1
EXHIBIT 99.(b)(5)
PROJECT
THOROUGHBRED
Back-up Information
[PIPERJAFFRAY LOGO]
December 1, 1997
2
Project Thoroughbred
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Table of Contents
SECTION
-------
Valuation Detail A
Long-Term Dividend Scenario Detail B
Sale Scenario Detail (Arthur Andersen) C
Premium Analysis D
3
Project Thoroughbred
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Valuation Detail
4
PROJECT THOROUGHBRED
Historical Income Statements
For the years ending December 31,
LTM Ended Year to Date
September 30, September 30,
1992 1993 1994 1995 1996 1997 1997
-------------------------------------------------- ----- ------
Net Sales $84,865 $98,521 $103,955 $117,706 $ 122,359 $135,096 $102,511
% Growth 16.1% 5.5% 13.2% 4.0%
Cost of Goods Sold $49,076 $53,193 $ 54,111 $ 69,400 $ 64,007 $ 66,859 $ 51,611
---------------------------------------------------
Gross Margin $35,790 $45,329 $ 49,843 $ 48,305 $ 58,352 $ 68,237 $ 50,900
Gross Margin % 42.2% 46.0% 47.9% 41.0% 47.7% 50.5% 49.7%
Operating Expenses
Selling $20,246 $27,262 $ 26,998 $ 30,657 $ 33,231
General & Administrative $ 8,151 $12,091 $ 16,292 $ 21,386 $ 17,153
Engineering, R&D $ 3,658 $ 4,107 $ 3,776 $ 2,337 $ 997
--------------------------------------------------- -------- --------
Total Operating Expenses $32,055 $43,459 $ 47,066 $ 54,380 $ 51,381 $ 54,306 $ 40,842
Operating Income (Loss) $ 3,734 $ 1,870 $ 2,778 ($6,074) $ 6,970 $ 13,931 $ 10,059
Operating Margin % 4.4% 1.9% 2.7% -5.2% 5.7% 10.3% 9.8%
Interest Expense ($62) ($48) ($7) ($870) ($1,195) ($1,090) ($785)
Other Income (Expense) $ 229 $ 210 ($368) $ 380 $ 272 $ 271 $ 253
--------------------------------------------------- -------- --------
Interest & Other Income (Expense) $ 167 $ 162 ($374) ($490) ($923) ($819) ($532)
Income (Loss) Before Income Taxes $ 3,902 $ 2,031 $ 2,403 ($6,564) $ 6,048 $ 13,112 $ 9,527
Provision for Income Taxes $ 1,443 $ 882 $ 195 ($2,359) $ 2,593 $ 5,581 $ 4,125
--------------------------------------------------- -------- --------
Net Income (Loss)
Best Lock Corporation & Subsidiary (1) $ 2,458 $ 1,800 $ 2,208 ($4,204) $ 3,455 $ 7,531 $ 5,402
=================================================== ======== ========
ADJUSTMENTS TO INCOME
COGS Adjustments (2) $ 3,900 $ 1,000 $ 1,000
Operating Expenses Adjustments (3) $ 2,900 $ 3,100 ($800) ($1,345) ($545)
--------------------------------------------------- -------- --------
Total Adjustments $ 0 $ 0 $ 2,900 $ 7,000 $ 200 ($345) ($545)
Adjusted Gross Margin $35,790 $45,329 $ 49,843 $52,205 $ 59,352 $ 69,237 $ 50,900
Adjusted Operating Profit $ 3,734 $ 1,870 $ 5,678 $ 926 $ 7,170 $ 13,586 $ 9,514
Adjusted Pretax Income $ 3,902 $ 2,031 $ 5,303 $ 436 $ 6,248 $ 12,767 $ 8,982
Adjusted Net Income (4) $ 2,458 $ 1,800 $ 4,873 $ 279 $ 3,569 $ 7,333 $ 5,093
(1) 1993 Net Income includes $650K adjustment for cumulative effect of change in
accounting principle
(2) COGS Adjustments include Mortise lock warranty service ($1.0MM 1996),
Obsolete inventory ($2.1MM 1995), and Cost impact of 9K redesign ($1.8MM
1995)
(3) Operating expense adjustments include Vacation accrual change (-$0.545MM YTD
1997), Restructure accrual (-$0.8MM 1996, $3.1MM 1995), Family settlement
accrual ($2.1MM 1994), and Walter Best retirement accrual ($0.8MM 1994)
(4) Adjustments are taxed at the effective audited rate
5
PROJECT THOROUGHBRED
Historical Balance Sheets
As of December 31,
September 30,
1992 1993 1994 1995 1996 1997
------------------------------------------------------------------- -------------
ASSETS
Current Assets
Cash & Equivalents $1,596 $1,602 $4,792 $1,349 $2,049 $3,696
Trade Receivables $10,994 $13,539 $14,124 $13,508 $17,696 $19,891
Inventories $16,383 $14,490 $14,579 $11,383 $13,779 $13,611
Pre-Paids & Other $4,335 $3,461 $3,870 $7,262 $3,832 $3,090
------------------------------------------------------------------- --------
Total Current Assets $33,307 $33,093 $37,365 $33,503 $37,356 $40,289
Property Plant & Equipment $54,299 $57,881 $61,220 $65,169 $63,098 $65,459
Accumulated Depreciation ($24,119) ($27,091) ($31,082) ($34,298) ($36,202) ($40,033)
------------------------------------------------------------------- --------
Net PP&E $30,179 $30,789 $30,137 $30,872 $26,896 $25,426
Other Assets, Net $414 $335 $3,502 $4,642 $4,631 $4,544
Total Assets $63,900 $64,217 $71,003 $69,017 $68,883 $70,258
=================================================================== ========
LIABILITIES & STOCKHOLDERS EQUITY
Current Liabilities
Current Portion of Benefit Obligation $829 $1,112 $1,382 $1,362 $1,365 $1,343
Accounts Payable $1,984 $1,700 $1,644 $3,490 $2,688 $2,918
Customer Advances $816 $1,501 $1,434 $1,849 $2,215
Accrued Liabilities $4,584 $4,890 $9,813 $10,260 $9,116 $7,570
------------------------------------------------------------------ --------
Total Current Liabilities $7,396 $8,517 $14,340 $16,546 $15,017 $14,046
Long Term Debt $15,197 $15,000 $12,000.0
Retirement Benefit Obligation $4,552 $4,745 $4,445 $3,870 $3,213 $2,787.0
Deferred Income Taxes $4,442 $2,395 $2,269 $2,121 $2,305 $1,787.5
------------------------------------------------------------------ --------
Total Liabilities $16,391 $15,657 $21,054 $37,735 $35,536 $30,620.0
Stock Redeemable Under Bonus Plan $8,939 $5,932 $6,083 $6,083
Common Stock $1,408 $1,408 $1,408 $1,408 $1,408 $1,408
Accumulated Earnings $46,881 $48,024 $49,524 $44,827 $47,568 $52,662
Cumulative Translation Adjustment ($15) ($109) ($198) ($141) ($229) ($248)
Stock Redeemable Under Bonus Plan ($8,939) ($5,932) ($6,083) ($6,083)
Treasury Stock ($764) ($764) ($784) ($14,811) ($15,401) ($14,184)
------------------------------------------------------------------ --------
Total Equity $47,510 $48,560 $41,010 $25,350 $27,263 $33,555
Total Liabilities & Shareholder's Equity $63,900 $64,217 $71,003 $69,017 $68,883 $70,258
=================================================================== ========
6
COMPANY NAME: Project Thoroughbred
COMPARABLE PUBLIC COMPANY ANALYSIS:
VALUATION PURPOSE: Corporate Information
VALUATION DATE:11/4/97
Comparable Group
--------------------------------
Input Low Median High
- ---------------------------------- ------- --------- ---------
PRICE/EARNINGS
5 Year Avg. 19.9X 24.0X 35.1X
3 Year Avg. 15.4X 22.9X 32.1X
Last Twelve Months (LTM) 12.2X 19.5X 33.5X
1997 Est. 12.9X 16.4X 20.5X
1998 Est 11.4X 16.1X 18.0X
PRICE/BOOK VALUE 1.8X 4.2X 6.2X
PRICE/ CASHFLOW
LTM 7.4X 10.5X 20.4X
3 Yr. Avg. 8.3X 12.2X 22.6X
ENTERPRISE VALUE/REVENUES(2)
LTM 0.9X 1.3X 2.4X
ENTERPRISE VALUE/OP INCOME(2)
LTM 8.9X 10.8X 17.4X
ENTERPRISE VALUE/EBITDA (2)
LTM 6.2X 7.7X 14.4X
DIVIDEND CAPACITY
Yield 2% 2% 4%
Payout Ratio 23% 43% 57%
BLC (1) Indicated Value
------------------------------------------
11/4/97 Low Median High
----------- ---------- --------------- ---------
PRICE/EARNINGS
5 Year Avg. $ 2,596 $ 51,660 $ 62,304 $ 91,120
3 Year Avg. $ 2,907 $ 44,768 $ 66,570 $ 93,315
Last Twelve Months (LTM) $ 7,333 $ 89,463 $142,994 $245,656
1997 Est. $ 5,300 $ 68,370 $ 86,920 $108,650
1998 Est $ 6,400 $ 72,960 $103,040 $115,200
PRICE/BOOK VALUE $ 33,555 $ 59,057 $140,931 $209,048
PRICE/ CASHFLOW
LTM $ 12,886 $ 95,356 $135,303 $262,874
3 Yr. Avg. $ 7,818 $ 64,889 $ 95,380 $176,687
ENTERPRISE VALUE/REVENUES(2)
LTM $135,096 $ 96,314 $159,809 $308,414
ENTERPRISE VALUE/OP INCOME(2)
LTM $ 13,586 $101,718 $128,211 $217,878
ENTERPRISE VALUE/EBITDA (2)
LTM $ 19,139 $100,144 $128,852 $257,084
DIVIDEND CAPACITY
Yield
Payout Ratio $ 7,333 $ 84,330 $157,660 $104,495
-------------------------------------------
MEAN: $ 77,419 $117,331 $182,535
MEDIAN: $ 78,645 $128,532 $192,867
-------------------------------------------
INDICATED VALUATION: $ 64,000 to $68,000
Premium for Control: 15%
Adjusted Value: $ 73,600 $78,200
(1) BLC has been adjusted for extraordinary and non-recurring income and
expenses
(2) Enterprise Value = Market Cap+Pref Equity+Debt -Cash
Indicated value is enterprise value minus pref stock minus debt plus cash
Debt - Cash on 9/30/97 = $18,518
7
COMPANY NAME: Project Thoroughbred
COMPARABLE PUBLIC COMPANY ANALYSIS:
VALUATION PURPOSE: Corporate Information
VALUATION DATE:11/4/97
INDICATED MULTIPLE COMPARISON
Midpoint of Comparable Company Group
Multiple of: Undiscounted Valuation Range Mean Median
- --------------------------------------------------------------------------------------------------------------------------------
$66,000.00
5 Yr. Avg. Earnings 25.4X 21.6X 21.3X
3 Yr. Avg Earnings 22.7X 19.8X 18.0X
LTM 9.0X 17.1X 15.8X
1997 Estimate 12.5X 14.4X 13.6X
1998 Estimate 10.3X 13.5X 13.7X
Book Value 2.0X 3.6X 3.9X
LTM Cash Flow 5.1X 10.4X 8.7X
3 Yr. Avg Cash Flow 8.4X 11.6X 9.8X
Enterprise Value/Revs 0.6X 1.2X 1.2X
Enterprise Value/Op Income 6.2X 10.6X 9.5X
Enterprise Value/EBITDA 4.4X 7.9X 7.0X
Yield 0.90% 3.0% 2.0%
Payout Ratio 11.5% 42.0% 45.0%
8
BEST LOCK CORPORATION
VALUATION ANALYSIS
SUMMARY DATA
COMPARABLE COMPANIES
($ IN THOUSANDS, EXCEPT PER SHARE)
TARGET COMPANY
---------------------------------
Stock Ticker Symbol (Audited) (Adjusted)
Exchange Where Traded
Company Best Lock Corporation
Fiscal Year End Date 12/31/96
LTM Date 9/30/97
--------------------------
EARNINGS DATA (Latest Twelve Months)
Net Sales $135,096
Gross Income $ 68,237 $69,237
% Margin 50.5% 51.3%
Operating Income $ 13,931 $13,586
% Margin 10.3% 10.1%
EBITDA $ 19,484 $19,139
% Margin 14.4% 14.2%
Net Income $ 7,531 $ 7,333
% Margin 5.6% 5.4%
--------------------------
CAPITALIZATION (Latest)
Total Debt $ 22,214
Preferred Equity $ 0
Common Equity $ 33,555
Total Capital $ 55,769
Debt/Total Capital 0.40
COMMON SHARES OUTSTANDING (Latest) 1
--------------------------
BALANCE SHEET DATA & RATIOS (Latest)
Cash $ 3,696
Company Value NA
Current Ratio 2.87
Tangible Book Value per Share (Latest) 33,555
Asset Turnover 1.92
Return on Average Common Equity 25.1%
Return on Average Total Assets 10.8%
--------------------------
EARNINGS PER SHARE DATA
1996 $ 3,455 $ 3,569
1995 ($4,205) $ 279
1994 $ 2,208 $ 4,873
1993 $ 1,800 $ 1,800
1992 $ 2,458 $ 2,458
5 Year Average $ 1,143 $ 2,596
3 Year Average $ 486 $ 2,907
Latest 12 Months $ 7,531 $ 7,333
1997E $ 5,300
1998E $ 6,400
Date of Latest 12 Months Earnings Per Share 8/97
Date of Current Year IBES Estimate 12/97
--------------------------
PRICE/EARNINGS RATIOS
5 Year Average NA
3 Year Average NA
Latest 12 Months NA
1997E NA
1998E NA
--------------------------
MARKET & DIVIDEND DATA (as of 11/04/97)
Price Per Share NA
52 Week High NA
52 Week Low NA
Dow Jones Industrial Average = 7,689
Enterprise Value/Revenues (LTM) NA
Enterprise Value/Operating Income (LTM) NA
Enterprise Value/EBITDA (LTM) NA
Price/Book Value (Latest) NA
Dividend Per Share (LTM) 5.42
Current Yield NA
Common Dividend Payout Ratio 0.00
--------------------------
CASH FLOW DATA & RATIOS (Fiscal Year End)
Cash Flow (Net Income plus Depreciation, LTM) $13,084 $12,886
Cash Flow Per Share
LTM $13,084 $12,886
1996 $ 8,919 $ 9,034
1995 $ 700 $ 5,184
1994 $ 6,573 $ 9,238
3 Year Average Cash Flow Per Share $ 5,398 $ 7,818
Price/Cash Flow Per Share (LTM) NA
Price/3 Year Average Cash Flow Per Share NA
COMPARABLE COMPANIES
-------------------------------------------------------------------------------
ACK EML IR
NYSE AMEX NYSE
ARMSTRONG WORLD EASTERN CO INGERSOLL-RAND CO
INDS I
Footnote (1) Footnote (2) Footnote (3)
--------------- ------------ -----------------
Fiscal Year End Date Mean Median 12/96 12/96 12/96
LTM Date 6/97 3/97 6/97
-------------------------------------------------------------------------------
EARNINGS DATA (Latest Twelve Months)
Net Sales $ 2,187,700 $ 59,247 $ 6,813,000
Gross Income $ 711,900 $ 14,241 $ 1,745,900
% Margin 29.4% 29.1% 32.5% 24.0% 25.6%
Operating Income $ 366,700 $ 5,316 $ 732,800
% Margin 11.4% 10.5% 16.8% 9.0% 10.8%
EBITDA $ 494,300 $ 8,165 $ 933,900
% Margin 15.4% 13.7% 22.6% 13.8% 13.7%
Net Income $ 230,200 $ 2,153 $ 380,600
% Margin 6.4% 5.0% 10.5% 3.6% 5.6%
--------------------------------------------------------------------------
CAPITALIZATION (Latest)
