-30-
were circulated for comment and revision. Mr. Sweeney sent a
draft consent to decedent on January 23, 1998, under a cover
letter summarizing the rationale for certain provisions, e.g.,
we have included a recital to the effect that you will
be contributing DuPont and Exxon stock out of your
trust to the respective Business Trusts which clarifies
that this is really a family matter and a method of
preserving the investment philosophy you have developed
which has been so successful for the family.
Mr. Howard subsequently suggested on behalf of WTC that the
consents indicate the percentage of the participating trust’s
assets being contributed to the business trusts so that the
beneficiaries would have a clearer understanding of the impact of
the investments on their beneficial interests. Decedent agreed
to this modification.
The finalized consent forms, accompanied by copies of the
business trust agreements, were circulated to the beneficiaries
for signature on February 12, 1998. The forms provided that the
beneficiaries consented to the contribution of certain securities
to the business trusts and released WTC and decedent “from any
and all action, suits, claims, accounts, and demands * * * for or
on account of any matter or thing made, done, or permitted by the
Advisor or the Trustees in connection with the contribution of
securities to the Business Trusts.” All living beneficiaries of
Trusts 2064, 3044-1, 3044-2, 3044-5, 3044-6, 3044-8, and 11253-3
executed the consent and release forms in February and early
March of 1998.
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