HomeMy WebLinkAbout08-22-111N THE MATTER OF THE ESTATE IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA,
OF RICHARD E. JORDAN, DECEASED ORPHANS' COURT DIVISION n
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N0.21-1048 YEAR OF 2009 _ ~~ . `~ '
APPROVAL OF ACCOUNT RECEIPT RELEASE AND INDEMNIFI~A~ ,ON ~ !
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BACKGROUND <..-_. "`7
A. Richard E. Jordan ("Mr. Jordan") died October 29, 2009. Mr. Jordan left a
will dated December 14, 2005 which was probated in the Office of the Register of Wills
of Cumberland County, Pennsylvania. Richard E. Jordan, II, Richard E. Jordan, III and
Manufacturers and Traders Trust Company were appointed Executors of Mr. Jordan's
estate (the "Executors")
B. Mr. Jordan's will made specific bequests of tangible personal property,
bequeathed $500,000 to the Richard E. and Louise K. Jordan Foundation, bequeathed $1
million in trust for Mr. Jordan's daughter, Barbara J. Schenck, and $1 million in trust for
his son, Richard E. Jordan, II, said bequests having been satisfied in full.
C. Under ITEM 6 of Mr. Jordan's will, he bequeaths one-half of the residue
outright to his son, Richard E. Jordan, II, and the other half into trust for his daughter,
Barbara J. Schenck under ITEM 7.
D. The Barbara J. Schenck Trust under ITEM 7 benefits Barbara J. Schenck
during her lifetime, grants Barbara J. Schenck a general testamentary power to appoint
the remaining assets through her will and provides that any unappointed assets in her trust
will pass to her issue, per stirpes, living at Barbara J. Schenck's death.
822236.1
E. Barbara J. Schenck has two children, Clark B. Schenck and Scott J.
Schenck.
F. Mr. Jordan's will named Manufacturers and Traders Trust Company,
Richard E. Jordan, II and Richard E. Jordan, III as Co-Trustees of the Barbara J. Schenck
Trust.
G. By instrument dated October 1, 2011, Richard E. Jordan, II and Richard E.
Jordan, III removed Manufacturers and Traders Trust Company as Co-Trustee of the
Barbara J. Schenck Trust under ITEM 7 of Mr. Jordan's will and replaced it with Brown
Investment Advisory & Trust Company.
H. The Executors have completed the administration of Mr. Jordan's estate
and are prepared to make final distribution of the residue.
I. The Executors are willing to conclude the estate without the expense and
formality of filing an account of their administration with the Court, so long as the parties
in interest provide the Executors with an appropriate receipt, release and indemnification
which is the purpose of this instrument to provide.
J. The parties in interest in Mr. Jordan's estate are Richard E. Jordan, II
(individually and as Co-Trustee of the Barbara J. Schenck Trust), Barbara J. Schenck,
Clark B. Schenck and Scott J. Schenck, as beneficiaries of the Barbara J. Schenck Trust,
and Richard E. Jordan, III and Brown Investment Advisory and Trust Company, as Co-
Trustees of the Barbara J. Schenck Trust (all such parties in interest are herein referred to
as the "Beneficiaries").
- 2 -
NOW, THEREFORE, the undersigned Beneficiaries, for themselves, their heirs,
successors, personal representatives, and assigns:
State that they have examined the First and Final Account for the
administration of Mr. Jordan's estate (and the proposed distribution annexed thereto),
which Account is attached hereto as Exhibit "A" and approve the transactions and
distributions set forth therein or proposed therein as though they had been confirmed
absolutely by the Court having jurisdiction over the Estate.
2. Do hereby acknowledge receipt from the Executors of the assets
shown as being distributed to them in the First and Final Account or as described in the
proposed distribution.
Hereby absolutely and irrevocably approve the transactions
undertaken by the Executors reported in the Account as though said transactions were
contained in a formal accounting which had been confirmed absolutely by the Court
having jurisdiction over the Estate.
4. Hereby absolutely and irrevocably waive the filing and auditing of
any accounting with the Orphans' Court Division of the Court of Common Pleas of
Cumberland County, Pennsylvania, or in any other jurisdiction in connection with the
administration of the Estate.
- 3 -
5. Hereby absolutely and irrevocably release, remise, quitclaim and
forever discharge the Executors, individually and in their fiduciary capacities, their
personal representatives, successor and assigns, of and from all actions and causes of
actions, suits, payments, accounts, reckonings, claims and demands whatsoever arising
from the administration of the Estate or in any way related to the distribution provided for
herein, whether known or unknown, from the beginning of time to the date of the date of
the signing of this instrument.
d. Agree that if, at any time in the future, the Executors receive any
demand or claim for any amount claimed to be due and owing from the Estate or from
them, as Executors, and they approve said demand or claim, each of the undersigned
shall, at the request of the Executors, pay to the Executors their equal share of the amount
of any such demand or claim, or if it has been paid by the Executors, then reimburse them
for their proportional share of the amount paid by them, provided that as to Richard E.
Jordan II, the amount of such requested payment or reimbursement shall not exceed the
total of the assets paid or distributed to him by the Executors as set forth herein, and in
the case of the Trustees of the Barbara J. Schenck Trust, the lesser of (a) the total of all
assets distributed to such trust, or (b) the total value of the Barbara J. Schenck Trust at the
pertinent time (the "Refunding Amount").
- 4 -
7. Agree to indemnify the Executors and hold them harmless to the
extent of the Refunding Amount from and against any and all claims, loss, liability or
damage (including legal fees and costs in connection therewith), whether or not the same is
caused by a mistake that is innocent or negligent, which the Executors may suffer or to
which they may be subjected by reason of the final distribution without having the formal
approval of any court;
8. Declare that this Agreement, which shall not be modified except by
an amendment in writing signed by all parties, contains the entire understanding of the
parties and that no representations or promises have been made except as expressly stated
herein; and
9. Declare that this Agreement shall become effective on the date of
the last signature, may be signed in counterparts, shall be governed by the laws of
Pennsylvania and shall be legally binding as an agreement under seal upon the undersigned
and their personal representatives, heirs, successors and assigns.
10. Acknowledge, warrant and represent that each has been advised by
the Executors to seek the advice of, and has been given the opportunity to consult with,
independent legal counsel in connection with this Agreement.