Total Debt $ 526,600 $ 3,290 $ 1,332,700
Preferred Equity $ 0 $ 0 $ 0
Common Equity $ 820,300 $ 30,120 $ 2,231,800
Total Capital $ 1,346,900 $ 33,410 $ 3,564,500
Debt/Total Capital 0.32 0.36 0.39 0.10 0.37
COMMON SHARES OUTSTANDING (Latest) 40,748,000 2,764,164 165,921,000
BALANCE SHEET DATA & RATIOS (Latest)
Cash $ 51,000 $ 2,168 $ 180,700
Company Value $ 3,246,464 $ 50,531 $ 7,861,430
Current Ratio 2.61 2.34 1.66 2.84 1.77
Tangible Book Value per Share (Latest) 20.13 10.16 6.35
Asset Turnover 1.22 1.25 0.98 1.35 1.15
Return on Average Common Equity 17.0% 17.3% 29.4% 7.3% 19.6%
Return on Average Total Assets 7.4% 6.9% 10.7% 5.2% 6.8%
--------------------------------------------------------------------------
EARNINGS PER SHARE DATA
1996 $ 4.67 $ 0.50 $ 2.22
1995 $ 3.96 $ 0.99 $ 1.70
1994 $ 4.60 $ 0.88 $ 1.33
1993 $ 2.37 $ 1.03 $ 1.59
1992 $ 0.53 $ 1.10 $ 1.57
5 Year Average 3.23 0.90 1.68
3 Year Average 4.41 0.79 1.75
Latest 12 Months 5.59 0.80 2.35
1997E 5.29 NA 2.46
1998E 5.96 NA 2.81
Date of Latest 12 Months Earnings Per Share 6/97 3/97 6/97
Date of Current Year IBES Estimate 12/97 NA 12/97
--------------------------------------------------------------------------
PRICE/EARNINGS RATIOS
5 Year Average 26.6 24.0 21.1 19.9 24.0
3 Year Average 23.6 22.9 15.4 22.6 23.1
Latest 12 Months 20.3 19.5 12.2 22.3 17.2
1997E 16.8 16.4 12.9 NA 16.4
1998E 15.4 16.1 11.4 NA 14.4
--------------------------------------------------------------------------
MARKET & DIVIDEND DATA (as of 11/04/97)
Price Per Share $ 68.00 $ 17.88 $ 40.44
52 Week High 75.25 19.50 46.25
52 Week Low 61.50 12.25 27.33
Dow Jones Industrial Average = 7,689
Enterprise Value/Revenues (LTM) 1.39 1.32 1.48 0.85 1.15
Enterprise Value/Operating Income (LTM) 12.07 10.82 8.85 9.51 10.73
Enterprise Value/EBITDA (LTM) 9.06 7.69 6.57 6.19 8.42
Price/Book Value (Latest) 4.15 4.20 3.38 1.76 6.37
Dividend Per Share (LTM) 1.64 0.46 0.55
Current Yield 0.02 0.02 0.02 0.03 0.01
Common Dividend Payout Ratio 0.42 0.43 0.29 0.58 0.23
--------------------------------------------------------------------------
CASH FLOW DATA & RATIOS (Fiscal Year End)
Cash Flow (Net Income plus Depreciation, LTM) $ 357,800 $ 5,002 $ 581,700
Cash Flow Per Share
LTM $ 8.60 $ 1.85 $ 3.59
1996 $ 7.97 $ 1.59 $ 3.48
1995 $ 7.95 $ 1.94 $ 2.83
1994 $ 8.53 $ 1.76 $ 2.17
3 Year Average Cash Flow Per Share 8.15 1.76 2.83
Price/Cash Flow Per Share (LTM) 12.3 10.5 7.9 9.7 11.3
Price/3 Year Average Cash Flow Per Share 13.8 12.2 8.3 10.1 14.3
KNAP MAS SWK
NASDAQ-NMS NYSE NYSE
KNAPE & VOGT MFG C0 MASCO CORP STANLEY WORKS
Footnote (4) Footnote (5) Footnote (6)
------------ ------------ -------------
Fiscal Year End Date 6/96 12/96 12/96
LTM Date 3/97 6/97 6/97
EARNINGS DATA (Latest Twelve Months) -------------------------------------------------------
Net Sales $ 172,948 $ 3,453,000 $ 2,678,500
Gross Income $ 42,308 $ 1,264,130 $ 887,800
% Margin 24.5% 36.6% 33.1%
Operating Income $ 13,664 $ 480,500 $ 274,400
% Margin 7.9% 13.9% 10.2%
EBITDA $ 21,436 580,180 $ 347,700
% Margin 12.4% 16.8% 13.0%
Net Income $ 7,783 $ 340,300 $ 115,140
% Margin 4.5% 9.9% 4.3%
-------------------------------------------------------
CAPITALIZATION (Latest)
Total Debt $ 33,800 $ 1,240,000 $ 372,200
Preferred Equity $ 0 $ 0 $ 0
Common Equity $ 72,061 $ 1,951,830 $ 716,700
Total Capital $ 105,861 $ 3,191,830 $ 1,088,900
Debt/Total Capital 0.32 0.39 0.34
COMMON SHARES OUTSTANDING (Latest)
5,890,000 161,650,000 89,002,000
----------- ------------ -----------
BALANCE SHEET DATA & RATIOS (Latest)
Cash $ 304 $ 333,170 $ 107,600
Company Value $ 149,087 $ 8,362,916 $ 4,113,937
Current Ratio 4.72 2.76 1.92
Tangible Book Value per Share (Latest) 9.02 9.19 6.94
Asset Turnover 1.34 0.19 1.61
Return on Average Common Equity 11.0% 19.5% 15.2%
Return on Average Total Assets 6.0% 9.1% 6.9%
----------- ------------ -----------
EARNINGS PER SHARE DATA
1996 $ 1.01 $ 1.84 $ 1.41
1995 $ 1.29 $ 1.25 $ 1.25
1994 $ 1.24 $ 1.22 $ 1.40
1993 NA $ 1.45 $ 1.03
1992 NA $ 1.21 $ 1.08
5 Year Average 1.18 1.39 1.23
3 Year Average 1.18 1.44 1.35
Latest 12 Months 1.33 2.12 1.29
1997E 1.40 2.27 2.11
1998E NA 2.60 2.40
Date of Latest 12 Months Earnings Per Share 3/97 6/97 6/97
Date of Current Year IBES Estimate 6/97 12/97 12/97
--------- ---------- -----------
PRICE/EARNINGS RATIOS
NA 33.1 35.1
5 Year Average 16.6 31.1 32.0
3 Year Average 14.8 21.8 33.5
Latest 12 Months 14.0 20.3 20.5
1997E NA 17.7 18.0
1998E ---------------------------------------------------
$ 19.63 $ 46.13 $ 43.25
MARKET & DIVIDEND DATA (as of 11/04/97) 21.13 48.25 47.38
Price Per Share 14.75 31.88 26.38
52 Week High
52 Week Low 0.86 2.42 1.54
Dow Jones Industrial Average = 7,689 10.91 17.40 14.99
Enterprise Value/Revenues (LTM) 6.96 14.41 11.83
Enterprise Value/Operating Income (LTM) 2.17 5.02 6.23
Enterprise Value/EBITDA (LTM) 0.66 0.79 0.74
Price/Book Value (Latest) 0.03 0.02 0.02
Dividend Per Share (LTM) 0.50 0.37 0.57
Current Yield ---------------------------------------------------
Common Dividend Payout Ratio $15,555 $439,980 $188,440
CASH FLOW DATA & RATIOS (Fiscal Year End) $ 2.64 $ 2.73 $ 2.12
Cash Flow (Net Income plus Depreciation, LTM) $ 2.26 $ 2.46 $ 2.25
Cash Flow Per Share $ 2.46 $ 1.82 $ 2.16
LTM $ 2.28 $ 1.85 $ 2.31
1996 2.33 2.04 2.24
1995 7.4 16.9 20.4
1994 8.4 22.6 19.3
3 Year Average Cash Flow Per Share
Price/Cash Flow Per Share (LTM)
Price/3 Year Average Cash Flow Per Share
9
BEST LOCK CORPORATION
Historical Earnings Data
($ in thousands, except per share)
TARGET COMPANY COMPARABLE COMPANIES
--------------------- -------------------------------
ARMSTRONG
WORLD INDS
Best Lock Corporation INC.
Footnote (1)
Fiscal Year End Date 12/96 Mean Median 12/96
LTM Date 9/30/97 6/97
-------------------------------- ----------------------------------
REVENUES
LTM $135,096 $2,187,700
1996 $122,359 $2,156,400
1995 $117,706 $2,325,000
1994 $103,955 $2,226,000
1993 $98,521 $2,075,700
1992 $84,865 $2,111,400
5 Year Compound Annual Growth Rate 9.6% 7.0% 7.3% 0.5%
3 Year Compound Annual Growth Rate 8.5% 6.8% 4.5% -1.6%
-------------------------------- -------------------------------
GROSS INCOME
LTM $68,237 $69,237 $711,900
1996 $58,352 $59,352 $696,500
1995 $48,305 $52,205 $743,900
1994 $49,844 $49,844 $742,100
1993 $45,329 $45,329 $622,000
1992 $35,790 $35,790 $575,300
5 Year Compound Annual Growth Rate 13.0% 13.5% 7.2% 5.5% 5.5%
3 Year Compound Annual Growth Rate 8.2% 9.1% 7.6% 4.7% -2.1%
-------------------------------- -------------------------------
OPERATING INCOME
LTM $13,931 $13,586 $366,700
1996 $6,970 $7,170 $302,400
1995 ($6,074) $926 $293,100
1994 $2,778 $5,678 $294,600
1993 $1,870 $1,870 $187,800
1992 $3,734 $3,734 $128,900
5 Year Compound Annual Growth Rate 16.9% 17.7% 19.4% 23.8% 23.8%
3 Year Compound Annual Growth Rate 58.4% 12.4% 5.9% 1.2% 1.3%
-------------------------------- -------------------------------
EBITDA
LTM $19,484 $19,139 $494,300
1996 $12,435 $12,635 $426,100
1995 ($1,170) $5,831 $429,200
1994 $7,143 $10,043 $428,000
1993 $5,927 $5,928 $317,800
1992 $7,353 $7,353 $265,800
5 Year Compound Annual Growth Rate 14.0% 14.5% 13.8% 12.5% 12.5%
3 Year Compound Annual Growth Rate 31.9% 12.2% 6.0% 1.2% -0.2%
-------------------------------- -------------------------------
NET INCOME
LTM $7,531 $7,333 $230,200
1996 $3,455 $3,569 $192,700
1995 ($4,205) $279 $163,000
1994 $2,208 $4,873 $187,200
1993 $1,800 $1,800 $102,580
1992 $2,458 $2,458 $33,080
5 Year Compound Annual Growth Rate 8.9% 9.8% 16.2% 14.0% 55.4%
3 Year Compound Annual Growth Rate 25.1% -14.4% 4.4% 0.8% 1.5%
-------------------------------- -------------------------------
GROSS MARGIN
LTM 50.5% 51.3% 29.4% 29.1% 32.5%
1996 47.7% 48.5% 28.7% 28.6% 32.3%
1995 41.0% 44.4% 29.0% 28.4% 32.0%
1994 47.9% 47.9% 30.0% 29.5% 33.3%
1993 46.0% 46.0% 28.1% 28.5% 30.0%
1992 42.2% 42.2% 27.2% 27.2% 27.2%
-------------------------------- -------------------------------
OPERATING MARGIN
LTM 10.3% 10.1% 11.4% 10.5% 16.8%
1996 5.7% 5.9% 10.5% 10.1% 14.0%
1995 NM 0.8% 10.1% 9.1% 12.6%
1994 2.7% 5.5% 10.8% 9.8% 13.2%
1993 1.9% 1.9% 8.5% 9.0% 9.0%
1992 4.4% 4.4% 7.4% 6.7% 6.1%
-------------------------------- -------------------------------
EBITDA MARGIN
LTM 14.4% 14.2% 15.4% 13.7% 22.6%
1996 10.2% 10.3% 14.5% 13.0% 19.8%
1995 NM 5.0% 14.0% 12.6% 18.5%
1994 6.9% 9.7% 15.0% 13.5% 19.2%
1993 6.0% 6.0% 12.8% 12.7% 15.3%
1992 8.7% 8.7% 11.8% 12.6% 12.6%
-------------------------------- -------------------------------
NET MARGIN
LTM 5.6% 5.4% 6.4% 5.0% 10.5%
1996 2.8% 2.9% 5.7% 5.0% 8.9%
1995 NM 0.2% 5.3% 4.7% 7.0%
1994 2.1% 4.7% 5.7% 5.0% 8.4%
1993 1.8% 1.8% 4.6% 4.5% 4.9%
1992 2.9% 2.9% 3.8% 4.4% 1.6%
COMPARABLE COMPANIES
------------------------------------------------------------------------------------------
INGERSOLL- KNAPE & STANLEY
EASTERN CO RAND CO VOGT MFG CO MASCO CORP WORKS
Footnote (2) Footnote (3) Footnote (4) Footnote (5) Footnote (6)
Fiscal Year End Date 12/96 12/96 6/96 12/96 12/96
LTM Date 3/97 6/97 3/97 6/97 6/97
------------------------------------------------------------------------------------------
REVENUES
LTM $59,247 $6,813,000 $172,948 $3,453,000 $2,678,500
1996 $57,854 $6,702,900 $163,012 $3,237,000 $2,670,800
1995 $59,352 $5,729,000 $168,191 $2,927,000 $2,624,300
1994 $58,381 $4,507,469 $145,505 $2,583,000 $2,510,900
1993 $52,546 $4,021,071 $114,011 $2,243,000 $2,273,100
1992 $60,060 $3,783,787 $111,816 $2,042,000 $2,217,700
5 Year Compound Annual Growth Rate -0.9% 15.4% 9.9% 12.2% 4.8%
3 Year Compound Annual Growth Rate -0.5% 21.9% 5.8% 11.9% 3.1%
----------------------------------------------------------------------------
GROSS INCOME
LTM $14,241 $1,745,900 $42,308 $1,264,130 $887,800
1996 $12,681 $1,673,000 $38,603 $1,188,930 $875,300
1995 $14,115 $1,418,800 $40,894 $1,080,670 $838,600
1994 $13,641 $1,130,400 $37,803 $1,008,900 $826,900
1993 $13,304 $1,004,400 $32,528 NA $720,100
5 Year Compound Annual Growth Rate 0.5% 18.0% 7.4% NM 4.8%
3 Year Compound Annual Growth Rate 2.2% 24.3% 5.8% 11.9% 3.6%
----------------------------------------------------------------------------
OPERATING INCOME
LTM $5,316 $732,800 $13,664 $480,500 $274,400
1996 $4,046 $683,500 $11,165 $480,500 $266,800
1995 $4,347 $497,000 $14,090 $402,340 $251,900
1994 $3,963 $377,000 $13,067 $430,750 $266,500
1993 NA $296,514 NA NA $207,800
1992 NA $255,239 NA NA $208,000
5 Year Compound Annual Growth Rate NM 27.9% NM NM 6.4%
3 Year Compound Annual Growth Rate 1.0% 34.6% -7.6% 5.6% 0.1%
----------------------------------------------------------------------------
EBITDA
LTM $8,165 $933,900 $21,436 $580,180 $347,700
1996 $6,999 $886,100 $18,511 $580,180 $341,500
1995 $6,975 $676,400 $20,988 $492,430 $333,100
1994 $6,416 $509,540 $19,154 $551,380 $348,300
1993 NA $420,035 NA NA $288,500
1992 NA $371,818 NA NA $286,500
5 Year Compound Annual Growth Rate NM 24.2% NM NM 4.5%
3 Year Compound Annual Growth Rate 4.4% 31.9% -1.7% 2.6% -1.0%
----------------------------------------------------------------------------
NET INCOME
LTM $2,153 $380,600 $7,783 $340,300 $115,140
1996 $1,336 $358,000 $5,928 $295,200 $125,580
1995 $2,747 $270,300 $7,591 $200,050 $110,400
1994 $2,437 $211,100 $7,314 $172,710 $125,300
1993 $2,830 $166,500 NA NA $92,600
1992 $3,037 $163,600 NA NA $98,100
5 Year Compound Annual Growth Rate -18.6% 21.6% NM NM 6.4%
3 Year Compound Annual Growth Rate -26.0% 30.2% -10.0% 30.7% 0.1%
----------------------------------------------------------------------------
GROSS MARGIN
LTM 24.0% 25.6% 24.5% 36.6% 33.1%
1996 21.9% 25.0% 23.7% 36.7% 32.8%
1995 23.8% 24.8% 24.3% 36.9% 32.0%
1994 23.4% 25.1% 26.0% 39.1% 32.9%
1993 25.3% 25.0% 28.5% NA 31.7%
1992 23.3% 23.8% 28.4% NA 33.2%
----------------------------------------------------------------------------
OPERATING MARGIN
LTM 9.0% 10.8% 7.9% 13.9% 10.2%
1996 7.0% 10.2% 6.8% 14.8% 10.0%
1995 7.3% 8.7% 8.4% 13.7% 9.6%
1994 6.8% 8.4% 9.0% 16.7% 10.6%
1993 NA 7.4% NA NA 9.1%
1992 NA 6.7% NA NA 9.4%
----------------------------------------------------------------------------
