Estate of Pearl I. Amlie, Deceased, Rodney B. Amlie, Executor - Page 34

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          receive the same per-share consideration for her minority                   
          interest as the controlling shareholder received.24                         
               The failed 1994 Agreement represented the conservator's                
          continued pursuit of the same goals after the controlling                   
          interest in Agri was in fact sold; namely, securing a fixed price           
          for decedent's interests from the new owner (FABG) that, in                 
          addition, compensated decedent for her rights under the 1991                
          Agreement to receive the same consideration for her shares as               
          received by the controlling shareholder; i.e., the Hill Rights.25           
          The change in control had exacerbated the conservator's concerns            
          as a fiduciary regarding decedent's minority interest, since                
          decedent's interest in FABG was proportionally smaller than her             
          interest in Agri, and FABG was under unfamiliar management.                 
               When the district court declined to approve the 1994                   
          Agreement based on Rod's objections, the conservator commenced              

               24 Although the estate did not proffer the testimony of the            
          conservator who negotiated the 1991 Agreement, we are satisfied             
          from the successor conservator's testimony concerning decedent's            
          circumstances, and the 1991 Agreement itself, that the purpose of           
          the agreement was to benefit decedent by eliminating the downside           
          risks described above.                                                      
               25 The conservator also sought to achieve an additional goal           
          in the 1994 Agreement to benefit decedent's interests; namely,              
          the avoidance of capital gains tax liability on the sale of the             
          FABG stock.  The 1991 Agreement did not confer any right to defer           
          the sale (until death) of decedent's stock in the event of a sale           
          of the controlling interest in Agri.  In providing that FABG's              
          call option was not exercisable until after decedent's death, the           
          1994 Agreement also implemented the conservator's goal regarding            
          capital gains tax liability.                                                






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