- 5 -
IN WITNESS WHEREOF, each of the undersigned, intending to be legally bound,
has executed this Approval on the \ \~1da of
-~ Y ~~ US , 2011.
-~~'~'~~Z~ ~ ~ ~~--~~ (SEAL)
Richard E. Jordan individually and as Co-Trustee
of tl~ Bar~ara~. k Tryj~t under ITEM VIII
" " ' `~" _ _" rr (SEAL)
Richard E. Jordan, I o-Trustee of the Barbara J.
Schenck Trust
ATTEST:
BROWN INVESTMENT ADVISORY & TRUST
COMPANY, as Co-Trustee of the Barbara J.
Schenck Trust
By_
Title:
,,
Witness ~ (SEAL)
B a J. Sche
Witness (SEAL)
B. Sche ck
' SEAL
Witness 'Scott J. S enck ( ~
- 6 -
IN WITNESS WHEREOF, each of the undersigned, intending to be legally bound,
has executed this Approval on the day of
Witness
Witness
ATTEST:
/ ,.,~
2011.
(SEAL)
Richard E. Jordan, II, individually and as Co-Trustee
of the Barbara J. Schenck Trust under ITEM VIII
(SEAL)
Richard E. Jordan, III, Co-Trustee of the Barbara J.
Schenck Trust
BROWN INVESTMENT ADVISORY & TRUST
COMPANY, as Co-Trustee of the Barbara J.
Schei~n--ck Th~rust
B~~: ~ ~~„
Titl ~ ~ w' ~~
Witness
Witness
(SEAL)
Barbara J. Schenck
Clark B. Schenck
(SEAL)
Witness (SEAL)
Scott J. Schenck
- 6 -
COMMONWEALTH OF PENNSYLVANIA
SS:
COUNTY OF ~uv~1~ ~~1 ~tl
On this, the 1~ day of - ~ , 2011, before me, a Notary
Public, in and for the Commonwealth of Pennsylvania, the undersigned officer, personally
appeared RICHARD E. JORDAN, II, known to me (or satisfactorily proven) to be the
person whose name is subscribed to the within Approval and acknowledged that he
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
i
~~-~ > , ,
~~`hl~~ ~~ (SEAL)
Notary Publ'
~,\ ~
t,
My Commission Expires: y 1~ 3) ~v\ ~
(SEAL) CAMMONWEAI.TH ~ PENNSYLVANIA
Nobrlal Seal
Norma J. Kough, Notary Public
Came HiN Boro, CumberlarM County
I''IY Commission Expkes AprN 23, 2015
MEMBER, PENNSYLVANIA ASSOCIATION OF NOTARIES
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF Lu~~ ~~ -~ SS:
On this, the 1~~ day of U ~ , 2011, before me, a Notary
Public, in and for the Commonwealth of Pennsylvania, the undersigned officer, personally
appeared RICHARD E. JORDAN, III, known to me (or satisfactorily proven) to be the
person whose name is subscribed to the within Approval and acknowledged that he
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
. ~ vim. ~ t 1 (SEAL)
otary Publ' ;
My Commission Expires:~W~ a-~I ~U ~ J
(SEAL)
COMMONWEAL~~ ~ gyLVANUI
Norma J. Kough, Notary Public
Came -i1M Bolo, Q Cou
~NNSV~vaNU~Wres A,pr1123, 2015
ASSOCIATION OF NOTARIES
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF ~~'L-T(M_d (LGr
SS:
On this, the { ~-~ day of ~ ~ ~ ~-~- , 2011, before me, the undersigned
officer, personally appeared P~ R, ~'y~(,~v.;
who acknowledged [himse~ to be the
P~ ~ ~""~ of BROWN INVESTMENT ADV
ISORY & TRUST COMPANY, a
corpo-ration, and that [het]-as such officer, being authorized to do so, executed the foregoing
Agreement of Trust for the purposes therein contained by signing the name of the corporation by
[himself~.a,S such officer.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
``~~~Jn _ Public
``~~~~Q,FI~; ~ ~ si
~~ Q...f~EAi/~~s ~'~
Q,•
m ~ NpTAF~Y ~: Z
~~ PUBLIC
~ ?:
~i~~~9~c i~ i N~l``~~~
Expires: ~ ^ ~ ~ i ~ ~ ~
COMMONWEALTH OF n~~nra 7T ~T A ATT .
SS:
COUNTY OF ~l,tS~..~[ .
On this, the Ij day of ~ ~ , 2011, before me, a Notary Public,
in and for the Commonwealth of~~~`~'~
, the undersigned officer, personally appeared
BARBARA J. SCHENCK, known to me (or satisfactorily proven) to be the person whose name is
subscribed to the within Approval and acknowledged that she executed the same for the purposes
therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
~` Cl. I C>(~~y1.1~,k,C~] (SEAL)
Public
My Commission Expires: VARYNA TOWNSEND
:. ~r?;a~Ic -State of Delaware
(SEAL) °;~ !~cr~~rn. E.~xpires Nov. 3, 2012
COMMONWEALTH OF nnrn.Ta~rr ~ ~ ^ err n
i- I~1 ~ 1 ~ v 1 t~ Y Al-V22'~
COUNTY OF ~t,tS~k_.yc SS:
On this, the ~ 3 da~y~ ~~ ~t 2011 before me, a Not
> ark Public,
in and for the Commonwealth of pp~rc~,i.,,,n,~ {fi'e undersigned officer, personally appeared
CLARK B. SCHENCK, known to me (or satisfactorily proven) to be the person whose name is
subscribed to the within Approval and acknowledged that he executed the same for the purposes
therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
~r~~ ' Jow"yt~~.~~ (SEAL)
Public
My Commission Expires: MARYNA TOWNSEND
Notary Public -State of Delaware
(SEAL) -VIy Comm. Expires Nov. 3, 2012
COMMONWEALTH OF ~L~-?~?~v 1 L`Y~A*TT A
SS.
