[Letter from I. H. Kempner to Gladys and Cecile Kempner, November 17, 1955] Page: 1 of 4
This letter is part of the collection entitled: Harris and Eliza Kempner and was provided to The Portal to Texas History by the Rosenberg Library.
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TEXAS IMPERIAL COMPANY
UNITED STATES NAT'L. BANK BLDG.
P.O. Box 119 GALVESTON, TEXAS
oeir 17, 1955
Miss Gladys k mpn.
1702 roadway
Galveston, Texas
iea Cecile eapner
24 West 55%th Street
Y lork, A. 1.
My dearO la4's and Cecile*
The mrger of Texas Imperial opany into Imperial sugar Company
has now been copleted. Lach shareholder is entitled to 86,3 O/45,)'As
of a share of laperial ongar Company stock for each share of stok in
Te as Iuperial company which you now own. This arises from the fact that
texas Imperial Copany had outstanding 45,000 share. of its stoek and
owned 86,35O shares of the stock of Imperial ugar Company. Each stock-
holder thereby acquires a fractional share, the issuane or existence of
which is cumbersome, is almost always avoided by any corporation and
should by all means be avoided in our case.
the purchase and sale of these fractional shares is available
for the convenience of that owned by you and the other members of your
family, as either Imperial ugar Company or one of us here will purchase
or sell fractional shares to make up one share lots. If a purchase is
made of a fracti anal share for you, you are to pay the purchase price of
642.00 per share; but if each or any of you wishes" to sell your fractional
share, we will remit you the proceeds. lour preference as to purchasing
or selling will be observed as far as possible. however, all of us here
are donating our fractional shares to the harris and Eliaa lempner 1und.
)ur attorney rec aed. that it is in the interest of each and all of
as to asked this donation as it would save present ccaplication, and such
possible future details or explanations to the taxing authorities, as to
be out of all proportion to the ,slue of the fractional shares that each
individual may on.
Of course if aome of you prefer to arrange between yourselves
to take over the fractional shares to Bhich each of you ray be entitled,
this could be arranged, but under every circumstances we are strongly
opposed to the issuance of any fractional shares.
The internal evenue service has i s Ud its ruling that this
merger and exchange of this stook will result in no gain or loss to
either company or ai stockholder._.:.
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Kempner, Isaac H. (Isaac Herbert), 1873-1967. [Letter from I. H. Kempner to Gladys and Cecile Kempner, November 17, 1955], letter, November 17, 1955; (https://texashistory.unt.edu/ark:/67531/metapth1412418/m1/1/?q=%22%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Rosenberg Library.