EBITDA MARGIN
LTM 13.8% 13.7% 12.4% 16.8% 13.0%
1996 12.1% 13.2% 11.4% 17.9% 12.8%
1995 11.8% 11.8% 12.5% 16.8% 12.7%
1994 11.0% 11.3% 13.2% 21.3% 13.9%
1993 NA 10.4% NA NA 12.7%
1992 NA 9.8% NA NA 12.9%
----------------------------------------------------------------------------
NET MARGIN
LTM 3.6% 5.6% 4.5% 9.9% 4.3%
1996 2.3% 5.3% 3.6% 9.1% 4.7%
1995 4.6% 4.7% 4.5% 6.8% 4.2%
1994 4.2% 4.7% 5.0% 6.7% 5.0%
1993 5.4% 4.1% NA NA 4.1%
1992 5.1% 4.3% NA NA 4.4%
10
BESTLOCK CORPORATION
Historical Balance Sheet & Other Data
($ In Thousands, Except Per Share)
TARGET COMPANY
----------------------------
Best Lock Corporation
Fiscal Year End Date 12/96
LTM Date 9/30/97
- -----------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY (Restated)
Latest Quarter $33,555
Average LTM $30,025
1996 $27,263
1995 $25,350
1994 $41,010
1993 $48,560
1992 $47,510
- -----------------------------------------------------------------------------------------------
RETURN ON AVERAGE COMMON EQUITY
LTM 25.1% 24.4%
1996 13.1% 13.6%
1995 NM 0.8%
1994 4.9% 10.9%
1993 3.7% 3.7%
- -----------------------------------------------------------------------------------------------
TOTAL ASSETS (Restated)
Latest Quarter $70,258
1996 $68,883
1995 $69,017
1994 $71,003
1993 $64,217
1992 $63,900
INTANGIBLE ASSETS (Fiscal Year End) 0
- -----------------------------------------------------------------------------------------------
COMMON SHARES ISSUED AND OUTSTANDING
Latest Quarter 1
1996 1
- -----------------------------------------------------------------------------------------------
AVERAGE COMMON SHARES OUTSTANDING
Latest Quarter 1
LTM 1
1996 1
1995 1
1994 1
- -----------------------------------------------------------------------------------------------
DEPRECIATION (from Cash Flow Statement)
LTM $ 5,553
1996 $ 5,465
1995 $ 4,905
1994 $ 4,365
1993 $ 4,058
1992 $ 3,619
- -----------------------------------------------------------------------------------------------
PREFERRED DIVIDENDS
LTM $ 0
1996 $ 0
1995 $ 0
1994 $ 0
1993 $ 0
- -----------------------------------------------------------------------------------------------
EXTRA INFORMATION
Date of Latest Quarterly Information 8/97
Primary Business Segment
SIC Code
SIC Code Definition
COMPARABLE COMPANIES
- ------------------------------------------------------------------------------------------------------------
ARMSTRONG
WORLD INDS INGERSOLL- KNAPE & STANLEY
INC EASTERN CO RAND CO. VOGI MFG CO MASCO CORP WORKS
Footnote(1) Footnote(2) Footnote(3) Footnote(4) Footnote(5) Footnote(6)
----------- ----------- ----------- ------------ ----------- -----------
Mean Median 12/96 12/96 12/96 6/96 12/96 12/96
6/97 3/97 6/97 3/97 6/97 6/97
- ------------------------------------------------------------------------------------------------------------
$820,300 $30,120 $2,231,800 $72,061 $1,951,830 $716,700
$792,750 $29,546 $2,079,650 $71,340 $1,832,650 $741,200
$790,000 $29,355 $2,090,800 $69,174 $1,839,810 $780,100
$775,000 $29,807 $1,795,500 $72,714 $1,655,430 $734,600
$735,100 $29,843 $1,531,342 $67,974 $2,112,680 $744,200
$569,500 $28,383 $1,349,825 $63,876 $1,998,430 $680,900
$569,200 $26,926 $1,293,375 $62,067 $1,886,880 $696,300
- ----------------------------------------------------------------------------------------------------------
16.6% 16.9% 29.0% 7.3% 18.3% 10.9% 18.6% 15.5%
14.7% 16.7% 23.5% 4.5% 18.4% 8.4% 16.9% 16.6%
13.5% 12.9% 19.1% 9.2% 16.2% 10.8% 10.6% 14.9%
14.3% 12.9% 25.8% 8.4% 14.7% 11.1% 8.4% 17.6%
12.7% 13.0% 14.6% 10.2% 12.6% NM NM 13.4%
- ----------------------------------------------------------------------------------------------------------
$2,228,100 $43,988 $5,903,700 $129,445 $3,796,290 $1,666,800
$2,135,600 $42,492 $5,621,600 $129,225 $3,701,650 $1,659,600
$2,149,800 $41,090 $5,563,297 $131,434 $3,778,630 $1,670,000
$2,159,000 $41,883 $3,596,921 $133,656 $4,390,039 $1,701,100
$1,869,200 $40,459 $3,375,332 $ 95,173 $4,021,060 $1,576,900
$1,944,300 $40,203 $3,387,552 $ 87,236 $3,986,560 $1,607,600
0 2,045 1,178,000 18,916 466,360 98,900
- ----------------------------------------------------------------------------------------------------------
40,748 2,764 165,921 5,890 161,650 89,002
41,164 2,716 164,223 5,881 160,870 88,720
- ----------------------------------------------------------------------------------------------------------
41,300 2,723 163,050 5,901 161,200 88,987
41,625 2,705 162,225 5,889 160,975 88,851
39,700 2,699 161,250 5,883 160,600 88,824
37,600 2,772 159,104 5,891 159,600 88,720
37,600 2,772 158,187 5,878 158,800 89,550
- ----------------------------------------------------------------------------------------------------------
$127,600 $2,850 $201,100 $7,772 (7)$ 99,680 $73,300
$123,700 $2,953 $202,600 $7,345 $ 99,680 $74,700
$136,100 $2,628 $179,400 $6,898 $ 90,090 $81,200
$133,400 $2,453 $132,540 $6,087 $120,630 $81,800
$130,000 $2,322 $123,521 NA $115,990 $80,700
$136,900 $2,237 $116,579 NA $114,450 $78,500
- ----------------------------------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
$ 8,800 $ 0 $ 0 $ 0 $ 0 $ 0
$ 18,800 $ 0 $ 0 $ 0 $ 0 $ 0
$ 19,000 $ 0 $ 0 $ 0 $ 0 $ 0
$ 19,200 $ 0 $ 0 $ 0 $ 0 $ 0
- ----------------------------------------------------------------------------------------------------------
6/97 3/97 6/97 3/97 6/97 6/97
FLOOR SECURITY STANDARD SPECIALTY KITCHEN AND TOOLS
COVERING PRODUCTS MACHINERY HARDWARE BATH
PRODUCTS PRODCUTS
(3089, 2891) (3429, 3325) (3563, 3531) (2540, 3429) (2434, 3432) (3423, 3546)
PLASTICS PRODUCTS, CUTLERY,HAND GENERAL INDUSTRIAL PARTITIONS,SHELVING, HEATING EQ, CUTLERY,HAND
NEC TOOLS,GEN HRDWR MACH & EQ LOCKERS PLUMBING FIXTURE TOOLS,GEN HRDWR
FOOTNOTES & ADJUSTMENTS
(1) Historical financial statement are adjusted to represent continuing
operations only. Presented net of unusual and/or non recurring charges;
marginal tax rate of 40% used on adjustments for net income. Adjustments
include 1996-$46.5MM, 1995-$249.0MM, 1993-$89.3MM, 1992-$160.8MM
(2) Historical financial statement are adjusted to represent continuing
operations only. Presented net of 1996 defense costs ($456.0K or
$0.17/Share after tax).
(3) Presented net of unusual and/or non recurring charges; marginal tax rate of
40% used on adjustments for net income. Adjustments include 1993-$5.0MM,
1992-$80.0MM
(4) Historical financial statement are adjusted to represent continuing
operations only. Presented net of unusual costs ($2.825MM or $0.48/Share
after tax for year ended 6/96; $0.246MM or $0.04/Share after tax for
quarter ended 3/97).
(5) Historical financial statement are adjusted to represent continuing
operations only, and to reflect pooling of interests.
(6) Presented net of unusual and/or non recurring charges; marginal tax rate of
40% used on adjustments for net income. Adjustments include before tax
LTM-$43.2MM, 1996-$47.8MM, 1995-$85.5MM. Marginal tax rate of 40% used for
net income adjustments
(7) estimated
11
COMPANY NAME: PROJECT THOROUGHBRED
MERGERS AND ACQUISITIONS ANALYSIS
VALUATION PURPOSE: Equity Value
VALUATION DATE:11/4/97
Comparable Group
Input Low Median High
- ---------------------------------------------------------------------------------------------
ENTERPRISE VALUE/REVENUES(2)
3 Year Avg 0.4X 0.7X 1.4X
Last Twelve Months (LTM) 0.4X 0.7X 1.4X
1997 Est 0.4X 0.7X 1.4X
ENTERPRISE VALUE/ OP INCOME(2)
3 Year Avg 4.1X 11.5X 22.1X
LTM 4.1X 11.5X 22.1X
1997 Est 4.1X 11.5X 22.1X
EQUITY VALUE/NET INCOME
3 Year Avg 6.4X 18.0X 39.9X
LTM 6.4X 18.0X 39.9X
1997 Est 6.4X 18.0X 39.9X
EQUITY VALUE/BOOK VALUE
LTM 0.8X 2.9X 9.9X
BLC(1) Indicated Value
Input 11/4/97 Low Median High
- ---------------------------------------------------------------------------------------------------------------------------
ENTERPRISE VALUE/REVENUES(2)
3 Year Avg $114,673 $45,869 $80,271 $160,542
Last Twelve Months (LTM) $135,096 $35,520 $76,049 $170,616
1997 Est $135,500 $35,682 $76,332 $171,182
ENTERPRISE VALUE/ OP INCOME(2)
3 Year Avg $ 4,591 $18,823 $52,797 $101,461
LTM $13,586 $37,185 $137,721 $281,733
1997 Est $11,200 $27,402 $110,282 $229,002
EQUITY VALUE/NET INCOME
3 Year Avg $ 2,907 $18,605 $52,326 $115,989
LTM $ 7,333 $46,931 $131,994 $292,587
1997 Est $ 5,300 $33,920 $95,400 $211,470
EQUITY VALUE/BOOK VALUE
LTM $33,555 $26,844 $97,310 $332,195
MEAN: $32,678 $91,048 $206,678
MEDIAN: $34,720 $87,836 $191,326
INDICATED VALUATION: $60,000 to $ 65,000
(1) BLC has been adjusted for extraordinary income and expenses.
(2) Enterprise Value = Market Cap+Pref Equity Debt-Cash Indicated value is
enterprise value minus pref stock minus debt plus cash BLC Debt-Cash
on 11/4/97 = $18,518
12
PROJECT THOROUGHBRED
Selected Transaction Analysis
All Numbers in 000's, except per share amount
FOOT- DATE DATE TARGET BUSINESS
NOTES ANNOUNCED EFFECTIVE TARGET NAME DESCRIPTION
- ------------------------------------------------------------------------------------------------------------------------------------
(1) 12/16/96 1/27/97 Eljer Industries Manufacture plumbing fixtures
1/8/96 5/31/96 Medalist Industries Inc Mfr screws, bolts
(2) 9/26/95 1/3/96 Larizza Industries Inc. Mnfr vehicle components
9/12/95 10/20/95 Elco Industries Mfr fasteners, hardware
(3) 8/29/95 9/29/95 Amercian Consumer Products, Inc. Mfr consumer hardware products
(4) 10/26/94 3/31/95 RB&W Corp Mfr wholesale fasteners
(5) 2/11/94 5/20/94 Bettis Corp Mnfr fluid power valve cntrls
1/3/94 4/27/94 Mark Controls Corp Mnfr valves, bldg control systems
DATE OF PER LATEST
LATEST SHARE AMOUNT REPORTED
FINANCIAL NUMBER PRICE PAID FOR AMOUNT
ACQUIRER NAME STATEMENTS OF SHARES PAID EQUITY OF DEBT
- ------------------------------------------------------------------------------------------------------------------------------------
Zurn Industries 9/29/96 7,915 $24.00 $189,961 $85,395
Illinois Tools Works Inc 12/31/95 3,898 $14.50 $ 56,525 $36,393
Collins & Aikman Corp. 9/30/95 22,088 $ 6.50 $143,573 $34,742
Textron 6/30/95 5,137 $36.00 $184,923 $41,860
Vista 2000 Inc. 7/1/95 2,598 $ 5.30 $ 13,772 $24,713
Park-Ohio Industries Inc. 9/30/94 6,016 $ 8.84 $ 53,208 $29,976
Shareholders of Galveston Houston 12/31/93 8,445 $ 2.82 $ 23,799 $ 5,895
Crane Co. 12/31/93 5,038 $19.50 $ 98,247 $31,640
LTM LTM TARGET
LTM TARGET TARGET TANGIBLE
ENTERPRISE TARGET OPERATING NET BOOK
CASH VALUE NET SALES INCOME INCOME VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
$21,325 $254,031 $393,533 $30,563 $14,085 ($33,953)
$ 434 $ 92,484 $126,016 $ 5,752 $1,729 $11,006
$ 837 $177,478 $196,954 $20,874 $13,199 $14,465
$ 3,110 $223,673 $249,300 $19,100 $10,300 $64,178
$ 103 $ 38,382 $107,313 $ 3,424 ($480) $17,568
$ 719 $ 82,465 $163,550 $ 6,243 $1,332 $23,431
$ 504 $ 29,190 $52,699 $ 7,133 $3,737 $14,604
$ 4,027 $125,860 $87,789 $ 5,706 $3,112 $21,738
EQUITY EQUITY
ENTERPRISE VALUE VALUE
ENTERPRISE VALUE/ PAID/ PAID/
VALUE/NET OPERATING NET BOOK
SALES INCOME INCOME VALUE
- --------------------------------------------------------------------------------------------------------------------------------
0.6 x 8.3 x 13.5 x NM
0.7 x 16.1 x 32.7 x 5.1 x
0.9 x 8.5 x 10.9 x 9.9 x
0.9 x 11.7 x 18.0 x 2.9 x
0.4 x 11.2 x NM 0.8 x
0.5 x 13.2 x 39.9 x 2.3 x
0.6 x 4.1 x 6.4 x 1.6 x
1.4 x 22.1 x 31.6 x 4.5 x
Mean: 0.8 x 11.9 x 21.8 x 3.9 x
Median: 0.7 x 11.5 x 18.0 x 2.9 x
(1) LTM has been adjusted for Litigation settlement benefit of $1.28MM, and
unusual charge of $3.45MM; marginal tax rate of 40% was used for net
income and tangible equity adjustment.
(2) Net Income has been presented for continuing operations only.
(3) LTM has been adjusted for loss on sale of Sharon Finance Division totaling
$2.428MM before tax; marginal tax rate of 40% was used for net income and
tangible equity adjustment.
(4) LTM has been adjusted for "special charge" benefit in quarter 4 of 1993 for
$0.456MM before tax, benefit was marginally taxed at 40% for net income
and tangible equity adjustment. Price paid per share calculated from
exchange ratio agreed, using Park-Ohio's stock price close on 10/25/94.