COUNTY OF ~t S5~ -X
On this, the ~ ~J day of ~Lc. ~~~ , 2011, before me, a Notary Public,
in and for the Commonwealth of n~~~%~.LL±wo~rl~,
the undersigned officer, personally appeared
SCOTT J. SCHENCK, known to me (or satisfactorily proven) to be the person whose name is
subscribed to the within Approval and acknowledged that he executed the same for the purposes
therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
-~®c'c'~'~-n,p~ (SEAL)
tart' Public
My Conunission Expires:
(SEAL) NIARYNA TOWNSEND
Notary Public -State of Delaware
MY Comm. ~xpire8 Nov. 3, 2012
EXHIBIT A
IN THE COURT OF COMMON PLEAS CF CUMBERLAND COUNTY, PA.
ORFHANS' COURT DIVISION
FILE N0. 21-09-1048
ESTATE OF RICHARD E. JORDAN
FIRST AND FINAL ACCOUNT OF
Manufacturers and Traders Trust Company, Richard E. Jordan, I
and Richard E. Jordan, III, Co-Executers
Date of Death:
October, 29, 2009
Date of Executor's Appointment: November 9, 2009
Date of First Complete Advertisement: December 11, 2009
Accounting for the period: October, 29, 2009 to
July 27, 2011
Purpose of Account: The Executor offers this Account to acquaint interested
parties with the transactions that have occurred during the Administration.
It is important that the Account be carefully examined. Requests for
additional information, questions or objections can be discussed with:
Joseph A. Macri, Vice President
Manufacturers and Traders Trust Company
213 Market Street
Harrisburg, PA 17101
(717) 255-2174
Or
Stanley A. Smith
c/o Rhoads & Sinon, LLP
One South Market Square
Harrisburg, PA 17108
(717) 231-6628
- 1 -
SUMMARY OF ACCOUNT
RINCIPAL
PAGES
Receipts
Net Gain on Sales or Disposition
Less Disbursements:
runeral Expenses
Legal gees
Debts of Decedent
Eederai State & Local Taxes
General Disbursements
Administration - Misc. Exp.
Balance before Distributions
Distributions to Beneficiaries
Principal Balance on Hand
ror Information:
Changes in Holdings
INCOME
Receipts
Less Disbursements
Balance before Distributions
Income Balance on Hand
COMBINED BALANCE ON HAND
Proposed Principal Distributions
Proposed Income Distributions
Verification
3-5 $ i1, 961,572.97
6 4,255.23
$ 1,965,828.20
7 $ 4,246.00
7 56,000.00
7-8 16,988.04
8-9 4,410,603.57
9 1.33
9-12 487,081.76 -4,974,920.70
$ 5,990,907.50
13-15 _ -4,860,715.28
16 $ 2,130,192.22
17-23
24-26 $ 23,572.96
27-28 -6,586.8?_
$ 16,986.14
29 $ 16,986.14
$ 2,147,178.36
30
31
32-34
- 2 -
PRINCIPAL RECEIPTS
Assets Lister in Inventory
(Valued as of Date of Death)
Rea' Estate
Personal Residence Located at 3620 Logan
Street, Unit #4, Camp Hill, PA 17011 -
Appraised Value $ 245,OC0.00
Automobiles
1999 Lincoln Town Car Executive 4D -
Ap~raised Value 4,25.00
Personal Effects
Household Furnishings and Personal
Effects - Appraised Value 6,670.00
Miscellaneous Coins - Appraised Value 3,877.00
$ 259,672.00
M&T Checking Account #49834908 138,178.04
interest accrued to 10/29/09 4.60
Allstate Insurance - Refund due on
Cancellation of Homeowner Policy 257.00
Allstate Insurance Company - Refund of
Unearned Premium 50.10
AT&T - Refund 9.01
Bethany Village Nursing Home - Refund of
Overpayment on Account 796.94
Capital Blue Cross - Medical Insurance
Premium Refund 311.10
Comcast Cable Company - Refund 38.75
FORWARD $ 399,317.54
- 3 -
PRINCIPAL RECEIPTS (cont'd)
FORWARD
Mutual of Omaha Insurance Company -
Refund of Unearned Premium
Patriot News - Refund due on
Cancellation of Account
Pennsylvania Dept of Revenue - 2009
Individual Income Tax Refund
Tyco Electronics - Director's Fees due
to Decedent for 4th Quarter 2009
United States Treasury - 2009 Federal
Individual Income Tax Refund
Richard E. and Louise K. Jordan
Charitable Remainder Annuity Trust -
Final Annuity Payout
SUBSEQUENT RECEIPTS
S 399,317.54
59.56
169.00
6,589.00
5,OCC.G0
66,456.00
6,242.93
483,839.03
RECEIVED FROM RICHARD E. JORDAN SELECT PORTFOLIO ACCOUNT:
il/20/09 Proceeds from 11/13/09 sale of Harsco
Corporati on $ 1,838,488.80
"-1/20/09 Principal Cash 7,600,743.06
11/20/09 2,054 Shs . Tyco International Limited 69,651.14
11/20/09 $100,000 Allentown PA C&Ida 0.25% due
12/1/29 100,000.00
11/20/09 $100,000 Chester County PA Ida 0.25% due
7/1/31 100,000.00
11/20/09 $100,000 Philadelphia PA Afid 0.180 due
3/1/27 100,000.00
11/20/09 800 Shs. Carlisle Companies Incorporated 25,432.00
FORWARD $ 9,834,315.00 $
483,834.03
- 4 -
PRINCIPAL RECEIPTS (cont'd)
FORWARD $ 9,834,315.00 S 483,834.03
SUBSEQUENT RECEIPTS (cont'd
RECEIVED FROM RICHARD E. JORDAN SELECT PORTFOLIO ACCOUNT: (cor.t'dl
11/20/C9 2,054 Shs. Covidien PLC 86,673.66
11/20/C9 "i0,500 Shs. Harsco Corporation 338,572.50
