![]() The minority shareholders of Assocation were not given the same opportunity to also transfer their shares to United Financial and share in the increase value form those shares. The plan had the effect of allowign the contorl group to cashin in on their investment in Association through the sale of United Financial securities. ![]() The control group retained enough shares of United Financial to also remain in control of that company through which they continued to indirectly control Associated. Most of the proceeds from the sales of Untied Financial securities went to the control group, which previously had been in control of Association. ![]() The control group now controlled United Financial (which controlled Association iwth its 87% ownership) and then had two different public offerings of United Financial securities.
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