(5) Price paid per share calculated from exchange ratio agreed, using
Galveston-Houston Co's stock price close on 2/10/94
13
PROJECT THOROUGHBRED
Projected Income Statements
For the years ending December 31,
1997 1998 1999 2000 2001
-------------------------------------------------------------------------
Net Sales $ 135,500 $145,000 $155,100 $166,000 $177,600
% Growth 10.7% 7.0% 7.0% 7.0% 7.0%
Cost of Goods Sold $70,000 $73,900 $79,100 $84,600 $90,500
-------------------------------------------------------------------------
Gross Margin $65,500.0 $71,100.0 $76,000.0 $81,400.0 $87,100.0
Gross Margin % 48.3% 49.0% 49.0% 49.0% 49.0%
Total Operating Expenses $54,300 $58,000 $62,100 $66,400 $71,000
-------------------------------------------------------------------------
Operating Income (Loss) $11,200 $13,100 $13,900 $15,000 $16,100
Operating Margin % 8.3% 9.0% 9.0% 9.0% 9.1%
Interest & Other Income (Expense) ($1,900) ($1,900) ($1,700) ($1,600) ($1,500)
-------------------------------------------------------------------------
Income (Loss) Before Income Taxes $ 9,300 $11,200 $12,200 $13,400 $14,600
Provision for Income Taxes $ 4,000 $4,800 $5,200 $5,800 $6,300
-------------------------------------------------------------------------
NET INCOME (LOSS)
Best Lock Corporation & Subsidiary $ 5,300 $6,400 $7,000 $7,600 $8,300
=========================================================================
14
PROJECT THOROUGHBRED
Projected Balance Sheets
As of December 31,
1997 1998 1999 2000 2001
------------------------------------------------------------------
ASSETS
Current Assets
Cash & Equivalents $4,800 $6,100 $7,600 $9,100 $10,600
Trade Receivables $17,800 $19,100 $20,400 $21,800 $23,400
Inventories $13,700 $14,500 $15,500 $16,600 $17,700
Pre-Paids & Other $3,000 $3,000 $3,000 $3,000 $3,000
------------------------------------------------------------------
Total Current Assets $39,300 $42,700 $46,500 $50,500 $54,700
Property Plant & Equipment $67,100 $72,100 $77,600 $83,600 $90,100
Accumulated Depreciation ($41,600) ($46,900) ($52,400) ($58,000) ($63,800)
------------------------------------------------------------------
Net PP&E $25,500 $25,200 $25,200 $25,600 $26,300
Other Assets, Net $4,100 $3,800 $3,600 $3,300 $3,100
Total Assets $68,900 $71,700 $75,300 $79,400 $84,100
==================================================================
LIABILITIES & STOCKHOLDERS EQUITY
Current Liabilities
Current Portion of Benefit Obligation $1,300 $1,300 $1,300 $1,300 $1,300
Accounts Payable $3,600 $3,700 $4,000 $4,200 $4,500
Customer Advances $2,000 $2,100 $2,300 $2,450 $2,600
Accrued Liabilities $6,600 $7,100 $7,600 $8,150 $8,700
------------------------------------------------------------------
Total Current Liabilities $13,500 $14,200 $15,200 $16,100 $17,100
Long Term Debt $12,000 $9,000 $6,000 $3,000 $0
Retirement Benefit Obligation $2,700 $2,200 $1,700 $1,200 $700
Deferred Income Taxes $2,000 $2,000 $2,000 $2,000 $2,000
------------------------------------------------------------------
Total Liabilities $30,200 $27,400 $24,900 $22,300 $19,800
Stock Redeemable Under Bonus Plan $6,000 $5,700 $5,500 $5,200 $4,600
Common Stock $1,400 $1,400 $1,400 $1,400 $1,400
Accumulated Earnings $52,900 $58,700 $65,100 $72,100 $79,900
Cumulative Translation Adjustment ($200) ($200) ($200) ($200) ($200)
Stock Redeemable Under Bonus Plan ($6,000) ($6,000) ($6,000) ($6,000) ($6,000)
Treasury Stock ($15,400) ($15,400) ($15,400) ($15,400) ($15,400)
------------------------------------------------------------------
Total Equity $32,700 $38,500 $44,900 $51,900 $59,700
Total Liabilities & Shareholder's Equity $68,900 $71,600 $75,300 $79,400 $84,100
==================================================================
15
PROJECT THOROUGHBRED
Projected Cash Flows
For the Periods Ending December 31,
1997 1998 1999 2000 2001
------------------------------------------
Net Income after tax $5.3 $6.4 $7.0 $7.6 $8.3
Adjustments to reconcile NI to net cash from operating activities
Depreciation 5.4 5.3 5.5 5.6 5.7
Amortization 0.2 0.2 0.2 0.2 0.2
(Increase) decrease in A/R 0.2 (1.2) (1.3) (1.4) (1.5)
(Increase) decrease in inventory 0.1 (0.8) (1.0) (1.1) (1.2)
(Increase) decrease in prepaids and other current assets 0.6 - - - -
Increase (decrease) in A/P, customer advances & accrued exp. (1.4) 0.7 0.9 1.0 1.0
Increase (decrease) in Deferred Income Taxes (0.3) - - - -
Increase (decrease) in Retirement Benefit and Benefit Obligation (0.6) (0.5) (0.5) (0.5) (0.5)
------------------------------------------
Total adjustments 4.2 3.8 3.8 3.8 3.8
Net cash provided by operating activities $9.5 $10.2 $10.8 $11.4 $12.1
Capital Expenditures ($4.0) ($5.0) ($5.5) ($6.0) ($6.5)
Cash Used for Stock Bonus Plan Payout $0.0 ($0.3) ($0.2) ($0.3) ($0.6)
Payments on Loan Balance ($3.0) ($3.0) ($3.0) ($3.0) ($3.0) NORMALIZED
------------------------------------------ ----------
Cash available for Dividend payment $2.5 $1.9 $2.1 $2.1 $2.0 $2.0
$3.0 Loan
Dividend Payment ($0.6) ($0.6) ($0.6) ($0.6) ($0.6) $0.2 Int. Exp.
------------------------------------------ ----
Net Cash Flow $1.9 $1.3 $1.5 $1.5 $1.4 $5.2
Beginning Cash Balance $2.9 $4.8 $6.1 $7.6 $9.1
Ending Cash Balance $4.8 $6.1 $7.6 $9.1 $10.5
Potential Dividend / Net Income (%) 47.2% 29.7% 30.0% 27.6% 24.1%
16
PROJECT THOROUGHBRED
Relevered Weighted Average Cost of Capital (WACC) Analysis
11/10/97
WEIGHTED AVERAGE COST OF CAPITAL
Cost of Debt:
Kd = Yield to Maturity on Long-Term Debt Obligations
Kd = Unrated Corporate Bond Yields
Kd = 12.0%
Cost of Equity:
Ke = Risk Free Rate + Company Risk Premium
Ke = Rf + [ Relevered Comparable Co. Beta x Equity Risk Premium] + Small Co. & Company
Ke = 6.2% + [1.12 x 7.4% ] + 4.5% Specific Risk Premium
Ke = 19.0%
Weighted Average Cost of Capital:
WACC = [ (D/C) (1-t) Kd] + [ (E/C) Ke]
WACC = [ 0.3% x 60.0 % x 12.0% ] + [0.7% x 19.0% ]
WACC = 15.5%
WACC COMPONENTS
Rf (1) 6.24%
Date of Rf 11/4/97
Kd (2) 12.0%
Ke 19.0%
Equity Risk Premium (Rm-Rf) 7.4%
Tax Rate 40.0%
Tax Complement (1-t) 60.0%
Relevered Beta (Median) 1.12
BLC's Target Debt 30%
BLC's Target Equity 70%
BLC's Target Debt to Equity 42.9%
COMPARABLE COMPANY BETA & DEBT TO CAPITAL RATIO
Market
Relevered Price Shares Value of
Symbol Company Beta (L) (3) Beta (U) Beta 11/4/97 Out. (4) Equity
- ----------------------------------------------------------------------------------------------------------------------
ACK ARMSTRONG WORLD INDS INC 0.87 0.78 0.98 $68.00 40,748.0 2,770.9
EML EASTERN CO 0.37 0.35 0.44 $17.88 2,737.0 48.9
IR INGERSOLL-RAND CO 1.30 1.16 1.46 $40.44 165,921.0 6,709.4
KNAP KNAPE & VOGT MFG CO 0.52 0.45 0.57 $19.63 5,904.0 115.9
MAS MASCO CORP 1.10 1.00 1.26 $46.13 161,650.0 7,456.1
SWK STANLEY WORKS 1.11 1.05 1.32 $43.25 89,002.0 3,849.3
MAXIMUM 1.30 1.16 1.46 7,456.1
MEAN 0.88 0.80 1.01 3,491.8
MEDIAN 0.99 0.89 1.12 3,310.1
MINIMUM 0.37 0.35 0.44 48.9
COMPARABLE COMPANY BETA & DEBT TO CAPITAL RATIO
Total Total Debt/ Equity/ Debt/
Symbol Company Debt (5) Capital Capital Capital Equity
- ----------------------------------------------------------------------------------------------------------------------
ACK ARMSTRONG WORLD INDS INC 526.6 3,297.5 16.0% 84.0% 19.0%
EML EASTERN CO 3.2 52.1 6.2% 93.8% 6.6%
IR INGERSOLL-RAND CO 1,332.7 8,042.1 16.6% 83.4% 19.9%
KNAP KNAPE & VOGT MFG CO 29.0 144.9 20.0% 80.0% 25.0%
MAS MASCO CORP 1,240.0 8,696.1 14.3% 85.7% 16.6%
SWK STANLEY WORKS 372.2 4,221.5 8.8% 91.2% 9.7%
MAXIMUM 1,332.7 8,696.1 20.0% 93.8% 25.0%
MEAN 584.0 4,075.7 13.6% 86.4% 16.1%
MEDIAN 449.4 3,759.5 15.1% 84.9% 17.8%
MINIMUM 3.2 52.1 6.2% 80.0% 6.6%
(1) The risk free rate (Rf) is estimated to be the 30 year Treasury Yield @
11/4/97.
(2) The current yield for an unrated corporate bond in today's market is
between 11% and 13%.
(3) Last 60 month Beta vs. S&P 500.
(4) Latest quarterly figures.
17
PROJECT THOROUGHBRED
Discounted Cash Flow Analysis
Discounted to September 30, 1997
3 Mo's Ended Fiscal Years Ending
December 31, December 31,
-------------------------------------------------------------------
1997 1998 1999 2000 2001
-------------------------------------------------------------------
Operating Income $1,141 $13,100 $13,900 $15,000 $16,100
Tax at 43.0% ($491) ($5,633) ($5,977) ($6,450) ($6,923)
Plus
Depreciation & Amortization $1,418 $5,500 $5,700 $5,800 $5,900
Less
Increase in Working Capital $1,590 ($1,400) ($1,300) ($1,600) ($1,700)
Payments to Stock Plan $0 ($300) ($200) ($300) ($600)
Capital Expenditures ($1,640) ($5,000) ($5,500) ($6,000) ($6,500)
--------------------------------------------------------------------
Free Cash Flows $2,019 $6,267 $6,623 $6,450 $6,277
Terminal Value 6.0x $96,600
--------------------------------------------------------------------
Total Free Cash Flows $2,019 $6,267 $6,623 $6,450 $102,877
====================================================================
NPV Calculation 9/30/97
- -----------------------------------------------------------
NPV of Free Cash Flows $19,601 26.9%
NPV of Terminal Value $53,299 73.1%
--------
Enterprise Value $72,900
Plus Cash $3,696
Less Debt ($22,214)
--------
Equity Value $54,383
Assumptions
---------------------------------------------------------
Discount Rate 15% Tax Rate 43.0%
EBIT Multiple 6.0 x
Sensitivity Analysis - Equity Value
-----------------------------------------------------------
17% 15% 13%
------- ------- -------
5.0 x $41,584 $45,499 $49,771
6.0 x $49,839 $54,383 $59,343
7.0 x $58,094 $63,266 $68,914
18
Project Thoroughbred
- --------------------------------------------------------------------------------
LONG-TERM DIVIDEND
SCENARIO DETAIL
19
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB BLP
- ----------------- -------------------- ------------------- -------------------- --------------------
Shares Pct. Shares Pct. Shares Pct. Shares Pct.
-------------------- ------------------- -------------------- --------------------
Outsiders
---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.0000 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765 0.0000
Della & Co. 2,416.15 2.0027 0.0000 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0000 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411 0.0000
--------------------- -------------------- ---------------------- --------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176 0.00 0.0000
Insiders
--------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 113,311.00 18.9259 13.00 13.0000
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002 0.0000
--------------------- -------------------- ---------------------- --------------------
1,687.00 1.3983 2,128.00 0.5506 113,312.00 18.9260 13.00 13.0000
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.0000 0.0000
Best Lock Corp 0.0000 19,287.00 4.9906 148,925.00 24.8743 87.00 87.0000
Best Universal Lock 95,556.34 79.2060 0.0000 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.0000 0.0000
Best Lock Partners 8,787.00 2.2737 204,053.00 34.0821 0.0000
--------------------- -------------------- ---------------------- --------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000 100.00 100.0000
===================== ==================== ====================== ====================
Version: 45.1
Ownership
Page 1
20
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLP Holdings
Shares Per Share Value
--------------------------------------
BUL A 8,787.00 120.23 1,056,440.39
FEB 204,053.00 53.77 10,971,179.44
-------------
12,027,619.83
Divest to BLC
- --------------------------------------------------------------------------------
BUL A 8,787.00 120.23 1,056,440.39
FEB 170,394.00 53.77 9,161,458.78
-------------
10,217,899.17 84.95%
Divest To RCB/WEBCO
- --------------------------------------------------------------------------------
BUL A 0.00 120.23 0.00
FEB 33,659.00 53.77 1,809,720.65
-------------
1,809,720.65 15.05%
BLP Liquidation
Page 2
21
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB BLP
- ------------------- ----------------------- ------------------------- ------------------------ -----------------
Shares Pct. Shares Pct. Shares Pct. Shares Pct.
--------------------- ------------------------- ----------------------- -----------------
Outsiders
---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765 0.0000
Della & Co. 2,416.15 2.0027 0.0000 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0000 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411 0.0000
--------------------- ------------------------- ----------------------- -----------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176 0.00 0.0000
Insiders
--------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 146,970.00 24.5478 0.00 0.0000
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002 0.0000
--------------------- ------------------------- ----------------------- -----------------
1,687.00 1.3983 2,128.00 0.5506 146,971.00 24.5479 0.00 0.0000
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.0000 0.0000
Best Lock Corp 0.0000 28,074.00 7.2642 319,319.00 53.3345 0.00 0.0000
Best Universal Lock 95,556.34 79.2060 0.0000 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.0000 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000 0.0000
--------------------- ------------------------- ----------------------- -----------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000 0.00 0.0000
===================== ========================= ======================= =================
Version: 45.1
Ownership - BLP Liquidation
Page 3
22
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Ownership
(All Figures Are Post-BLP Liquidation) RCB/WEBCO
Purchase @ Adjusted
Shares Pct. 53.61 Shares Pct.
----------------------------- ------------ ------------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 0.00 0.00
Cede & Co. 63,921.00 10.68 63,921.00 10.68
Della & Co. 0.00 0.00 0.00 0.00
Martin Nelson & Assoc 0.00 0.00 0.00 0.00
All Other Outsiders 68,499.00 11.44 68,499.00 11.44
----------------------------- ----------------------------
132,420.00 22.12 132,420.00 22.12
Insiders
- --------
Russell Best 146,970.00 24.55 23,000.00 169,970.00 28.39
Mariea Best 1.00 0.00 1.00 0.00
----------------------------- ----------------------------
146,971.00 24.55 169,971.00 28.39
Stock Bonus Plan 0.00 0.00 0.00 0.00
Best Lock Corp 319,319.00 53.33 (23,000.00) 296,319.00 49.49
Best Universal Lock 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00
----------------------------- ---------- ----------------------------
Total 598,710.00 100.00 0.00 598,710.00 100.00
============================= ========== ============================
Adjustment to BLC Value Amount
- ----------------------- -------------
Value of BLC 44,140,000.00
FEB Proceeds 1,233,133.58
FEB Basis 29.36 675,280.00
-------------
FEB Taxable Gain 557,853.58
Taxes Paid 43% 239,877.04
-------------
Net Cash Retained 993,256.54
-------------
Adjusted BLC Value 45,133,256.54
WEBCO Purchase of FEB
Page 4
23
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB BLP
- ----------------- ------------------------- ------------------------- --------------------- -------------------
Shares Pct. Shares Pct. Shares Pct. Shares Pct.