11/20/09 ,~60 Shs. Hartford Financial Services
Group Incorporated 4,001.60
11/20/09 1,388 Shs. International Business
Machines Corporation 169,773.22
li/20/09 160 Shs. ITT Corporation 8,636.00
11/20/09 1,000 Shs. Johnson & Johnson 59,765.00
11/20/09 2,557 Shs. Lincoln National Corporation 63,324.10
11/20/09 1,320 Shs. PNC Financial Services Group
Incorporated 67,491.60
11/20/09 104 Shs. Travelers Companies
Incorporated 5,352.60
11/20/09 161 Shs. Tronox Incorporated - Class B 61.18
11/20/09 2,054 Shs. Tyco Electronics Limited 44,828.55
12/02/09 $200,000 Bethel Park PA School District
1.375a due 8/1/11 199,916.00 10,882,711.01
CASH:
11/25/09 M&T Checking Account #49834908 - Deposit $ 2,087.93
C8/03/10 Received from Louise K. Jordan Q-Tip
Trust - Reimbursement for Q-Tip Portion
of Pennsylvania Inheritance Tax 4,606.00
08/03/10 Received from Louise K. Jordan Q-Tip
Trust - Reimbursement for Q-Tip Portion
of Federal Estate Tax 588,334.00 595,027.93
TOTAL PRINCIPAL RECEIPTS $ 11,961,572.97
------------------
------------------
- 5 -
PRINCIPAL GAINS OR LOSSES ON SALES OR OTHER DISPOSITIONS
GAIN LOSS
~2/O1/C9 $160,000 Aller_•town PA C&Ida 0.25 due
12/1/29
Net Proceeds ,~CO,000.00
Acquisition Value 100,000.00
12/24/69 Tyco Electronics Limited - Tax Free
Return of Capital
New Proceeds 328.64
Acquisition Value 328.64
03/63/10 $100,000 Philadelphia PA Afid O.i8% due
3/1/27
Net Proceeds 100,000.60
Acquisition Value 100,000.00
03/03/10 $100,000 Chester County PA Ida 0.25% due
7/1/31
Net Proceeds 100,000.00
Acquisition Value 100,000.00
03/08/10 2,557 Shs. Lincoln National Corporation
Net Proceeds 66,813.55
Acquisition Value 63,324.10 $ 3,489.45
03/08/10 160 Shs. Hartford Financial Services
Group Incorporated
Net Proceeds 4,123.14
Acquisition Value 4,001.60 121.54
03/08/10 161 Shs. Tronox Incorporated - Class B
Net Proceeds 101.42
Acquisition Value 61.18 40.24
03/08/10 $200,000 Bethel Park PA School District
1.375° due 8/1/11
Net Proceeds 200,520.00
Acquisition Value 199,916.00 604.00
TOTALS
NET GAIN TRANSFERRED TO SUMMARY
$ 4,255.23 $ .00
$ 4,255.23
---------------
- 6 -
DISBURSEMENTS OF PRINCIPAL
FUNERAL EXPENSES
Myers-Harper F.:neral Hcme Inccrncrated
11/24/09 Funeral Expense S x,246.00 S
LEGP_L FEES
Rhoads & Sir.on, LLP
06/30/11 Attorney Fee 56,OOO.OC
DEBTS OF DECEDENT
Bethany village
11/24/09 Nursing Home Expense 1,042.65
Continuir.g Care RX - Prescription Drug
Expense
11/24/09 1,201.50
Logan Court - Quarterly Condo Assessment
12/18/09 $ 1,750.00
03/24/10 1,750.00
06/15/10 1,750.00
09/30/10 1,750.00
12/20/10 1,750.00
03/29/11 1,750.00
06/16/11 1,750.00 12,250.00
Mark B. Cohen, 0. D. - Medical Expense
12/09/09 20.00
4,246.00
55,000.00
FORWARD $ 14,514.15 $ 60,246.00
- 7 -
DISBURSEMENTS OF PRINCIPAL (cont'd)
FORWARD S
DEBTS OF DECEDENT (cont'd)
M&`'_, Cr.eckina Account #49834908
11/25/09 Outstanding Check n4310 and Reverse
Social Security Payment
P_P&L Electric Utilities - Electricity
Expense
11/24/09
12/22/09
01/04/10
FEDERAL STATE & LOCAL TAXES
Internal Revenue Service
Federal Fiduciary Income Tax
01/03/11 Balance Due for Year Ending 9/30/10
Cumberland County Register of Wills
01/25/10 Pennsylvania Inheritance Tax Payment
07/28/10 Pennsylvania Inheritance Tax - Balance
Due
Michael Langan, Treasurer
04/20/10 County/Municipal Real Estate Tax
07/27/10 School Tax
04/04/11 County/Municipal Real Estate Tax
07/15/11 School Tax
FORWARD
14,514.15 $ 50,246.00
2,-.._35.01
$ 68.64
135.12
135.12 333.88
9,527.00
$ 430,000.00
17,614.00 447,614.00
5,343.63
$ 563.15
2,034.16
573.11
2,173.21
16, 988.04
S 462,484.63 $ 77,234.04
- 8 -
DISBURSEMENTS OF PRINCIPAL (cont'd)
FORWARD $ 462,84.63 $
FEDERAL STATE & LOCAL TAXES (con~'d)
Pennsylvar.ia Department of Revenue
State Fiduciary Income Tax
Oi/03/1~- 2009 Balance Due
U.S. Treasury
~i2/i5/C9 2008 Fcrm 709 United States Gift Tax
02/16/10 2008 Form 709 United States Gift Tax
C4/13/10 2009 Form 709 United States Gift Tax
07/28/10 US Estate Tax - Balance Due
GENERAL DISBURSEMENTS
Transfer to Income
12/08/09 Interest on M&T Checking Account
#49834908
ADMINISTRATION - MISC. EXPENSES
_Allstate Insurance Company Policy #077
419 494
12/09/09 Insurance Premium
12/08/10 Insurance Premium
Cumberland County Register of Wills
07/28/10 Pennsylvania Inheritance Tax Filing Fee
FORWARD
129.00
$ 2,347.46
716.50
37,309.98
3,907,616.00 3,947,989.94
_.33
S 250.87
272.52 523.39
15.00
77,234.04
4,410,603.57
1.33
S 538.39 $ 4,487,838.94
- 9 -
DISBURSEMENTS OF PRINCIPAL (cont`d)
FORWARu $
AJMINISTRATICN - MISC. EXPENSES (cont'd)
C'~mberland Law Journal
12/17/09 Cost of Advertising and Proof of
Publication
Kerry Pae Auctioneers
