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Holder of Estate’s
Reliance Shares Number of Shares
Marital Trust 1,874,225*
Survivor Trust 1,674,225*
Reliance ESOP 25,161**
Decedent’s IRA 22,500**
Decedent Individually 5,156**
Total 3,601,267
* Unregistered shares
** Registered shares
As indicated, of the estate’s total 3,601,267 Reliance
shares, approximately 3,548,450 shares (the shares held in trust)
were unregistered shares. The remaining 52,817 Reliance shares
includable in decedent’s estate held by the ESOP, by the IRA, and
by decedent individually were registered shares.1 On the
valuation date, the estate’s 3,601,267 shares of Reliance common
stock represented approximately 13 percent of the total
27,786,030 shares of Reliance common stock outstanding.
1 Trial testimony indicates that a small number of the
Trusts’ 3,548,450 Reliance shares may have been registered. The
evidence also leaves open the possibility that some of the 52,817
Reliance shares held by the ESOP, by the IRA, and by decedent
individually may have been unregistered shares. We accept the
parties’ treatment of the Trusts’ 3,548,450 shares as
unregistered and the remaining 52,817 shares as registered.
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Last modified: May 25, 2011