by him of what was involved in positioning              
          Empak for a liquidity event if he had decided to cause Empak to             
          redeem the Empak stock owned by WCB Holdings in order to effect a           
          diversification of BFLP’s assets.  Moreover, irrespective of the            
          objective to position Empak for a liquidity event, any decision             
          by decedent to deplete Empak’s assets by causing Empak to redeem            
          the Empak stock owned by WCB Holdings in order to effect such a             
          diversification would have been, at worst, a breach by decedent             
          of his fiduciary duties as Empak’s CEO and the sole member of its           
          board of directors.  Any such decision by decedent might have               


               9That finding was critical to the majority opinion’s                   
          holding that decedent’s transfer to WCB Holdings of his Empak               
          stock was a bona fide sale for an adequate and full consideration           
          in money or money’s worth within the meaning of sec. 2036(a).               




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