12/01/09 Appraisa'_ Fee - Personal Property
L. B. Smith
11/24/09 Reimbursement for Car Title
Patriot News
12/17/09 Cost of Advertising and Proof of
Publication
PP&L Electric Utilities - Electricity
Expense
01/27/10
02/25/10
03/26/10
04/28/10
05/26/10
06/28/10
07/27/10
O8/31/i0
09/27/10
95.58
243.00
143.20
82.23
71.58
155.51
186.12
208.57
170.91
533.39 $ 4,487,838.94
75.00
225.00
22.50
241.19
FORWARD $
- 10 -
1,356.70 $ 1,102.08 $ 4,487,838.94
DISBURSEMENTS OF PRINCIPAL (cont'd)
FORWARD $ 1,356.70 $
ADMINISTRATION - MISC. EXFENSES (cont'dj
~P&L Electric Ut-lines - Electricity
Expense (ccnt'd)
10/27/10
11/19/10
12/23/"~0
Ol/24/"il
02/24/il
03/25/11
04/21/11
05/31/11
06/22/11
07/27/11
Robert C. Sherwood
04/15/10 2009 Federal and State Tax Preparation
Fee
Richard E. Jordan Select Portfolio
12/01/09 To Cover Bond Purchase
RSR Appraisers and Analysts
12/02/09 Appraisal Fee - 3620 Logan Street, Unit
#4-C, Camp Hill, PA
FORWARD
106.70
105.44
219.40
354.24
321.31
244.06
165.61
137.48
186.71
173.03
1,102.08 $ 4,487,838.94
3,370.68
650.00
199,916.00
350.00
$ 205,388.76 $ 4,487,838.94
- 11 -
DISBURSEMENTS OF PRINCIPAL (cont'd)
FORWARD $ 205,338.76 $ 4,487,838.94
ADMINISTRATION - MISC. EXPENSES (cont'd)
SES Iaurar_ce Brokerage Service
Ir_corporated
,12/22/09 Liability/Property Insurance Premium $ 9.00
03/29/10 Liability/Proper~y Insurance Fremium 50.00
02/25/11 Liability/Property Insurance Premium 50.00 109.00
Tom Morkin
07/29/10 Reimbursement for Inventory Filing Fee 15.00
RESERVES:
Manufacturers and Traders Trust Company
- Executor Fee $ 224,500.00
Rhoads & Sinon, LLP - Attorney Fee
Rhoads & Sinon, LLP - Out of Pocket
Expenses
TOTAL DISBURSEMENTS OF PRINCIPAL
56,000.00
1,069.00 281,569.00 487,081.76
$ 4,974,920.70
- 12 -
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES
Barbara ~. Schenck - Specific Bequest as
per Item III of the Will
01/07/10 -999 Lincoln Town Car Executive 4D $ 4,125.00
01/`~2/~i0 Household Furnishings and Personal
Effects
3,335.00
05/"9/10 Miscellaneous Coins ',938.50 $ 9,398.50
Richard E. Jordan, II - Specific Bequest
as per Item III of the Will
01/12/10 Household Furnishings and Personal
Effects $ 3,335.00
05/19/10 Miscellaneous Coins 1,938.50 5,273.50
The Richard E. and Louise K. Jordan
Foundation - Specific Bequest as per
Item IV if the Will
01/08/10 Principal Cash 500,000.00
Manufacturers and Traders Trust Company,
Richard E. Jordan, II & Richard E.
Jordan III, Trustees under Will of
Richard E. Jordan, Dated 12/14/05 GST
Exempt Trust F/B/0 Barbara J. Schenck
- Specific Bequest as per Item V of the
Will
03/16/10 5,250 Shs. Harsco Corporation $ 169,286.25
C3/16/10 80 Shs. ITT Corporation 4,318.00
03/16/10 694 Shs. International Business Machines
Corporation 84,886.61
03/16/10 660 Shs. PNC Financial Services Group
Incorporated 33,745.80
03/16/10 38.267 Shs. Travelers Companies
Incorporated 2,676.30
03/16/10 1,027 Shs. Covidien PLC 43,336.83
03/16/10 942.546 Shs. Tyco International Limited 31,961.73
FORWARD $ 370,211.52 $ 514,672.00
- 13 -
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES (cont'd)
FORWARD $ 370,211.52 $
514,672.00
Manufacturers and Traders Trust Companv,
Richard ~. Jordan, II & Richard E.
Jordan, III, Trustees under Will of
Richard E. Jordan, Dated 12/14/05 GST
Exempt Trust F/B/O Barbara J. Schenck
- Specific Becruest as per Item V of the
Will (cont'd)
03/16/10 1,027 Shs. Tyco Electronics Limited 22,249.95
03/16/10 400 Shs. Carlisle Companies Incorporated 12,716.OC
03/16/10 500 Shs. Johnson & Johnson 29,882.50
03/17/10 84.454 Shs. Tyco International Limited 2,863.84
C3/17/10 Principal Cash 535,097.80 973,021.61
Manufacturers and Traders Trust Companv,
Richard E. Jordan, II & Richard E.
Jordan, III, Trustees under Will of
Richard E. Jordan, Dated 12/14/05 GST
Exempt Trust F/B/0 Richard E. Jordan, II
- Specific BeQUest as per Item V of the
Will
03/16/10 400 Shs. Carlisle Companies Incorporated $ 12,716.00
03/16/10 5,250 Shs. Harsco Corporation 169,286.25
03/16/10 80 Shs. ITT Corporation 4,318.00
03/16/10 694 Shs. International Business Machines
Corporation 84,886.61
03/16/10 500 Shs. Johnson & Johnson 29,882.50
03/16/10 660 Shs. PNC Financial Services Group
Incorporated 33,745.80
03/16/10 52 Shs. Travelers Companies Incorporated 2,676.30
03/16/10 1,027 Shs. Covidien PLC 43,336.83
03/16/10 1,027 Shs. Tyco International Limited 34,825.57
FORWARD $ 415,673.86 $ 1,487,693.61
- 14 -
DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES (cont'd)
FORWARD
$ 415,673.86 ~ 1,487,693.6=
Manufacturers and Traders Trust Company,
Richard E. Jordan, II & Richard E.
