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PINCUS ESTATE (05/25/54)

May 25, 1954

PINCUS ESTATE


Appeals, Nos. 153, 154 and 155, Jan. T., 1954, from orders of Orphans' Court of Montgomery County, No. 53,107, in Estate of Henry Pincus, deceased. Decree affirmed. Proceedings upon petition of widow and children of decedent to open and review adjudication and account of executors, for purpose of surcharging executors. Before VAN RODEN, P.J., specially presiding. Adjudication filed finding for executors; exceptions to adjudication dismissed and final decree entered. Petitioners appealed.

COUNSEL

Arthur Littleton, with him William V. Suckle, John R. McConnell and Morgan, Lewis & Bockius, for appellants.

Morris Wolf, with him Maxwell Strawbridge, Morris H. Goldman and Wolf, Block, Schorr & Solis-Cohen, for appellees.

Before Stern, C.j., Stearne, Jones, Bell, Chidsey, Musmanno and Arnold, JJ.

[ 378 Pa. Page 104]

OPINION PER CURIAM

The decree of the Court below is affirmed on the following excerpts from the Opinion of President Judge EDWARD LEROY VAN RODEN which denied a petition for review:

"This proceeding involves a petition filed on behalf of decedent's widow and children praying that the first and final account of the executors of decedent's estate be reopened and reviewed to determine whether the executors should be surcharged for an alleged diminution in the value of certain shares of stock still held as an asset of the estate.

[ 378 Pa. Page 105]

"... the court finds the facts to be as follows: Decedent died November 23, 1949. By his last will and testament dated July 29, 1948, duly admitted to probate on December 2, 1949, decedent created a full marital deduction trust for the benefit of his widow, Theresa, and placed the rest of his estate in trust for the benefit of his son, Lionel, and his daughter, Shirley. He designated his nephew, Irwin Nat Pincus, and his attorney, Samuel A. Goldberg, Esquire, as executors, trustees and guardians, with the further provision that when Lionel should attain his majority, he was to become co-executor and co-trustee. At the time of decedent's death, Lionel was not quite 19 years of age. Accordingly, the other two executors took over the administration of the estate, but from time to time they consulted with Lionel, whose opinion and business acumen they apparently respected.

"At the time of his death, decedent was the owner of 1580 shares of the corporate stock of Pincus Bros., Inc., a men's clothing manufacturing concern. The said corporation had a total of 6328 issued and outstanding shares of stock at the time of decedent's death, of which 2270 shares were held by Jacob Pincus, another brother of decedent (being the father of Irwin Nat Pincus, co-executor and co-trustee). Thus, decedent had approximately a 25% interest in said corporate stock and each of his brothers had approximately 36% interest therein.

"In addition to the manufacturing corporation, the three Pincus brothers owned substantially all the common stock of certain stores which were engaged in the retail selling of men's clothing in various cities. The brothers also owned certain real estate holdings, each having approximately a one-third interest therein. Thus, the three brothers participated in three businesses, to wit, the manufacturing business, the retail

[ 378 Pa. Page 106]

    business and the real estate business, and each brother (either directly or by means of a family trust which he controlled) had approximately a one-third interest in each of the three businesses, and no ...


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