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FINDINGS OF FACT2
Frazier Jelke III (decedent) died on March 4, 1999, at a
time when his legal residence was in Miami, Florida. Wachovia
Bank, N.A., f.k.a. First Union National Bank (Wachovia), was
appointed personal representative of decedent’s estate. At the
time the petition was filed, Wachovia maintained a business
office in Deerfield Beach, Florida, and its principal office in
North Carolina.
Commercial Chemical Co. of Tennessee, a chemical
manufacturing company, was incorporated on August 16, 1922, and
Oleoke Corp. was incorporated on December 7, 1929, in Delaware.
On or about October 4, 1937, Oleoke Corp. changed its name to
Commercial Chemical Co. (CCC) and acquired the company’s assets.
Until 1974, CCC manufactured products, including calcium arsenate
and arsenic acid. During 1974, CCC sold its chemical
manufacturing business assets to an unrelated third party. Since
that time, CCC’s only activity has been to hold and manage
investments for the benefit of its shareholders. CCC has at all
relevant times been a C corporation for Federal income tax
purposes.
CCC is closely held (through trusts) by related Jelke family
members. On March 4, 1999, the date of decedent’s death,
2 The parties’ stipulations of fact are incorporated by this
reference.
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