Jordan, III, Trustees under Will of
Richard E. Jordan, Dated 12/14/05 GST
Exempt Trust F/B/0 Richard E. Jordar_, II
- Specific Bequest as per Item V of the
Will !cont'dl
03/16/10 1,027 Shs. Tyco Electronics Limited
03/17/10 Principal Cash
22,249.96
535,097.85
973,021.67
Barbara J. Schenck Trust, Brown
Investment Advisory & Trust Company,
Richard E. Jordan, II and Richard E.
Jordan, III, Co-Trustees - 50° Share of
Residue as per Item VI (a) of the Will
10/06/10 Partial Distribution
Richard E. Jordan, II - 50o Share of
Residue as per Item VI (b) of the Will
10/05/10 Partial Distribution
TOTAL DISTRIBUTIONS OF PRINCIPAL TO BENEFICIARIES
1,200,OOO.C0
1,200,000.00
$ 9,860,715.28
- 15 -
PRINCIPAL BALANCE ON HAND
FIDUCIARY
VALUE AT ACQUISITION
07/27/2011 VAL`uE
:Ceai Estate
Personal Residence Located at 3620 Logan
Street, Ur.it #4, Camp Hili, FA 17011 $ 245,000.00 $ 245,000.00
$ 245,000.00 $ 245,000.00
CASH (AUTOMATICALLY INVESTED) 1,885,192.22 1,885,192.22
TOTAL PRINCIPAL BALANCE ON HAND $ 2,130,192.22 $ 2,130,192.22
THE ABOVE CASH IS CURRENTLY INVESTED IN
MTB Money Market-Inst I Fund #420
- 16 -
CHANGES IN PRINCIPAL HOLDINGS
ACCOUNT
VALUE
1999 Lincoln Town Car Executive 4D
0 Inventoried 4,125.00
0"y/07/10 0 Distributed -4,125.00
0 Y 0.00
Allentown PA C&Ida 0.250 due 12/1/29
11/2^v/09 $100,000 Received from Richard E. Jordan
Select Portfolio S 100,000.00
12/Gi/09 $100,000 Sold -100,000.00
$0 $ O.CG
Bethel Park PA School District 1.375%
due 8/1/11
12/02/09 $200,000 Received from Richard E. Jordan
Select Portfolio ~ 199,916.00
03/08/10 $200,000 Sold -199,916.00
$p $ 0.00
Carlisle Companies Incorporated
11/20/09 800 Shs. Received from Richard E. Jordan
Select Portfolio ~ 25,432.00
03/16/10 400 Shs. Distributed -12,716.00
400 Shs. ? 12,716.00
03/16/10 400 Shs. Distributed -12,716.00
0 Shs. $ 0.00
- 17 -
CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOUNT
VALLE
Chester County PA Ida 0.250 due 7/1/31
,__/20/09 $100,000 Received from Richard E. Jordan
Select Portfolio ., 100,000.00
03/03/10 $100,000 Sold -100,000.00
$0 $ 0.00
Covidien PLC
11/20/09 2,054 Shs. Received from Richard E. Jordan
Select Portfolio S 86,673.66
03/16/i0 1,027 Shs. Distributed -43,336.83
1,027 Shs. S 43,336.83
03/16/10 1,027 Shs. Distributed -43,336.83
0 Shs. $ 0.00
Harsco Corporation
11/20/09 10,500 Shs. Received from Richard E. Jordan
Select Portfolio $ 338,572.50
03/16/10 5,250 Shs. Distributed -169,286.25
5,250 Shs. ~ 169,286.25
03/16/10 5,250 Shs. Distributed -169,286.25
0 Shs. $ 0.00
- 18 -
CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOliNT
VAL"JE
Hartford Financial Services Group
Incorporated
11/20/09 160 Shs. Received from Richard E. Jordan
Select Portfolio S 4,OOi.60
03/C8/10 160 Shs. Sold -4,001.60
0 Shs. S 0.00
Household Furnishings and Personal
Effects
0 Inventoried S 6,670.00
Cl/12/10 0 Distributed -3,335.00
0 S 3,335.00
Ol/i2/10 0 Distributed -3,335.00
p $ 0.00
International Business Machines
Corporation
11/20/09 1,388 Shs. Received from Richard E. Jordan
Select Portfolio $ 169,773.22
03/16/10 694 Shs. Distributed -84,886.61
694 Shs. $ 84,886.61
03/16/10 694 Shs. Distributed -84,886.61
0 Shs. $ 0.00
- 19 -
CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOJNT
VALr
Corporation
'_1/20/09 160 Shs. Received from Richard E. Jordan
Select Portfolio 8,636.00
03/16/10 80 Shs. Distributed -4,318.60
80 Shs. $ 4,318.00
03/16/10 80 Shs. Distributed -4,318.00
0 Shs. s 0.00
Johnson & Johnson
11/20/09 1,000 Shs. Received from Richard E. Jordan
Select Portfolio S 59,765.00
03/16/10 500 Shs. Distributed -29,882.50
500 Shs. $ 29,882.50
03/16/10 500 Shs. Distributed -29,882.50
0 Shs. S 0.00
Lincoln National Corporation
11/20/09 2,557 Shs. Received from Richard E. Jordan
Select Portfolio ? 63,324.10
03/08/10 2,557 Shs. Sold -63,324.10
0 Shs. $ 0.00
- 20 -
CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOUNT
VALUE
Miscellaneous Coins
0 Inventoried $ 3,877.00
05/19/10 0 Distributed -,1,938.50
0 $ 1,938.50
05/19/10 0 Distributed -1,938.50
0 0.00
Personal Residence Located at 3620 Logan
Street Unit #4 Camp Hill, PA 17011
0 Inventoried S
----- 245,000.00
-------------
Philadelphia PA Afid 0.180 due 3/1/27
11/20/09 $100,000 Received from Richard E. Jordan
Select Portfolio S 100,000.00
C3/03/10 $100,000 Sold -100,000.00
$0 $ 0.00
PNC Financial Services Group
Incorporated
11/20/09 1,320 Shs. Received from Richard E. Jordan
Select Portfolio $ 67,491.60
03/16/10 660 Shs. Distributed -33,745.80
660 Shs. $ 33,745.80
03/16/10 660 Shs. Distributed -33,745.80
0 Shs. $
---- 0.00
--------------
- 21 -
CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOUNT
VALliE
Trave-ers Companies Incorporated
i"x/20/09 104 Shs. Received from Richard E. Jordan
Select Portfolio $ 5,352.60
03/16/10 52 Shs. Distributed -2,676.30
52 Shs. $ 2,676.30
03/16/10 52 Shs. Distributed -2,676.30
0 Shs. $ 0.00
Tronox Incorporated - Class B
11/20/09 161 Shs. Received from Richard E. Jordan
Select Portfolio ~ 61.18
03/08/10 161 Shs. Sold -61.18
0 Shs. S 0.00
Tyco Electronics Limited
11/20/09 2,054 Shs. Received from Richard E. Jordan
Select Portfolio $ 44,828.55
12/24/09 Tax Free Return of Capital -328.64
2,054 Shs. $ 44,499.91
C3/16/10 1,027 Shs. Distributed -22,249.95
1,027 Shs. $ 22,249.96
03/16/10 1,027 Shs. Distributed -22,249.96
0 Shs. $ 0.00
- 22 -
CHANGES IN PRINCIPAL HOLDINGS (cont'd)
ACCOUNT
VALUE
Tycc International Limited
1"~/2C/09 2,054.0 Shs. Received from Richard E. Jordan
Select Portfolio
03/16/10 942.546 Shs. Distributed
1,111.454 Shs.