------------------------- ------------------------- --------------------- ------------------
Outsiders
- -----------------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.00 0.0000 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765 0.0000
Della & Co. 2,416.15 2.0027 0.0000 0.00 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.00 0.0000 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411 0.0000
------------------------- ------------------------- --------------------- -------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176 0.00 0.0000
Insiders
- -----------------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 169,970.00 28.3894 0.00 0.0000
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002 0.0000
------------------------- ------------------------- --------------------- -------------------
1,687.00 1.3983 2,128.00 0.5506 169,971.00 28.3895 0.00 0.0000
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.00 0.0000 0.0000
Best Lock Corp 0.0000 28,074.00 7.2642 296,319.00 49.4929 0.00 0.0000
Best Universal Lock 95,556.34 79.2060 0.0000 0.00 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.00 0.0000 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000 0.0000
------------------------- ------------------------- --------------------- -------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000 0.00 0.0000
======================== ========================= ===================== ===================
Version: 45.1
Ownership - Post WEBCO
Page 5
24
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC DIVIDEND PAID 100.00 BUL DIVIDEND REC'D (FROM BLC) 79.21
=======
Corporate Tax Exclusion 80% Administrative Expenses 1% 0.54
------
Corporate Tax Rate 43% Taxable Income 78.66
Effective Tax Rate 9% Corporate Tax Exclusion 80%
Corporate Tax Rate 40%
Corporate Taxes Paid 6.29
------
BUL Dividend Paid 72.37
======
BLC Shareholders BUL Shareholders
Shares Pct. Dividend Shares Pct. Dividend
----------------------------- ----------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 1.27
4,365.00 3.6181 3.62 5,671.00 1.4674 1.06
2,416.15 2.0027 2.00 0.00 0.0000 0.00
100.00 0.0829 0.08 100.00 0.0259 0.02
5,981.17 4.9577 4.96 16,436.00 4.2529 3.08
----------------------------- ----------------------------
12,862.32 10.6615 10.66 29,005.00 7.5051 5.43
Insiders Insiders
1,686.00 1.3975 1.40 2,127.00 0.5504 0.40
1.00 0.0008 0.00 1.00 0.0003 0.00
----------------------------- ----------------------------
1,687.00 1.3983 1.40 2,128.00 0.5506 0.40
Stock Bonus Plan 10,537.19 8.7342 8.73 Stock Bonus Plan 27,262.00 7.0541 5.10
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 5.26
Best Universal Lock 95,556.34 79.2060 79.21 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 56.18
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
----------------------------- ----------------------------
Total 120,642.85 100.0000 100.00 Total 386,469.00 100.0000 72.37
BLC & BUL Flows
Page 6
25
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 56.18 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.39 (From BUL) 0.00
------- ----
Taxable Income 55.79 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% Taxable Income ----
Corporate Taxes Paid 4.46 Corporate Tax Exclusion 100% 0.00
-------
Corporate Tax Rate 0%
FEB Dividend Paid 51.33 Corporate Taxes 0
======= ----
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- ------------------------------------------------------------------- ---------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
-------------------------------------------- -----------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 5.48 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 5.87 0.00 0.0000 0.00
------------------------------------------ --------------------------
132,420.00 22.1176 11.35 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 14.57 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
------------------------------------------ --------------------------
169,971.00 28.3895 14.57 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 25.40 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------------------ --------------------------
598,710.00 100.0000 51.33 0.00 0.0000 0.00
========================================== ==========================
FEB & BLP Flows
Page 7
26
Project Thoroughbred
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
- ------------------- --- --- --- --- ---------------
Outsiders
---------
Edward McLaughlin 0.00 1.27 0.00 0.00 1.27
Cede & Co. 3.62 1.06 5.48 0.00 10.16
Della & Co. 2.00 0.00 0.00 0.00 2.00
Martin Nelson & Assoc. 0.08 0.02 0.00 0.00 0.10
All Other Outsiders 4.96 3.08 5.87 0.00 13.91
----- ---- ----- ---- -----
10.66 5.43 11.35 0.00 27.45
Insiders
--------
Russell Best 1.40 0.40 14.57 0.00 16.37
Mariea Best 0.00 0.00 0.00 0.00 0.00
----- ---- ----- ---- -----
1.40 0.40 14.57 0.00 16.37
Stock Bonus Plan 8.73 5.10 0.00 0.00 13.84
Best Lock Corp 0.00 5.26 25.40 0.00 30.66
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ---- ----- ---- -----
Sub-Total 20.79 16.19 51.33 0.00 88.31
Administrative Expenses 0.54 0.39 0.00 0.93
Corporate Taxes Paid 6.29 4.46 0.00 10.76
----- ---- ----- ---- -----
Total Payments 20.79 22.48 55.79 0.00 100.00
===== ===== ===== ==== ======
Dividend Summary
Page 8
27
PROJECT THOROUGHBRED
Long-Term Dividend Model
Cumulative Distribution Initial Dividend % Initial Div % TOT Dividend
----------------------- ---------------- ------------- --------------
Outsiders
---------
Edward McLaughlin 1.27 1.27 1.77
Cede & Co. 10.16 10.16 14.12
Della & Co. 2.00 2.00 2.78
Martin Nelson & Assoc. 0.10 0.10 0.14
All Other Outsiders 13.91 13.91 19.32
------ ------ ------
27.45 27.45 38.13
Insiders
--------
Russell Best 16.37 16.37 22.74
Mareia Best 0.00 0.00 0.00
------ ------ ------
16.37 16.37 22.74
Stock Bonus Plan 13.84 13.84 19.23
Best Lock Corp 30.66 30.66 0.00
Best Universal Lock 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00
------ ------ ------
Sub-Total 88.31 88.31 80.10
Administrative Expenses 0.93 0.93 1.29
Corporate Taxes Paid 10.76 10.76 18.61
------ ------ ------
Total 100.00 100.00 100.00
---------------------
Note:
For Shareholders
Where DIV is the initial dividend percent
for each owner, and BLC is the dividend
percent returned to BLC and TR is BLC's
Effective Tax Rate
TOT is the percent of cumulative dividends
received by each owner in a continuous
payment loop
(2)
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +
(3)
DIV((1-TR)*BLC) ...
or
TOT=DIV/(1-((1-TR)*BLC))
For Corporate Taxes
(2)
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +
(3)
DIV((1-TR)*BLC) ...
+ TR*BLC+TR*BLC((1-TR)*BLC)+
(2) (3)
TR*BLC((1-TR)*BLC) +TR*BLC((1-TR)*BLC) ...
or
TOT=DIV/(1-((1-TR)*BLC))+TR*BLC/(1-((1-TR)
*BLC))
Cumulative Distribution
Page 9
28
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Operations Value 45,133,257
==========
Share Solutions % TOT Dividend Value Shares
--------------- -------------- ----- -----------------------------------------------
BLC BUL FEB BLP
-----------------------------------------------
Outsiders
---------
Edward McLaughlin 1.77 798,224.84 0.00 6,798.00 0.00 0.00
Cede & Co. 14.12 6,370,917.81 4,365.00 5,671.00 63,921.00 0.00
Della & Co. 2.78 1,255,827.00 2,416.15 0.00 0.00 0.00
Martin Nelson & Assoc. 0.14 63,718.42 100.00 100.00 0.00 0.00
All Other Outsiders 19.32 8,721,079.98 5,981.17 16,436.00 68,499.00 0.00
------ -------------- -----------------------------------------------
38.13 17,209,768.05 12,862.32 29,005.00 132,420.00 0.00
Insiders
--------
Russell Best 22.74 10,263,302.00 1,686.00 2,127.00 169,970.00 0.00
Mariea Best 0.00 690.94 1.00 1.00 1.00 0.00
------ -------------- -----------------------------------------------
22.74 10,263,992.94 1,687.00 2,128.00 169,971.00 0.00
Stock Bonus Plan 19.23 8,677,967.40 10,537.19 27,262.00 0.00 0.00
Best Lock Corp 0.00 0.00 0.00 28,074.00 296,319.00 0.00
Best Universal Lock 0.00 0.00 95,556.34 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 300,000.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
------ -------------- -----------------------------------------------
Sub-Total 80.10 36,151,728.39 120,642.85 386,469.00 598,710.00 0.00
===============================================
Administrative Expenses 1.29 583,333.33
Corporate Taxes Paid 18.61 8,398,194.82
Total 100.00 45,133,256.54
======= =============
Per Share Calculations:
- -----------------------
Value BLC BUL FEB BLP Per Share Entity
----- ------------------------------------------------------------------
Della & Co. 1,255,827.00 = 2,416.15 519.76 BLC
Edward McLaughlin 798,224.84 = 6,798.00 117.42 BUL A&B
Cede & Co. 6,370,917.81 = 4,365.00 5,671.00 63,921.00 0.00
= 2,268,768.43 665,891.89
= 2,934,660.33
3,436,257.48 = 53.76 FEB
Russell Best 10,263,302.00 = 1,686.00 2,127.00 169,970.00 0.00
= 876,321.55 249,753.49 9,137,226.95
= 10,263,302.00
0.00 = 0.00 BLP
Share Solutions
Page 10
29
PROJECT THOROUGHBRED
Long-Term Dividend Model
-------------------------- -----------------------------------------
BLC 519.76 BUL 117.42
-------------------------- -----------------------------------------
Shares Value Shares Value
-------------------------- -----------------------------------------
Outsiders
- -----------
Edward McLaughlin 0.00 0.00 6,798.00 798,224.84
Cede & Co. 4,365.00 2,268,768.43 5,671.00 665,891.89
Della & Co. 2,416.15 1,255,827.00 0.00 0.00
Martin Nelson & Assoc 100.00 51,976,37 100.00 11,742.05
All Other Outsiders 5,981.17 3,108,794.89 16,436.00 1,929,924.03
----------------------------- --------------------------------
12,862.32 6,685,366.69 29,005.00 3,405,782.82
Insiders
- -----------
Russell Best 1,686.00 876,321.55 2,127.00 249,753.49
Maria Best 1.00 519.76 1.00 117.42
----------------------------- --------------------------------
1,687.00 876,841.32 2,128.00 249,870.91
Stock Bonus Plan 10,537.19 5,476,848.58 27,262.00 3,201,118.82
Best Lock Corp 0.00 0.00 28,074.00 3,296,464.30
Best Universal Lock 95,556.34 49,666,714.31 0.00 0.00
Frank E. Best 0.00 0.00 300,000.00 35,226,162.62
Best Lock Partners 0.00 0.00 0.00 0.00
----------------------------- --------------------------------
0.00
Sub-Total 120,642.85 62,705,770.90 386,469.00 45,379,399.47
=========== ===========
Administrative Expenses 341,280.10
Corporate Taxes Paid 1,653,431.33 3,946,034.74
------------- -------------
Total Outflows 64,359,202.23 49,666,714.31
============= =============
Less: Intercompany Flows
From BLC 49,666,714.31
From BUL 3,296,464.30
From FEB 15,929,481.39
From BLP 0.00
------------- -------------
19,225,945.69 49,666,714.31
Net Cash Flow 45,133,256.54 0.00
============= =============
----------------------------- -------------------------- -----------------
FEB 53.76 BLP 0.00 Total Value
----------------------------- -------------------------- -----------------
Shares Value Shares Value
----------------------------- --------------------------
Outsiders
- -----------------
Edward McLaughlin 0.00 0.00 0.00 0.00 798,224.84
Cede & Co. 63,921.00 3,436,257.48 0.00 0.00 6,370,917.81
Della & Co. 0.00 0.00 0.00 0.00 1,255,827.00
Martin Nelson & Assoc 0.00 0.00 0.00 0.00 63,718.42
All Other Outsiders 68,499.00 3,682,361.06 0.00 0.00 8,721,079.98
----------------------------- ------------------------- --------------
132,420.00 7,118,618.54 0.00 0.00 17,209,768.05
Insiders
- -----------------
Russell Best 169,970.00 9,137,226.95 0.00 0.00 10,263,302.00
Maria Best 1.00 53.76 0.00 0.00 690.94
----------------------------- ------------------------- --------------
169,971.00 9,137,280.71 0.00 0.00 10,263,992.94
Stock Bonus Plan 0.00 0.00 0.00 0.00 8,677,967.40
Best Lock Corp 296,319.00 15,929,481.39 0.00 0.00 19,225,945.69
Best Universal Lock 0.00 0.00 0.00 0.00 49,666,714.31
Frank E. Best 0.00 0.00 0.00 0.00 35,226,162.62
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----------------------------- ------------------------- --------------
Sub-Total 598,710.00 32,185,380.64 0.00 0.00 140,270,551.01
=========== =======
Administrative Expenses 242,053.23 0.00 583,333.33
Corporate Taxes Paid 2,798,728.75 0.00 8,398,194.82
-------------- ------- --------------
Total Outflows 35,226,162.62 0.00 149,252,079.15
============== ======= ==============
Less: Intercompany Flows
From BLC 49,666,714.31
From BUL 35,226,162.62 0.00 38,522,626.91
From FEB 0.00 15,929,481.39
From BLP 0.00
-------------- ------- --------------
35,226,162.62 0.00 104,118,822.61
Net Cash Flow 0.00 0.00 45,133,256.54
============== ======= ==============
30
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value of Insider Holdings
- -------------------------
Russell Best 10,263,302.00
Mariea Best 690.94
-------------
Total Insiders 10,263,992.94
Value of Outsider Holdings
- -------------------------
Edward McLaughlin 798,224.84
Cede & Co. 6,370,917.81
Della & Co. 1,255,827.00
Martin Nelson & Assoc. 63,718.42
All Other Outsiders 8,721,079.98
-------------
17,209,768.05
Stock Bonus Plan 8,677,967.40
-------------
Total Outsiders 25,887,735.45
----------------------------------------------------
Administrative Expenses 583,333.33 Note: Administrative Expenses calculated as follows:
-------------
Corporate Taxes 8,398,194.82 BUL 35,000.00
-------------
FEB 35,000.00
Total Value 45,133,256.54 BLP 0.00
============== ---------
70,000.00
Discount Rate 17%
Inflation: 5%
Present Value: 583,333.33
31
PROJECT THOROUGHBRED
Long-Term Dividend Model
- -----------------------------------------------------------------
BUL Adjustments
- -----------------------------------------------------------------
BUL Price
Shares 117.42 % BUL Value
-------- ----------------------------
BUL A 86,469 10,153,237 22.37%
BUL B 300,000 35,226,163 77.63%
-------- ----------------------------
386,469 45,379,399 100.00%
BUL A Preference 0.57
Required Equity Return 0.21
PV BUL Preference 2.71
Adjustment Price Distributions % BUL Value
-------------------------------------------------
BUL A Ad 2.11 119.53 10,335,426 22.78%
BUL B Ad 0.61 116.81 35,043,973 77.22%
45,379,399 100.00%
32
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL
- ----------------- ------------------------- ------------------------------------------
Shares Pct. Shares Pct. Pct. Adj.
------------------------- ------------------------------------------
Outsiders
- ----------
Edward McLaughlin 0.00 0.0000 6,798.00 1.7590 1.7906
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 1.4937
Della & Co. 2,416.15 2.0027 - 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0263
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 4.3292
------------------------- ----------------------------------------
12,862.32 10.6615 29,005.00 7.5051 7.6398
Insiders
- ---------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 0.5602
Mariea Best 1.00 0.0008 1.00 0.0003 0.0003
------------------------- ----------------------------------------
1,687.00 1.3983 2,128.00 0.5506 0.5605
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 7.1807
Best Lock Corp 0.00 0.0000 28,074.00 7.2642 7.3946
Best Universal Lock 95,556.34 79.2060 0.00 0.0000 0.0000
Frank E. Best 0.00 0.0000 300,000.00 77.6259 77.2244
Best Lock Partners 0.00 0.00 0.0000 0.0000
------------------------- ----------------------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 100.0000
========================= ========================================
Current Ownership FEB BLP
- ----------------- ------------------------- ----------------
Shares Pct. Shares Pct.
