Charles E. and Noel K. Bradley - Page 5

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          was a Delaware corporation, headquartered in Wheeling, West                 
          Virginia.  Ormet was engaged in the production of commodities,              
          specifically alumina, primary aluminum, and fabricated aluminum             
          products.                                                                   
               Prior to April 21, 1992, Oralco stock was held by Mr. Boyle            
          (48.387 percent), Mr. Strothotte (19.355 percent), and                      
          petitioner, individually and as trustee of a voting trust (32.258           
          percent).7  At all relevant times, Oralco had 1,000,000 shares              
          authorized but only had 500,000 shares issued and outstanding.              
          On October 11, 1989, Mr. Boyle, Mr. Strothotte, and petitioner              
          entered into a stockholder’s agreement (1989 Stockholder’s                  
          Agreement) whereby, inter alia: (1) Each stockholder had the                
          right to designate one of the three members of Oralco’s board of            
          directors, (2) each stockholder agreed not to sell his shares to            
          any other stockholder, except as permitted by the agreement, and            
          (3) termination of the agreement was allowed by a stockholder               
          holding shares representing at least two-thirds of the voting               
          power of all outstanding Oralco shares.                                     




               7 The voting trust of Oct. 11, 1989, was between petitioner,           
          John G. Poole (Mr. Poole), and Lawrence A. Siebert (Mr. Siebert),           
          collectively doing business as Stanwich Partners.  Petitioner               
          served as the voting trustee of this trust.  Under the voting               
          trust, Mr. Bradley had the exclusive right to vote all Oralco               
          shares owned by him, Mr. Poole, and Mr. Siebert.  Thus, for                 
          simplicity, Mr. Bradley is treated as the owner of the shares for           
          purposes of the corporate control actions recounted in this                 
          opinion.                                                                    




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