03/16/10 1,027.0 Shs. Distributed
84.454 Shs.
03/17/10 84.454 Shs. Distributed
0.0 Shs.
S 69,651.14
-31,961.73
S 37,689.41
-34,825.57
S 2,863.84
-2,863.84
S 0.00
- 23 -
RECEIPTS OF INCOME
A--_ler_town PA C&Ida 0.25 due 12/1/29
"_2/0"i/09 Sale of interest accrued to 12/Ci/2009
Bethel Park PA School District 1.375
due 8/1/i1
02/01/10 Interest $200,000
03/08/10 Sale of interest accrued to 03/08/2010
C_rlisle Companies Incorporated
03/Oi/10 Dividend 800 Shs.
Cash
09/07/10 Interest on 2009 Pennsylvania Department
of Revenue State Individual Income Tax
Refund
Chester County PA Ida 0.250 due 7/1/31
12/01/09 Interest $100,000
Cl/04/10 Interest $100,000
02/G1/10 Interest $100,000
03/01/10 Interest $100,000
03/03/10 Sale of interest accrued to 03/03/2010
Covidien PLC
02/24/10 Dividend 2,054 Shs.
02/24/10 Foreign Tax Withheld
Harsco Corporation
02/16/10 Dividend 10,500 Shs.
Hartford Financial Services Group
Incorporated
01/04/10 Dividend 160 Shs.
04/01/10 Dividend 160 Shs.
International Business Machines
Corporation
03/10/10 Dividend 1,388 Shs.
FORWARD
$ 458.33
282.64
$ 19.32
21.56
12.19
13.26
0.63
$ 369.72
-73.94
$ 8.00
8.00
S 19.32
740.97
128.00
84.07
66.96
295.78
2,152.50
16.00
763.40
$ 4,267.00
- 24 -
RECEIPTS OF INCOME (cont'd)
FORWARD S 4,267.00
ITT Corporation
04/01/10 Dividend 160 Shs. 40.C0
Johnson & Johnson
03/09/10 Dividend 1,000 Shs. 490.C0
Linccln National Corporation
02/01/10 Dividend 2,557 Shs. 25.57
M&T Checking Account #49834908
10/29/09 Interest accrued to 10/29/2009 $ -4.60
1/30/09 Interest 4.60
12/09/09 Interest 3.60 3.60
MTB Monev Market-Inst I Fund #420
12/01/09 Interest $ 114.76
Ol/04/10 Interest 285.71
C2/O1/10 Interest 245.68
C3/O1/10 Interest 175.78
C4/O1/10 Interest 179.04
C5/03/10 Interest 172.96
C6/Ol/10 Interest 215.17
C7/O1/10 Interest 259.49
08/02/10 Interest 311.50
C9/Ol/10 Interest 218.45
10/O1/10 Interest 199.89
11/O1/10 Interest 105.14
i2/O1/10 Interest 76.21
01/03/11 Interest 75.55
02/01/11 Interest 69.49
03/01/11 Interest 61.88
04/01/11 Interest 66.69
05/02/11 Interest 55.84
06/01/11 Interest 49.14
07/01/11 Interest 36.78 2,970.15
Philadel phia PA Afid 0.18% due 3/1/27
12/01/09 Interest $100,000 $ 15.70
ill/04/10 Interest $100,000 18.77
FORWARD $ 34.47 $ 7,796.32
- 25 -
RECEIPTS OF INCOME (cont'd)
FORWARD $
Ph;~~delphia PA Afid 0.18 due 3/1/27
'cont'd)
0?_/Ol/10 Interest $100,000
03/O1/i0 Interest $100,000
03/03/10 Sale of interest accrued to 03/03/X10
P'yC Financial Services Groin
Incorporated
01/25/10 Dividend 1,320 Shs.
Received from Richard E. Jordan Select
Portfolio
11/20/09 Income Cash
12/29/09 Income Cash
01/08/10 Dividend on 160 Shs.
Transfer from Principal
12/08/09 Interest on M&T Checking Account
#49834908
Travelers Companies Incorporated
12/31/09 Dividend 104 Shs.
03/31/10 Dividend 104 Shs.
Tvco Electronics Limited
03/31/10 Dividend 2,054 Shs.
Tvco International Limited
02/25/10 Dividend 2,054 Shs.
