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decedent owned 3,000 shares of common stock (a 6.44-percent
interest) in CCC through a revocable trust. The other CCC
shareholders were irrevocable trusts holding interests in CCC
ranging in size from 6.181 percent to 23.668 percent. The terms
of the Jelke family trusts did not prohibit the sale or transfer
of CCC stock.
Decedent held beneficial interests in three trusts in
addition to the one holding the CCC stock to be valued. One of
the three provided income for decedent’s and his sisters’ benefit
and was to terminate upon the death of the last survivor.
Decedent’s sisters were 59 and 65 at the time of his death. A
second trust provided income to decedent and his two sisters and
was to terminate on March 4, 2019. Finally, a trust document
created three more trusts with decedent and each of his two
sisters as individual beneficiaries. Each of the separate trusts
was to terminate upon the beneficiary’s death, at which time the
assets were to be distributed to the beneficiary’s issue.
Wilmington Trust Corp. (Wilmington Trust) was the trustee of all
but one of the Jelke family trusts. The trusts for which
Wilmington Trust was trustee collectively owned 77.186 percent of
the outstanding stock of CCC, including decedent’s 6.44-percent
interest. From 1988 to the time of the trial in this case, there
had been no sales or attempts to sell CCC stock.
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Last modified: May 25, 2011