Jack Murphy dies
Jack was one of our incorporators, a shareholder and a board member. He’d come here because he was a friend of Buell’s. He died on July 21, 1975. His death set in motion the problem of shareholder succession. I’d worried about this issue since our incorporation. I wondered what could be done to keep shares within the ownership group; in other words, how could we keep these share out of the estates of these people?
Buell went to Jack’s widow, Lela, and offered to buy her (Jack’s) shares for the $3,000–the amount Jack had paid three years previous, plus $720 as accrued interest. She told Buell she’d sell. And at our September, 1975 meeting Buell reported this to us. However at a special meeting a month later to close the deal, Lela sent word she wasn’t selling and further wanted to replace her deceased husband on the Board. She’d talked to her lawyer. (See Board Minutes posted on March 3rd). Stay tuned.