Question
From: (reacted)
Sent: Thursday, October 02, 2003 1:57 PM
To: Verne, Michael
Cc: (redacted)
Subject: :FW: Ultimate Parent Entity
Hi Mike- A quick question
Mr. X is the Trustee of Trust Y. TrustY is an irrevocable trust in which the settlor does not retain a reversionaryinterest. Pursuant to 16 CFR Section 801.1 (c) (3), the corpus of the trustshould be held by the trust and need not aggregated with the assets of anyother person. Trust Y holds 49.5% of the voting securities of Corporation A.Mr. X also holds 10% of the voting securities of Corporation A in his ownright.
Pursuant to the terms of theTrust, Mr. X has the power to vote the 49.5% shares of Company A, plus he has theright to vote his other 10%. Consequently he has the ability to control theBoard, despite the language of 16 CFR section 801.1(c)(3).
Am I correct in assuming that Mr Xis the ultimate parent entity of Company A?