- 9 -
For various reasons, sales of ICDs increased significantly
after Dr. Mirowski died in 1990. As a result, the royalties
received under the ICD patents license agreement by Ms. Mirowski
and her daughters’ trusts increased dramatically from thousands
of dollars a year to millions of dollars a year. At the time of
Ms. Mirowski’s death, the royalties payable under that agreement
to which MFV was entitled totaled millions of dollars a year.
Before Dr. Mirowski died, he was primarily responsible for
managing the financial affairs of Ms. Mirowski and himself.
After Dr. Mirowski’s death, Ms. Mirowski, who did not remarry,
became primarily responsible for managing her own financial
affairs. When Ms. Mirowski first started investing, she was a
highly conservative investor.
In order to assist Ms. Mirowski in managing her financial
affairs after Dr. Mirowski died, Ariella Rosengard began to act
as a bookkeeper for her. Thereafter, Ginat Mirowski, who fre-
quently discussed her own investments with Ms. Mirowski, also
acted as a bookkeeper for Ms. Mirowski and provided advice and
suggestions to her regarding her investments. At no time did
Ariella Rosengard or Ginat Mirowski make financial decisions for
Ms. Mirowski.8
8Before Ms. Mirowski’s death, Doris Frydman was not involved
in Ms. Mirowski’s financial affairs.
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Last modified: March 27, 2008