------------------------- ----------------
Outsiders
- ----------
Edward McLaughlin 0.00 0.0000 0.00 0.0000
Cede & Co. 63,921.00 10.6765 0.00 0.0000
Della & Co. 0.00 0.0000 0.00 0.0000
Martin Nelson & Assoc 0.00 0.0000 0.00 0.0000
All Other Outsiders 68,499.00 11.4411 0.00 0.0000
------------------------ -------------
132,420.00 22.1176 0.00 0.0000
Insiders
- ---------
Russell Best 169,970.00 28.3894 0.00 0.0000
Mariea Best 1.00 0.0002 0.00 0.0000
------------------------ -------------
169,971.00 28.3895 0.00 0.0000
Stock Bonus Plan 0.00 0.0000 0.00 0.0000
Best Lock Corp 296,319.00 49.4929 0.00 0.0000
Best Universal Lock 0.00 0.0000 0.00 0.0000
Frank E. Best 0.00 0.0000 0.00 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000
------------------------ -------------
Total 598,710.00 100.0000 0.00 0.0000
======================== =============
Version: 45.1
33
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 100.00
========
Corporate Tax Exclusion 80%
Corporate Tax Rate 43%
Effective Tax Rate 9%
BLC Shareholders
- ---------------------------------------------------------------------------
Shares Pct. Dividend
-----------------------------------
Outsiders
0.00 0.0000 0.00
4,365.00 3.6181 3.62
2,416.15 2.0027 2.00
100.00 0.0829 0.08
5,981.17 4.9577 4.96
------------------------------------
12,862.32 10.6615 10.66
Insiders
1,686.00 1.3975 1.40
1.00 0.0008 0.00
------------------------------------
1,687.00 1.3983 1.40
Stock Bonus Plan 10,537.19 8.7342 8.73
Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 95,556.34 79.2060 79.21
Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00
--------------------------------------
Total 120,642.85 100.0000 100.0000
======================================
BUL Dividend Rec'd (From BLC) 79.21
Administrative Expenses 1% 0.55
----------
Taxable Income 78.66
Corporate Tax Exclusion 80%
Corporate Tax Rate 40%
Corporate Taxes Paid 6.29
----------
BUL Dividend Paid 72.37
==========
BUL Shareholders
- -----------------------------------------------------------------------------------------------------
Shares Adj. Pct. Dividend
----------------------------------------
Outsiders
6,798.00 1.7906 1.30
5,671.00 1.4937 1.08
0.00 0.0000 0.00
100.00 0.0263 0.02
16,436.00 4.3292 3.13
----------------------------------------
29,005.00 7.6398 5.53
Insiders
2,127.00 0.5602 0.41
1.00 0.0003 0.00
----------------------------------------
2,128.00 0.5605 0.41
Stock Bonus Plan 27,262.00 7.1807 5.20
Best Lock Corp 28,074.00 7.3946 5.35
Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 300,000.00 77.2244 55.89
Best Lock Partners 0.00 0.0000 0.00
----------------------------------------
Total 386,469.00 100.0000 72.37
========================================
Adjusted BLC & BUL Flows
Page 15
34
PROJECT THOROUGHBRED
Long-Term Dividend Model
Cumulative Distribution Initial Dividend % Initial Div % TOT Dividend
----------------------- ---------------- ------------- --------------
Outsiders
---------
Edward McLaughlin 1.30 1.30 1.80
Cede & Co. 10.15 10.15 14.10
Della & Co. 2.00 2.00 2.78
Martin Nelson & Assoc. 0.10 0.10 0.14
All Other Outsiders 13.93 13.93 19.35
----- ----- -----
27.48 27.48 38.17
Insiders
--------
Russell Best 16.30 16.30 22.63
Mareia Best 0.00 0.00 0.00
---- ----- ----
16.30 16.30 22.64
Stock Bonus Plan 13.93 13.93 19.35
Best Lock Corp 30.62 30.62 0.00
Best Universal Lock 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00
----- ----- -----
Sub-Total 88.34 88.34 80.15
Administrative Expenses 0.93 0.93 1.29
Corporate Taxes Paid 10.73 10.73 18.56
------ ------ ------
Total 100.00 100.00 100.00
- -------------------
Note:
For Shareholders
Where DIV is the initial dividend percent for each
owner, and BLC is the dividend percent returned to BLC,
and TR# is BLC's Effective Tax Rate
TOT is the percent of cumulative dividends received by
each owner in a continuos payment loop
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC)2+DIV((1-TR)
*BLC)3...
or
TOT=DIV/(1-((1-TR)*BLC))
For Corporate Taxes
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC)2+DIV((1-TR)
*BLC)3...+TR*BLC+TR*BLC((1-TR)*BLC)+TR*BLC
((1-TR)*BLC)2+TR*BLC((1-TR).
or
TOT=DIV/(1-((1-TR)*BLC)) + TR*BLC/(1-((1-TR)*BLC))
Adj. Cumulative Distribution
Page 18
35
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Operations Value 45,133,257
==========
Share Solutions % TOT Dividend Value Shares
--------------- -------------- ----- ---------------------------------------------------
BLC BUL FEB BLP
---------------------------------------------------
Outsiders
---------
Edward McLaughlin 1.80 812,140.61 0.00 6,798.00 0.00 0.00
Cede & Co. 14.10 6,361,880.74 4,365.00 5,671.00 63,921.00 0.00
Della & Co. 2.78 1,255,220.07 2,416.15 0.00 0.00 0.00
Martin Nelson & Assoc. 0.14 63,898.01 100.00 100.00 0.00 0.00
All Other Outsiders 19.35 8,732,273.17 5,981.17 16,436.00 68,499.00 0.00
------ ------------- ---------------------------------------------------
38.17 17,225,412.59 12,862.32 29,005.00 132,420.00 0.00
Insiders
--------
Russell Best 22.63 10,215,249.57 1,686.00 2,127.00 169,970.00 0.00
Mariea Best 0.00 692.43 1.00 1.00 1.00 0.00
------ ------------- ---------------------------------------------------
22.64 10,215,942.00 1,687.00 2,128.00 169,971.00 0.00
Stock Bonus Plan 19.35 8,731,126.83 10,537.19 27,262.00 0.00 0.00
Best Lock Corp 0.00 0.00 0.00 28,074.00 296,319.00 0.00
Best Universal Lock 0.00 0.00 95,556.34 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 300,000.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
------ ------------- ---------------------------------------------------
Sub-Total 80.15 36,172,481.41 120,642.85 386,469.00 598,710.00 0.00
===================================================
Administrative Expenses 1.29 583,333.33
Corporate Taxes Paid 18.56 8,377,441.80
------ -------------
Total 100.00 45,133,256.54
====== =============
Per Share Calculations:
- -----------------------
Value BLC BUL FEB BLP
-------------- -------------------------------------------------------
Della & Co. 1,255,220.07 = 2,416.15
Edward McLaughlin 812,140.61 = 6,798.00
Cede & Co. 6,361,880.74 = 4,365.00 5,671.00 63,921.00 0.00
= 2,267,671.96 677,500.64
= 2,945,172.61
3,416,708.13 =
Russell Best 10,215,249.57 = 1,686.00 2,127.00 169,970.00 0.00
= 875,898.04 254,107.54 9,085,243.99
= 10,215,249.57
- =
Per Share Entity
519.51 BLC
119.47 BUL A BUL A 86,469 10,330,242 22.78%
116.75 BUL B BUL B 300,000 35,026,397 77.22%
- ------ -------------------
2.71 45,356,639 100.00%
53.45 FEB
0.00 BLP
Adjusted Share Solutions
Page 19
36
PROJECT THOROUGHBRED
Long-Term Dividend Model
BUL A 119.47
BLC 519.51 BUL B 116.75
------------------------------ ----------------------------------
Shares Value Shares Value
------------------------------ ------------------------------------
Outsiders
---------
Edward McLaughlin 0.00 0.00 6,798.00 812,140.61
Cede & Co. 4,365.00 2,267,671.96 5,671.00 677,500.64
Della & Co. 2,416.15 1,255,220.07 0.00 0.00
Martin Nelson & Assoc. 100.00 51,951.25 100.00 11,946.76
All Other Outsiders 5,981.17 3,107,292.44 16,436.00 1,963,569.14
------------------------------ ------------------------------------
12,862.32 6,682,135.72 29,005.00 3,465,157.14
Insiders
--------
Russell Best 1,686.00 875,898.04 2,127.00 254,107.54
Maria Best 1.00 519.51 1.00 119.47
------------------------------ ------------------------------------
1,687.00 876,417.55 2,128.00 254,227.01
Stock Bonus Plan 10,537.19 5,474,201.68 27,262.00 3,256,925.15
Best Lock Corp 0.00 0.00 28,074.00 3,353,932.83
Best Universal Lock 95,556.34 49,642,710.89 0.00 0.00
Frank E. Best 0.00 0.00 300,000.00 35,026,396.54
Best Lock Partners 0.00 0.00 0.00 0.00
------------------------------ ------------------------------------
0.00
Sub-Total 120,642.85 62,675,465.84 386,469.00 45,356,638.67
=========== ============
Administrative Expenses 342,016.69
Corporate Taxes Paid 1,650,579.87 3,944,055.54
------------- -------------
Total Outflows 64,326,045.71 49,642,710.89
============= =============
Less: Intercompany Flows
From BLC 49,642,710.89
From BUL 3,353,932.83
From FEB 15,838,856.35
From BLP 0.00
------------- -------------
19,192,789.17 49,642,710.89
Net Cash Flow 45,133,256.54 (0.00)
FEB 53.45 BLP 0.00 Total Value
----------------------------- --------------- -------------
Shares Value Shares Value
----------------------------- ---------------
Outsiders
---------
Edward McLaughlin 0.00 0.00 0.00 0.00 812,140.61
Cede & Co. 63,921.00 3,416,708.13 0.00 0.00 6,361,880.74
Della & Co. 0.00 0.00 0.00 0.00 1,255,220.07
Martin Nelson & Assoc. 0.00 0.00 0.00 0.00 63,898.01
All Other Outsiders 68,499.00 3,661,411.59 0.00 0.00 8,732,273.17
----------------------------- -------------- -------------
132,420.00 7,078,119.72 0.00 0.00 17,225,412.59
Insiders
---------
Russell Best 169,970.00 9,085,243.99 0.00 0.00 10,215,249.57
Maria Best 1.00 53.45 0.00 0.00 692.43
----------------------------- -------------- -------------
169,971.00 9,085,297.44 0.00 0.00 10,215,942.00
Stock Bonus Plan 0.00 0.00 0.00 0.00 8,731,126.83
Best Lock Corp 296,319.00 15,838,856.35 0.00 0.00 19,192,789.17
Best Universal Lock 0.00 0.00 0.00 0.00 49,642,710.89
Frank E. Best 0.00 0.00 0.00 0.00 35,026,396.54
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----------------------------- -------------- -------------
Sub-Total 598,710.00 32,002,273.51 0.00 0.00 140,034,378.02
========== ====
Administrative Expenses 241,316.64 0.00 583,333.33
Corporate Taxes Paid 2,782,806.39 0.00 8,377,441.80
------------- ---- --------------
Total Outflows 35,026,396.54 0.00 148,995,153.14
============= ==== ==============
Less: Intercompany Flows
From BLC 49,642,710.89
From BUL 35,026,396.54 0.00 38,380,329.37
From FEB ============= 0.00 15,838,856.35
From BLP 0.00
------------- ---- --------------
35,026,396.54 0.00 103,861,896.60
Net Cash Flow 0.00 0.00 45,133,256.54
Adjusted Shareholder Values
Page 20
37
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value of Insider Holdings
- -------------------------
Russell Best 10,215,249.57
Mariea Best 692.43
-------------
Total Insiders 10,215,942.00
Value of Outsider Holdings
- --------------------------
Edward McLaughlin 812,140.61
Cede & Co. 6,361,880.74
Della & Co. 1,255,220.07
Martin Nelson & Assoc. 63,898.01
All Other Outsiders 8,732,273.17
-------------
17,225,412.59
Stock Bonus Plan 8,731,126.83
-------------
Total Outsiders 25,956,539.42
Administrative Expenses 583,333.33
Corporate Taxes 8,377,441.80
-------------
Total Value 45,133,256.54
=============
Adjusted Value Summary
Page 21
38
PROJECT THOROUGHBRED Piper Jaffray Inc.
