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Pursuant to Ms. Mirowski’s will, the daughters’ trusts
inherited, in equal shares, Ms. Mirowski’s 52-percent interest in
MFV. As a result, after the probate of decedent’s will is
closed, those trusts will own collectively 100 percent of MFV in
three equal shares.
Ms. Mirowski died on the day on which there were terrorist
attacks in the United States. Those terrorist attacks created
market conditions that were particularly advantageous to diversi-
fying MFV’s investment holdings, and MFV’s investment holdings
were further diversified shortly after Ms. Mirowski died.
Although the precise timing of the diversification of MFV’s
investment holdings following Ms. Mirowski’s death was attribut-
able to the terrorist attacks on the date of her death, that
diversification was in accordance with the intentions of Ms.
Mirowski before she died.
Since Ms. Mirowski’s death, the daughters’ trusts, as the
remaining members of MFV, have chosen not to receive distribu-
tions of all of MFV’s annual cash flow, as defined in MFV’s
operating agreement. Instead, they decided that MFV will rein-
vest all of that cash flow beyond that required for payment of
taxes and expenses by the members. MFV’s members feel strongly
that the benefits of reinvesting MFV’s annual cash flow far
outweigh any benefits that could be derived from distributing it.
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Last modified: March 27, 2008