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were the assets of MFV commingled with her personal assets. At
no time was there any express or unwritten agreement or under-
standing among Ms. Mirowski and her daughters that Ms. Mirowski
would distribute assets from MFV in order to pay any unexpected
financial obligations of Ms. Mirowski.
After Ms. Mirowski’s transfers to MFV, Ms. Mirowski retained
more than enough personal assets to meet her living expenses.
However, Ms. Mirowski did not retain enough personal assets in
order to pay from those assets the substantial gift tax for which
she would be liable with respect to her contemplated respective
gifts of 16-percent interests in MFV to her daughters’ trusts.
Nonetheless, in order to pay that anticipated gift tax liability
and any unexpected financial obligations, Ms. Mirowski could have
(1) used a portion of the over $7.5 million of personal assets
that she retained and did not transfer to MFV, including cash and
cash equivalents of over $3.3 million, (2) used a portion or all
of the distributions that she expected to receive as an interest
holder in MFV of the millions of dollars of royalty payments
under the ICD patents license agreement that she expected MFV to
receive, and (3) borrowed against (a) the personal assets that
she retained and did not transfer to MFV and (b) her 52-percent
interest in MFV.
At the time of and after Ms. Mirowski’s respective gifts of
16-percent interests in MFV to her daughters’ trusts, there was
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Last modified: March 27, 2008