Long-Term Dividend Model
- ------------------------------------------------------------------------------------------------------------------------------------
FEB Dividends Rec'd (From BUL) 55.89 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.39 (From BUL) 0.00
----- ----
Taxable Income 55.50 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
----
Corporate Tax Rate 40% Taxable Income 0.00
Corporate Taxes Paid 4.44 Corporate Tax Exclusion 100%
Corporate Tax Rate 0%
FEB Dividend Paid 51.06 Corporate Taxes 0
===== ----
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- --------------------------------------------------------------------- ------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
Outsiders --------------------------------- Outsiders ---------------------------
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 5.45 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 5.84 0.00 0.0000 0.00
------------------------------------- -----------------------
132,420.00 22.1176 11.29 0.00 0.0000 0.00
Insiders Insiders
169,970 00 28.3894 14.50 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
------------------------------------- -----------------------
169,971.00 28.3895 14.50 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 25.27 Best Lock Corp. 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------------- -----------------------
598,710.00 100.0000 51.06 0.00 0.0000 0.00
===================================== =======================
39
Project Thoroughbred
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
------------------ --- --- --- --- ---------------
Outsiders
---------
Edward McLaughlin 0.00 1.30 0.00 0.00 1.30
Cede & Co. 3.62 1.08 5.45 0.00 10.15
Della & Co. 2.00 0.00 0.00 0.00 2.00
Martin Nelson & Assoc. 0.08 0.02 0.00 0.00 0.10
All Other Outsiders 4.96 3.13 5.84 0.00 13.93
----- ---- ----- ---- -----
10.66 5.53 11.29 0.00 27.48
Insiders
--------
Russell Best 1.40 0.41 14.50 0.00 16.30
Mariea Best 0.00 0.00 0.00 0.00 0.00
----- ---- ----- ---- -----
1.40 0.41 14.50 0.00 16.30
Stock Bonus Plan 8.73 5.20 0.00 0.00 13.93
Best Lock Corp 0.00 5.35 25.27 0.00 30.62
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ---- ----- ---- -----
Sub-Total 20.79 16.48 51.06 0.00 88.34
Administrative Expenses 0.55 0.39 0.00 0.93
Corporate Taxes Paid 6.29 4.44 0.00 10.73
----- ---- ----- ---- -----
Total Payments 20.79 22.77 55.50 0.00 100.00
Adjusted Dividend Summary
Page 17
40
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Rec'd 30.66 BUL Dividend Rec' (From BLC) 22.20
Corporate Tax Exclusion 80% Administrative Expenses 1% 0.15
Corporate Tax Rate 43% Taxable Income 22.04
Corporate Taxes Paid 2.64 Corporate Tax Exclusion 80%
----- Corporate Tax Rate 40%
BLC Dividend Paid 28.02 Corporate Taxes Paid 1.76
===== -----
BUL Dividend Paid 20.28
=====
BLC Shareholders BUL Shareholders
--------------------------------------------------------------- -------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
-------------------------------------- ------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.36
4,365.00 3.6181 1.01 5,671.00 1.4674 0.30
2,416.15 2.0027 0.56 0.00 0.0000 0.00
100.00 0.0829 0.02 100.00 0.0259 0.01
5,981.17 4.9577 1.39 16,436.00 4.2529 0.86
-------------------------------------- ------------------------------------
12,862.32 10.6615 2.99 29,005.00 7.5051 1.52
Insiders Insiders 0.00
1,686.00 1.3975 0.39 2,127.00 0.5504 0.11
1.00 0.0008 0.00 1.00 0.0003 0.00
-------------------------------------- ------------------------------------
1,687.00 1.3983 0.39 2,128.00 0.5506 0.11
Stock Bonus Plan 10,537.19 8.7342 2.45 Stock Bonus Plan 27,262.00 7.0541 1.43
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 1.47
Best Universal Lock 95,556.34 79.2060 22.20 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 15.74
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
-------------------------------------- ------------------------------------
Total 120,642.85 100.0000 28.02 Total 386,469.00 100.0000 20.28
====================================== ====================================
BLC & BUL Round 2
Page 22
41
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 15.74 BLP Dividend Rec' (From FEB) 0.00
Administrative Expenses 1% 0.11 (From BUL) 0.00
----- ----
Taxable Income 15.63 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 1.25 Taxable Income 0.00
---- Corporate Tax Exclusion 100%
Corporate Tax Rate 0%
FEB Dividend Paid 14.38 Corporate Taxes 0
=====
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
--------------------------------------------------------------- ----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
-------------------------------------- ----------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 1.54 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 1.65 0.00 0.0000 0.00
-------------------------------------- ----------------------------------
132,420.00 22.1176 3.18 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 4.08 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
-------------------------------------- ----------------------------------
169,971.00 28.3895 4.08 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 7.12 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
-------------------------------------- ----------------------------------
598,710.00 100.0000 14.38 0.00 0.0000 0.00
====================================== ==================================
FEB & BLP Round 2
Page 23
42
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
----- ----- ----- ----- ---------------
Outsiders
0.00 0.36 0.00 0.00 0.36
1.01 0.30 1.54 0.00 2.85
0.56 0.00 0.00 0.00 0.56
0.02 0.01 0.00 0.00 0.03
1.39 0.86 1.65 0.00 3.90
----- ----- ----- ----- -----
2.99 1.52 3.18 0.00 7.69
Insiders
0.39 0.11 4.08 0.00 4.59
0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
0.39 0.11 4.08 0.00 4.59
Stock Bonus Plan 2.45 1.43 0.00 0.00 3.88
Best Lock Corp 0.00 1.47 7.12 0.00 8.59
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
Sub-Total 5.83 4.54 14.38 0.00 24.75
Administrative Expenses 0.15 0.11 0.00 0.26
Corporate Taxes Paid 2.64 1.76 1.25 0.00 5.65
----- ----- ----- ----- -----
Total Payments 8.46 6.45 15.74 0.00 30.66
===== ===== ===== ===== =====
Dividend Summary Round 2
Page 24
43
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 8.59 BUL Divid (From BLC) 6.22
Administrative Expenses 1% 0.04
Corporate Tax Exclusion 80% ----
Corporate Tex Rate 43% Taxable Income 6.18
Corporate Taxes Paid 0.74 Corporate Tax Exclusion 80%
---- Corporate Tex Rate 40%
BLC Dividend Paid 7.85 Corporate Taxes Paid 0.49
---- ----
BUL Dividend Paid 5.68
----
BLC Shareholders BUL Shareholders
-------------------------------------------------------------- -----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
--------------------------------------- ------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.10
4,365.00 3.6181 0.28 5,671.00 1.4674 0.08
2,416.15 2.0027 0.16 0.00 0.0000 0.00
100.00 0.0829 0.01 100.00 0.0259 0.00
5,981.17 4.9577 0.39 16,436.00 4.2529 0.24
------------------------------------- ----------------------------------
12,862.32 10.6615 0.84 29,005.00 7.5051 0.43
Insiders Insdiers
1,686.00 1.3975 0.11 2,127.00 0.5504 0.03
1.00 0.0008 0.00 1.00 0.0003 0.00
------------------------------------- ----------------------------------
1,687.00 1.3983 0.11 2,128.00 0.5506 0.03
Stock Bonus Plan 10,537.19 8.7342 0.69 Stock Bonus Plan 27,262.00 7.0541 0.40
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.41
Best Universal Lock 95,556.34 79.2060 6.22 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 4.41
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------------- ----------------------------------
Total 120,642.85 100.0000 7.85 Total 386,469.00 100.0000 5.68
===================================== ==================================
BLC & BUL Round 3
Page 25
44
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 4.41 BLP Dividends Rec's (From FEB) 0.00
Administrative Expenses 1% 0.03 (From BUL) 0.00
---- ----
Taxable Income 4.38 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 0.35 Taxable Income 0.00
---- Corporate Tax Exclusion 100%
FEB Dividend Paid 4.03 Corporate Tax Rate 0%
---- Corporate Taxes 0
BLP Dividend Paid 0.00
----
FEB Shareholders BLP Shareholders
--------------------------------------------------------------- ---------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------------- ---------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.43 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.46 0.00 0.0000 0.00
---------------------------------------- -----------------------------------------
132,420.00 22.1176 0.89 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 1.14 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
---------------------------------------- -----------------------------------------
169,971.00 28.3895 1.14 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 2.00 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
---------------------------------------- -----------------------------------------
598,710.00 100.0000 4.03 0.00 0.0000 0.00
========================================= =========================================
FEB & BLP Round 3
Page 26
45
PROJECT THOROUGHBRED
LONG-TERM DIVIDEND MODEL
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.10 0.00 0.00 0.10
0.28 0.08 0.43 0.00 0.80
0.16 0.00 0.00 0.00 0.16
0.01 0.00 0.00 0.00 0.01
0.39 0.24 0.46 0.00 1.09
---- ---- ---- ---- ----
0.84 0.43 0.89 0.00 2.16
Insiders
0.11 0.03 1.14 0.00 1.29
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.11 0.03 1.14 0.00 1.29
Stock Bonus Plan 0.69 0.40 0.00 0.00 1.09
Best Lock Corp 0.00 0.41 2.00 0.00 2.41
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 1.63 1.27 4.03 0.00 6.94
Administrative Expenses 0.04 0.03 0.00 0.07
Corporate Taxes Paid 0.74 0.49 0.35 0 1.58
---- ---- ---- ---- ----
Total Payments 2.37 1.81 4.41 0.00 8.59
==== ==== ==== ==== ====
Dividend Summary Round 3
Page 27
46
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 2.41 BUL Dividend Rec' (From BLC) 1.74
Administrative Expenses 1% 0.01
----
Corporate Tax Exclusion 80% Taxable Income 1.73
Corporate Tex Rate 43% Corporate Tax Exclusion 80%
Corporate Taxes Paid 0.21 Corporate Tex Rate 40%
---- Corporate Taxes Paid 0.14
----
BLC Dividend Paid 2.20
---- BUL Dividend Paid 1.59
----
BLC Shareholders BUL Shareholders
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------------- --------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.03
4,365.00 3.6181 0.08 5,671.00 1.4674 0.02
2,416.15 2.0027 0.04 0.00 0.0000 0.00
100.00 0.0829 0.00 100.00 0.0259 0.00
5,981.17 4.9577 0.11 16,436.00 4.2529 0.07
----------------------------------------- -------------------------------------
12,862.32 10.6615 0.23 29,005.00 7.5051 0.12
Insiders Insiders
1,686.00 1.3975 0.03 2,127.00 0.5504 0.01
1.00 0.0008 0.00 1.00 0.0003 0.00
---------------------------------------- -------------------------------------
1,687.00 1.3983 0.03 2,128.00 0.5506 0.01
Stock Bonus Plan 10,537.19 8.7342 0.19 Stock Bonus Plan 27,262.00 7.0541 0.11
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.12
Best Universal Lock 95,556.34 79.2060 1.74 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 1.24
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
---------------------------------------- -------------------------------------
Total 120,642.85 100.0000 2.20 Total 386,469.00 100.0000 1.59
======================================== =====================================
BLC & BUL Round 4
Page 28
47
PROJECT THOROUGHBRED
LONG-TERM DIVIDEND MODEL
FEB Dividends Rec'(From BUL) 1.24 BLP Dividends Rec' (From FEB) 0.00
Administrative Expenses 1% 0.01 (From BUL) 0.00
---- ----
Taxable Income 1.23 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
----
Corporate Tax Rate 40% Taxable Income 0.00
Corporate Taxes Paid 0.10 Corporate Tax Exclusion 100%
Corporate Tax Rate 0%
FEB Dividend Paid 1.13 Corporate Taxes 0
----
BLP Dividend Paid 0.00
----
FEB Shareholders BLP Shareholders
- -------------------------------------------------------------------------- -----------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------------------- ----------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.12 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.13 0.00 0.0000 0.00
--------------------------------------------- ---------------------------------
132,420.00 22.1176 0.25 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 0.32 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
--------------------------------------------- ---------------------------------
169,971.00 28.3895 0.32 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 0.56 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
--------------------------------------------- ---------------------------------
598,710.00 100.0000 1.13 0.00 0.0000 0.00
============================================= =================================
FEB & BLP Round 4
Page 29
48
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.03 0.00 0.00 0.03
0.08 0.02 0.12 0.00 0.22
0.04 0.00 0.00 0.00 0.04
0.00 0.00 0.00 0.00 0.00
0.11 0.07 0.13 0.00 0.31
---- ---- ---- ---- ----
0.23 0.12 0.25 0.00 0.60
Insiders
0.03 0.01 0.32 0.00 0.36
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.03 0.01 0.32 0.00 0.36
Stock Bonus Plan 0.19 0.11 0.00 0.00 0.30
Best Lock Corp 0.00 0.12 0.56 0.00 0.67
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 0.46 0.36 1.13 0.00 1.94
Administrative Expenses 0.01 0.01 0.00 0.02
Corporate Taxes Paid 0.21 0.14 0.10 0.00 0.44
---- ---- ---- ---- ----
Total Payments 0.66 0.51 1.24 0.00 2.41
==== ==== ==== ==== ====
Dividend Summary Round 4
Page 30
49
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 0.67 BUL Dividend Rec'd (From BLC) 0.49
Administrative Expenses 1% 0.00
----
Corporate Tax Exclusion 80% Taxable Income 0.49
Corporate Tex Rate 43% Corporate Tax Exclusion 80%
Corporate Taxes Paid 0.06 Corporate Tex Rate 40%
----
Corporate Taxes Paid 0.04
----
BLC Dividend Paid 0.62
====
BUL Dividend Paid 0.45
====
BLC Shareholders BUL Shareholders
--------------------------------------------------- -------------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------ -------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.01
4,365.00 3.6181 0.02 5,671.00 1.4674 0.01
2,416.15 2.0027 0.01 0.00 0.0000 0.00
100.00 0.0829 0.00 100.00 0.0259 0.00
5,981.17 4.9577 0.03 16,436.00 4.2529 0.02
---------------------------- --------------------------------
12,862.32 10.6615 0.07 29,005.00 7.5051 0.03
Insiders Insiders
1,686.00 1.3975 0.01 2,127.00 0.5504 0.00
1.00 0.0008 0.00 1.00 0.0003 0.00
---------------------------- --------------------------------
1,687.00 1.3983 0.01 2,128.00 0.5506 0.00
Stock Bonus Plan 10,537.19 8.7342 0.05 Stock Bonus Plan 27,262.00 7.0541 0.03
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.03
Best Universal Lo 95,556.34 79.2060 0.49 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 0.35
Best Lock Partner 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
---------------------------- --------------------------------
Total 120,642.85 100.0000 0.62 Total 386,469.00 100.0000 0.45
============================ ================================
BLC & BOD Round 5
Page 31
50
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Div (From BUL) 0.35 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.00 (From BUL) 0.00
---- ----
Taxable Income 0.34 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% Taxable Income 0.00
Corporate Taxes Paid 0.03 Corporate Tax Exclusion 100%
----
Corporate Tax Rate 0%
FEB Dividend Paid 0.32 Corporate Taxes 0
====
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
----------------------------------------------------------- -----------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------ -----------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.03 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.04 0.00 0.0000 0.00
---------------------------- -------------------------
132,420.00 22.1176 0.07 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 0.09 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
---------------------------- -------------------------
169,971.00 28.3895 0.09 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 0.16 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
---------------------------- -------------------------
598,710.00 100.0000 0.32 0.00 0.0000 0.00
============================ =========================
FEB & DLP Round 5
Page 32
51
PROJECT THOROUGHRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.01 0.00 0.00 0.01
0.02 0.01 0.03 0.00 0.06
0.01 0.00 0.00 0.00 0.01
0.00 0.00 0.00 0.00 0.00
0.03 0.02 0.00 0.05
---- ---- ---- ---- ----
0.07 0.03 0.07 0.00 0.17
Insiders
0.01 0.00 0.09 0.00 0.10
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.01 0.00 0.09 0.00 0.10
Stock Bonus Plan 0.05 0.03 0.00 0.00 0.09
Best Lock Corp 0.00 0.03 0.16 0.00 0.19
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 0.13 0.10 0.32 0.00 0.54
Administrative Expenses 0.00 0.00 0.00 0.01
Corporate Taxes Paid 0.06 0.04 0.03 0.00 0.12
---- ---- ---- ---- ----
Total Payments 0.19 0.14 0.35 0.00 0.67
==== ==== ==== ==== ====
Dividend Summary Round 5
Page 33
52
PROJECT THROUGHBRED
Long-Term Dividend Model
Value Distribution Round One Round Two Round Three Round Four Round Five % Value
---------- --------- ----------- ---------- ---------- --------
Outsiders
1.27 0.36 0.10 0.03 0.01 1.77
10.16 2.85 0.80 0.22 0.06 14.09
2.00 0.56 0.16 0.04 0.01 2.78
0.10 0.03 0.01 0.00 0.00 0.14
13.91 3.90 1.09 0.31 0.05 19.25
------ ------ ------ ------ ------ ------
27.45 7.69 2.16 0.60 0.17 38.07
Insiders
16.37 4.59 1.29 0.36 0.10 22.70
0.00 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------
16.37 4.59 1.29 0.36 0.10 22.70
Stock Bonus Plan 13.84 3.88 1.09 0.30 0.09 19.19
Best Lock Corp 30.66 8.59 2.41 0.67 0.19 0.19
Best Universal Lock 0.00 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------
Sub-Total 88.31 24.75 6.94 1.94 0.54 80.15
Administrative Expenses 0.93 0.26 0.07 0.02 0.01 1.29
Corporate Taxes Paid 10.76 5.65 1.58 0.44 0.12 18.56
------ ------ ------ ------ ------ ------
Total 100.00 30.66 8.59 2.41 0.67 100.00
Exercise Summary
Page 34
53
PROJECT THROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB
- ----------------- ------------------- ------------------ -------------------
Shares Pct. Shares Pct. Shares Pct.
------------------- ------------------ -------------------
Outsiders
- ---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765
Della & Co. 2,416.15 2.0027 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411
--------------------- ----------------------- --------------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176
Insiders
- ---------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 113,311.00 18.9259
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002
--------------------- ----------------------- --------------------------
1,687.00 1.3983 2,128.00 0.5506 113,312.00 18.9260
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.0000
Best Lock Corp 0.0000 19,287.00 4.9906 148,925.00 24.8743
Best Universal Lock 95,556.34 79.2060 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.0000
Best Lock Partners 8,787.00 2.2737 204,053.00 34.0821
---------------------- ----------------------- -------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000
====================== ======================= =========================
BLP
---------------------
Shares Pct.
---------------------
Outsiders
- ---------
Edward McLaughlin 0.0000
Cede & Co. 0.0000
Della & Co. 0.0000
Martin Nelson & Assoc 0.0000
All Other Outsiders 0.0000
-------------------
0.00 0.0000
Insiders
- ---------
Russell Best 13.00 13.0000
Mariea Best 0.0000
13.00 13.0000
Stock Bonus Plan 0.0000
Best Lock Corp 87.00 87.0000
Best Universal Lock 0.0000
Frank E. Best 0.0000
Best Lock Partners 0.0000
------------------
Total 100.00 100.0000
==================
Version: 4.18
Ownership
Page 1
54
PROJECT THROUGHBRED
Long-Term Diveidend Model
BLP Holdings
- --------------------------------------------------------------------------------
Shares Per Share Value
--------------------------------------
BUL A 8,787.00 120.23 1,056,440.39
FEB 204,053.00 53.77 10,971,179.44
-------------
12,027,619.83
Divest to BLC
- --------------------------------------------------------------------------------
BUL A 8,787.00 120.23 1,056,440.39
FEB 170,394.00 53.77 9,161,458.78
-------------
10,217,899.17 84.95%
Divest To RCB/WEBCO
- --------------------------------------------------------------------------------
BUL A 0.00 120.23 0.00
FEB 33,659.00 53.77 1,809,720.65
-------------
1,809,720.65 15.05%
BLP Liquidation
Page 2
55
PROJECT THROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB
- ---------------------- ---------------------- --------------------- ----------------------
Shares Pct. Shares Pct. Shares Pct.
---------------------- --------------------- ----------------------
Outsiders
- ---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765
Della & Co. 2,416.15 2.0027 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411
--------------------- ---------------------- -------------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176
Insiders
- ---------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 146,970.00 24.5478
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002
--------------------- ---------------------- -------------------------
1,687.00 1.3983 2,128.00 0.5506 146,971.00 24.5479
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.0000
Best Lock Corp 0.0000 28,074.00 7.2642 319,319.00 53.3345
Best Universal Lock 95,556.34 79.2060 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000
---------------------- ----------------------- -------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000
====================== ======================= =========================
BLP
------------------
Shares Pct.
------------------
Outsiders
- ---------
Edward McLaughlin 0.0000
Cede & Co. 0.0000
Della & Co. 0.0000
Martin Nelson & Assoc 0.0000
All Other Outsiders 0.0000
-----------------
0.00 0.0000
Insiders
- --------
Russell Best 0.00 0.0000
Mariea Best 0.0000
-----------------
0.00 0.0000
Stock Bonus Plan 0.0000
Best Lock Corp 0.00 0.0000
Best Universal Lock 0.0000
Frank E. Best 0.0000
Best Lock Partners 0.0000
-----------------
0.00 0.0000
=================
Version: 41.8
Ownership - BLP Liquidation
Page 3
56
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Ownership
(All Figures Are Post-BLP Liquidation) RCB/WEBCO
Purchase @ Adjusted
Shares Pct. 53.61 Shares Pct.
