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The voting trust was to last for 21 years from February 16, 1990,
unless terminated earlier by the death, resignation, or
incapacity of Rose.
Also on February 16, 1990, Kane, Kane Jr., Krutoy, and
Mannello executed documents entitled “Assignment” whereby they
agreed to transfer all of their respective interests in PKVI LP
to PK Ventures. In sum, they transferred a 17.748-percent
limited partnership interest in PKVI LP to PK Ventures. With
that transfer, PK Ventures held a 22.098-percent limited
partnership interest and a 1-percent general partnership interest
in PKVI LP.
PK Ventures satisfied its obligation to Norstar with the
$800,000 loan that it received from Rose. PK Ventures repaid
this loan by making various cash payments to Rose and to First
Fidelity.
On December 7, 1990, a document entitled “Stock Redemption
Agreement” was executed by Cerosky (as a holder of an interest in
PKVI LP), the shareholders of PK Ventures (i.e., Beason, Grimmig,
Kane, Kane Jr., Kirkwood, Krutoy, Mannello, Marshall, McCarthy,
and Rose), and PK Ventures. Under the terms of the Stock
Redemption Agreement, (1) PK Ventures agreed to redeem a total of
5,295 shares of its stock from the shareholders of PK Ventures
other than Rose (the withdrawing shareholders); (2) the
withdrawing shareholders agreed to sell, assign, and transfer
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