TOTAL RECEIPTS OF INCOME
34.47 $
10.66
11.73
0.52
$ 12,656.00
2,038.76
34.00
$ 34.32
34.32
7,796.32
57.38
132.00
14,728.76
1.33
68.64
328.64
459.89
$ 23,572.96
- 26 -
DISBURSEMENTS OF INCOME
Nanufac~u~ers and Traders Trust Ccm~any
- Commission
12/C7/G9
0"i/06!"-0
02/08/_0
03/08/"-0
04/C6/~-0
05/06/10
06/07/10
0/06/10
08/06/10
09/07/10
10/06/10
11/08/16
12/06/10
01/06/11
02/07/li
03/07/11
04/06/11
05/06/li
06/06/1":
07/06/1"-
FORWARD
10.19
22.10
5J.1O
198.72
127.56
10.37
12.91
15.57
18.69
"3.11
"y7.04
6.31
4.58
4.53
4.17
3.71
4.00
3.35
2.65
2.21 $
536.82
536.82
- 27 -
DISBURSEMENTS OF INCOME (cont'd)
FORh'ARD
Internal Revenue Service
Federal Fiduciary Income Tax
01/03/"~1 Balance Due fcr dear Ending 9/30/10
Pernsylvania Department of Revenue
State Fiduciary Income Tax
01/03/11 2009 Balance Due
TOTAL DISBURSEMENTS OF INCOME
- 28 -
$ X36.82
3,324.00
2,726.00
$ 6,586.82
--------------
--------------
INCOME BALANCE ON HAND
CASH (AUTONLATICALLY INVESTED)
TOTAL INCOME BALANCE ON HAND
IDUCIARY
ACQUISITION
VF.LUE
i6, 986.14
VALUE AT
07/27/2011
$ 16,986.14 $
$ 16,986.14 $
------------------ -
------------------ -
THE ABOVE CASH IS CURRENTLY INVESTED IN
MTB Money Market-Inst I Fund #420
- 29 -
16,986.14
--------------
--------------
PROPOSED PRINCIPAL DISTRIBUTION SCHEDULE
Barbara J. Schenck Trust, Brown
Investment Advisory & Trust Company,
Richard ~. Jordan, II and Richard E.
Jordan, III, Co-Trustees
Market Vague Fiduciary
as of Acquisition
07/27/2011 Value
Personal Residence Located at 3620 Logan
Street, Unit #4, Camp Hill, PA 17011 $ 245,000.00 $ 245,000.00
Principal Cash 820,096.ll 820,096.11
$ 1,065,096.11 $ 1,065,096.11
Richard E. Jordan, II - 50° Share of
Residue as per Item VI (b) of the Will
Principal Cash
$ 1,065,096.11 $ 1,065,096.ii
$ 1,065,096.11 $ 1,065,096.11
TOTAL
THE ABOVE CASH IS CURRENTLY INVESTED IN
MTB Money Market-Inst I Fund #420
$ 2,130,192.22 $ 2,130,192.22
- 30 -
PROPOSED INCOME DISTRIBUTION SCHEDULE
Market Value
as of
07/27/2011
Barbara J. Schenck Trust, Brown
Investment Advisory & Trust Company,
Richard E. Jordan, II and Richard E.
Jordan, III, Co-Trustees
Income Cash
Richard E. Jordan, II - 50o Share of
Residue as per Item VI (b) of the Will
Income Cash
TOTAL
Fiduciary
Acquisition
value
$ 8,493.07 $ 8,493.07
$ 8,493.07 $ 8,493.07
$ 8,493.07 $ 8,493.07
$ 8,493.07 $ 8,493.07
$ 16,986.14 $ 16,986.14
THE ABOVE CASH IS CURRENTLY INVESTED IN
MTB Money Market-Inst I Fund #420
Manufacturers and Traders Trust Company
By ~ ~ ~-~-~
o ph A. Macri, e President
o-Executor of the Estate of
-°' Richard E. Jordan, Deceased
and
By
Richard E. Jord II,
Co-Executor of t e Estate of
Richard E. Jordan, Deceased
1
By
/ `~
Richard E. Jord n, II
Co-Executor of t Estate of
Richard E. Jordan, Deceased
- 31 -
VERIFICATION
Manufacturers and Trader Trust Company, Richard E. Jordan, II and
Richard E. Jordan, III, Co-Executors of the Will of RICHARD E. JORDAN,
Deceased, hereby declare under oath that they have fully and faithfully
discharged the duties of their offices; that the foregoing First and Final
Account is true and correct and fully discloses all significant
transactions occurring during the accounting period; that all known claims
against the Estate have been paid in full; that, to their knowledge, there
are no claims outstanding against the Estate; that all taxes presently due
from the Estate have been paid; and that the grant of Letters Testamentary
and the first complete advertisement thereof occured more than four months
before the filing of the foregoing First and Final Account.
This statement is made subject to penalties of 18 Pa. C.S.A. Section
4909 relating to unsworn falsification to authorities.
Man fac rers and Trader r st Company
Dated: ~~~~
~~
- 32 -
VERIFICATION (cont'd)
Manufacturers and Trader Trust Company, Richard E. Jordan, II and
Richard E. Jordan, III, Co-Executors of the Will of RICHARD E. JORDAN,
Deceased, hereby declare under oath that they have fully and faithfully
discharged the duties of their offices; that the foregoing First and Final
Account is true and correct and fully discloses all significant
transactions occurring during the accounting period; that all known claims
against the Estate have been paid in full; that, to their knowledge, there
are no claims outstanding against the Estate; that all taxes presently due
from the Estate have been paid; and that the grant of Letters Testamentary
and the first complete advertisement thereof occured more than four months
before the filing of the foregoing First and Final Account.
This statement is made subject to penalties of 18 Pa. C.S.A. Section
4904 relating to unsworn falsification to authorities.
ichard E. Jor , II
Dated:
- 33 -
VERIFICATION (cont'd)
Manufacturers and Trader Trust Company, Richard E. Jordan, II and
Richard E. Jordan, III, Co-Executors of the Will of RICHARD E. JORDAN,
Deceased, hereby declare under oath that they have fully and faithfully
discharged the duties of their offices; that the foregoing First and Final
Account is true and correct and fully discloses all significant
transactions occurring during the accounting period; that all known claims
against the Estate have been paid in full; that, to their knowledge, there
are no claims outstanding against the Estate; that all taxes presently due
from the Estate have been paid; and that the grant of Letters Testamentary
and the first complete advertisement thereof occured more than four months
before the filing of the foregoing First and Final Account.
This statement is made subject to penalties of 18 Pa. C.S.A. Section
4904 relating to unsworn falsification to authorities.
Richard E. Jordan, II
Dated:
- 34 -