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Shareholder Amount
Steven A. Nienke 60.8%
Vickie L. Nienke 20.0
John R. Pierce 9.6
Denis H. Dieker, Jr. 9.6
Total 100.0
On or around August 28, 1997, National contracted with
Prairie View Unified School District 362 (the District) to
perform construction work at the Prairie View Middle School and
Performing Arts Center (construction contract) for $8,144,300.
As part of the construction contract, National was required to
obtain a performance bond. On or around September 5, 1997,
National and Fidelity & Deposit Co. of Maryland (F&D) entered
into a separate agreement for an $8,144,300 performance bond (the
performance bond). In the event that National failed to complete
the construction work for the project, F&D agreed to act as
surety to the District and was obligated to complete the project.
In addition, in a contemporaneous agreement, petitioners,
National, and Midwest Drywall Co., Inc.4 (collectively the
indemnitors), agreed to indemnify F&D for any costs incurred
under the performance bond (the indemnity agreement).
On October 22, 1998, the District informed National that it
was terminating its employment, asserting that sufficient cause
existed under the terms of their contract. At that time, the
4Midwest Drywall Co., Inc., is a company in which
petitioners have an interest.
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Last modified: May 25, 2011