William Parker v. J. Russell Rogerson

[33 A.D.2d 284 Page 287] In 1929 the father of Marion Gebbie and Geraldine G. Bellinger died owning 250 of the 500 outstanding shares of stock in
the Phelps Can Co. (Phelps). The remaining 250 shares were owned by the Phelps family. Mr. Bellinger bequeathed 125 shares
to each daughter. Marion Gebbie died in 1949, leaving her 125 shares in trust for the benefit of her sister with the remainder
to the Gebbie Foundation, Inc. Rogerson, who was named executor and trustee under the will, at that time was also attorney
for Mrs. Bellinger, a director of Phelps, and president of the Gebbie Foundation.