----------------------- ---------- ------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 0.00 0.00
Cede & Co. 63,921.00 10.68 63,921.00 10.68
Della & Co. 0.00 0.00 0.00 0.00
Martin Nelson & Assoc 0.00 0.00 0.00 0.00
All Other Outsiders 68,499.00 11.44 68,499.00 11.44
---------------------- -----------------------
132,420.00 22.12 132,420.00 22.12
Insiders
- ---------
Russell Best 146,970.00 24.55 23,000.00 169,970.00 28.39
Mariea Best 1.00 0.00 1.00 0.00
---------------------- -----------------------
146,971.00 24.55 169,971.00 28.39
Stock Bonus Plan 0.00 0.00 0.00 0.00
Best Lock Corp 319,319.00 53.33 (23,000.00) 296,319.00 49.49
Best Universal Lock 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00
---------------------- ------------- -----------------------
Total 598,710.00 100.00 0.00 598,710.00 100.00
====================== ============= =======================
Adjustment to BLC Value Amount
- ------------------------ -------------
Value of BLC 40,810,000.00
-------------
FEB Proceeds 1,233,133.58
FEB Basis 29.36 675,280.00
-------------
FEB Taxable Gain 557,853.58
Taxes Paid 43% 239,877.04
-------------
Net Cash Retained 993,256.54
-------------
Adjusted BLC Value 41,803,256.54
WEBCO Purchase of FEB
Page 4
57
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB
- ----------------- ---------------------- -------------------------- --------------------------
Shares Pct. Shares Pct. Shares Pct.
---------------------- -------------------------- --------------------------
Outsiders
- ---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.00 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765
Della & Co. 2,416.15 2.0027 0.0000 0.00 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.00 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411
---------------------- -------------------------- --------------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176
Insiders
- ---------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 169,970.00 28.3894
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002
---------------------- -------------------------- --------------------------
1,687.00 1.3983 2,128.00 0.5506 169,971.00 28.3895
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.00 0.0000
Best Lock Corp 0.0000 28,074.00 7.2642 296,319.00 49.4929
Best Universal Lock 95,556.34 79.2060 0.0000 0.00 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.00 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000
---------------------- -------------------------- -------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000
====================== ========================== =========================
BLP
----------------
Shares Pct.
----------------
Outsiders
- ---------
Edward McLaughlin 0.0000
Cede & Co. 0.0000
Della & Co. 0.0000
Martin Nelson & Assoc 0.0000
All Other Outsiders 0.0000
----------------
0.00 0.0000
Insiders
- ---------
Russell Best 0.00 0.0000
Mariea Best 0.0000
0.00 0.0000
----------------
Stock Bonus Plan 0.0000
Best Lock Corp 0.00 0.0000
Best Universal Lock 0.0000
Frank E. Best 0.0000
Best Lock Partners 0.0000
----------------
Total 0.00 0.0000
================
Version: 41.8
Ownership-Post WEBCO
Page 5
58
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 100.00 BUL Dividend Rec'd (From BLC) 79.21
Corporate Tax Exclusion 80% ====== Administrative Expenses 1% 0.50
Corporate Tax Rate 43% -----
Effective Tax Rate 9% Taxable Income 78.70
Corporate Tax Exclusion 80%
Corporate Tax Rate 40%
Corporate Taxes Paid 6.30
-----
BUL Dividend Paid 72.41
=====
BLC Shareholders BUL Shareholders
- --------------------------------------------------------------- ---------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------- -------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 1.27
4,365.00 3.6181 3.62 5,671.00 1.4674 1.06
2,416.15 2.0027 2.00 0.00 0.0000 0.00
100.00 0.0829 0.08 100.00 0.0259 0.02
5,981.17 4.9577 4.96 16,436.00 4.2529 3.08
--------------------------------- ------------------------------
12,862.32 10.6615 10.66 29,005.00 7.5051 5.43
Insiders Insiders
1,686.00 1.3975 1.40 2,127.00 0.5504 0.40
1.00 0.0008 0.00 1.00 0.0003 0.00
--------------------------------- ------------------------------
1,687.00 1.3983 1.40 2,128.00 0.5506 0.40
Stock Bonus Plan 10,537.19 8.7342 8.73 Stock Bonus Plan 27,262.00 7.0541 5.11
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 5.26
Best Universal Lock 95,556.34 79.2060 79.21 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 56.21
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------
--------------------------------- Total 386,469.00 100.0000 72.41
Total 120,642.85 100.0000 100.0000 ==============================
BLC & BUL FLOWS
Page 6
59
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 56.21 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.36 (From BUL) 0.00
----- ----
Taxable Income 55.85 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 4.47 Taxable Income 0.00
----- Corporate Tax Exclusion 100%
FEB Dividend Paid 51.38 Corporate Tax Rate 0%
===== Corporate Taxes 0
----
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- ----------------------------------------------------------------- -----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
-------------------------------------- ------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 5.49 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 5.88 0.00 0.0000 0.00
-------------------------------------- ---------------------------------
132,420.00 22.1176 11.36 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 14.59 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
-------------------------------------- ---------------------------------
169,971.00 28.3895 14.59 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 25.43 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
-------------------------------------- ---------------------------------
598,710.00 100.0000 51.38 0.00 0.0000 0.00
FEB & BLP FLOWS
Page 7
60
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
- ------------------ ---- ---- ---- ---- ----------------
Outsiders
- ---------
Edward McLaughlin 0.00 1.27 0.00 0.00 1.27
Cede & Co. 3.62 1.06 5.49 0.00 10.17
Della & Co. 2.00 0.00 0.00 0.00 2.00
Martin Nelson & Assoc. 0.08 0.02 0.00 0.00 0.10
All Other Outsiders 4.96 3.08 5.88 0.00 13.92
----- ----- ----- ----- -----
10.66 5.43 11.36 0.00 27.46
Insiders
- --------
Russell Best 1.40 0.40 14.59 0.00 16.38
Mariea Best 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
1.40 0.40 14.59 0.00 16.38
Stock Bonus Plan 8.73 5.11 0.00 0.00 13.84
Best Lock Corp 0.00 5.26 25.43 0.00 30.69
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
Sub-Total 20.79 16.20 51.38 0.00 88.38
Administrative Expenses 0.50 0.36 0.00 0.86
Corporate Taxes Paid 6.30 4.47 0.00 10.76
----- ----- ----- ----- ------
Total Payments 20.79 22.50 55.85 0.00 100.00
===== ===== ===== ==== ======
Dividend Summary
Page 8
61
PROJECT THOROUGHBRED
Long-Term Dividend Model
Cumulative Initial % %
Distribution Dividend Initial Div TOT Dividend
- ------------ -------- ----------- ------------
Outsiders
Edward McLaughlin 1.27 1.27 1.77
Cede & Co. 10.17 10.17 14.13
Della & Co. 2.00 2.00 2.78
Martin Nelson & Assoc. 0.10 0.10 0.14
All Other Outsiders 13.92 13.92 19.34
------ ------ ------
27.46 27.46 38.17
Insiders
Russell Best 16.38 16.38 22.77
Mareia Best 0.00 0.00 0.00
------ ------ ------
16.38 16.38 22.77
Stock Bonus Plan 13.84 13.84 19.24
Best Lock Corp 30.69 30.69 0.00
Best Universal Lock 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00
------ ------ ------
Sub-Total 88.38 88.38 80.17
Administrative Expenses 0.86 0.86 1.20
Corporate Taxes Paid 10.76 10.76 18.63
------ ------ ------
Total 100.00 100.00 100.00
====== ====== ======
- ------------------
Note:
For Shareholders
Where DIV is the initial dividend percent for each owner,
and BLC is the dividend percent returned to BLC,
and TR is BLC's Effective Tax Rate
TOT is the percent of cumulative dividends received by
each owner in a continuous payment loop
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC)2+DIV((1-TR)*BLC)3...
or
TOT=DIV/(1-((1-TR)*BLC))
For Corporate Taxes
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC)2+DIV((1-TR)*BLC)3...
+TR*BLC+TR*BLC((1-TR)*BLC)+TR*BLC((1-TR)*BLC)2+TR*BLC((1-TR)*BLC)3...
or
TOT=DIV/(1-((1-TR)*BLC)) + TR*BLC/(1-((1-TR)*BLC))
Cumulative Distribution
Page 9
62
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Operations Value 41,803,257
============
Shares
----------------------------------------------------------
Share Solutions % TOT Dividend Value BLC BUL FEB BLP
- --------------- -------------- ------- ----------------------------------------------------------
Outsiders
- ---------
Edward McLaughlin 1.77 739,988.76 0.00 6,798.00 0.00 0.00
Cede & Co. 14.13 5,906,677.89 4,365.00 5,671.00 63,921.00 0.00
Della & Co. 2.78 1,163,600.85 2,416.15 0.00 0.00 0.00
Martin Nelson & Assoc. 0.14 59,044.69 100.00 100.00 0.00 0.00
All Other Outsiders 19.34 8,085,093.33 5,981.17 16,436.00 68,499.00 0.00
----- ------------- ------------------------------------------------------------
38.17 15,954,405.52 12,862.32 29,005.00 132,420.00 0.00
Insiders
- --------
Russell Best 22.77 9,518,502.92 1,686.00 2,127.00 169,970.00 0.00
Mariea Best 0.00 640.31 1.00 1.00 1.00 0.00
----- ------------- ------------------------------------------------------------
22.77 9,519,143.23 1,687.00 2,128.00 169,971.00 0.00
Stock Bonus Plan 19.24 8,042,211.43 10,537.19 27,262.00 0.00 0.00
Best Lock Corp 0.00 0.00 0.00 28,074.00 296,319.00 0.00
----- ------------- ------------------------------------------------------------
Best Universal Lock 0.00 0.00 95,556.34 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 300,000.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
----- ------------- ------------------------------------------------------------
Sub-Total 80.17 33,515,760.18 120,642.85 386,469.00 598,710.00 0.00
============================================================
Administrative Expenses 1.20 500,000.00
Corporate Taxes Paid 18.63 7,787,496.36
Total 100.00 41,803,256.54
====== =============
Per Share Calculations:
- -----------------------
Value BLC BUL FEB BLP Per Share Entity
------ ----------------------------------------------------------------------------------------
Della & Co. 1,163,600.85 = 2,416.15 481.59 BLC
Edward McLaughlin 739,988.76 = 6,798.00 108.85 BUL A&B
Cede & Co. 5,906,677.89 = 4,365.00 5,671.00 63,921.00 0.00
= 2,102,153.31 617,310.42
= 2,719,463.73
3,187,214.16 = 49.86 FEB
Russell Best 9,518,502.92 = 1,686.00 2,127.00 169,970.00 0.00
= 811,965.75 231,532.23 8,475,004.94
= 9,518,502.92
0.00 = 0.00 BLP
Share Solutions
Page 10
63
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC 481.59 BUL 108.85
--------------------------- --------------------------
Shares Value Shares Value
--------------------------- --------------------------
Outsiders
---------
Edward McLaughlin 0.00 0.00 6,798.00 739,988.76
Cede & Co. 4,365.00 2,102,153.31 5,671.00 617,310.42
Della & Co. 2,416.15 1,163,600.85 0.00 0.00
Martin Nelson & Assoc. 100.00 48,159.30 100.00 10,885.39
All Other Outsiders 5,981.17 2,880,489.42 16,436.00 1,789,122.57
--------------------------- --------------------------
12,862.32 6,194,402.88 29,005.00 3,157,307.14
Insiders
--------
Russell Best 1,686.00 811,965.75 2,127.00 231,532.23
Maria Best 1.00 481.59 1.00 108.85
--------------------------- --------------------------
1,687.00 812,447.34 2,128.00 231,641.08
Stock Bonus Plan 10,537.19 5,074,636.62 27,262.00 2,967,574.81
Best Lock Corp 0.00 0.00 28,074.00 3,055,964.17
Best Universal Lock 95,556.34 46,019,261.49 0.00 0.00
Frank E. Best 0.00 0.00 300,000.00 32,656,167.66
Best Lock Partners 0.00 0.00 0.00 0.00
--------------------------- --------------------------
0.00
Sub-Total 120,642.85 58,100,748.33 386,469.00 42,068,654.86
========== ==========
Administrative Expenses 292,462.73
Corporate Taxes Paid 1,533,462.03 3,658,143.90
Total Outflows 59,634,210.35 46,019,261.49
============= =============
Less: Intercompany Flows
From BLC 46,019,261.49
From BUL 3,055,964.17
From FEB 14,774,989.65
From BLP 0.00
------------- -------------
17,830,953.82 46,019,261.49
Net Cash Flow 41,803,256.54 0.00
FEB 49.86 BLP 0.00 Total Value
--------------------------- -------------------------- --------------
Shares Value Shares Value
--------------------------- -------------------------- --------------
Outsiders
---------
Edward McLaughlin 0.00 0.00 0.00 0.00 739,988.76
Cede & Co. 63,921.00 3,187,214.16 0.00 0.00 5,906,677.89
Della & Co. 0.00 0.00 0.00 0.00 1,163,600.85
Martin Nelson & Assoc. 0.00 0.00 0.00 0.00 59,044.69
All Other Outsiders 68,499.00 3,415,481.34 0.00 0.00 8,085,093.33
--------------------------- -------------------------- --------------
132,420.00 6,602,695.50 0.00 0.00 15,954,405.52
Insiders
--------
Russell Best 169,970.00 8,475,004.94 0.00 0.00 9,518,502.92
Maria Best 1.00 49.86 0.00 0.00 640.31
--------------------------- -------------------------- --------------
169,971.00 8,475,054.81 0.00 0.00 9,519,143.23
Stock Bonus Plan 0.00 0.00 0.00 0.00 8,042,211.43
Best Lock Corp 296,319.00 14,774,989.65 0.00 0.00 17,830,953.82
Best Universal Lock 0.00 0.00 0.00 0.00 46,019,261.49
Frank E. Best 0.00 0.00 0.00 0.00 32,656,167.66
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
--------------------------- -------------------------- --------------
Sub-Total 598,710.00 29,852,739.96 0.00 0.00 130,022,143.15
========== ========== =============
Administrative Expenses 207,537.27 0.00 500,000.00
-------------
Corporate Taxes Paid 2,595,890.43 0.00 7,787,496.36
------------- ------------- --------------
Total Outflows 32,656,167.66 0.00 138,309,639.51
============= ============= ==============
Less: Intercompany Flows
From BLC 46,019,261.49
From BUL 32,656,167.66 0.00 35,712,131.83
From FEB 0.00 14,774,989.65
From BLP 0.00
------------- ------------- ---------------
32,656,167.66 0.00 96,506,382.97
Net Cash Flow (0.00) 0.00 41,803,256.54
Shareholder Values
Page 11
64
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value of Insider Holdings
- -------------------------
Russell Best 9,518,502.92
Mariea Best 640.31
------------
Total Insiders 9,519,143.23
Value of Outsider Holdings
- --------------------------
Edward McLaughlin 739,988.76
Cede & Co. 5,906,677.89
Della & Co. 1,163,600.85
Martin Nelson & Assoc. 59,044.69
All Other Outsiders 8,085,093.33
-------------
15,954,405.52
Stock Bonus Plan 8,042,211.43
-------------
Total Outsiders 23,996,616.95
Administrative Expenses 500,000.00 Note: Administrative Expenses calculated as follows:
Corporate Taxes 7,787,496.36 BUL 35,000.00
------------- FEB 35,000.00
BLP 0.00
Total Value 41,803,256.54 ---------
============= 70,000.00
Discount Rate: 19%
Inflation: 5%
Present Value: 500,000.00
Value Summary
Page 12
65
PROJECT THOROUGHBRED
Long-Term Dividend Model
BUL Adjustments
- --------------------------------------------------------------------
BUL Price
Shares 108.85 % BUL Value
---------- --------------------------
BUL A 86,469 9,412,487 22.37%
BUL B 300,000 32,656,168 77.63%
------- -----------------------
386,469 42,068,655 100.00%
BUL A Preference 0.57
Required Equity Return 0.23
PV BUL Preference 2.48
Adjustment Price Distributions % BUL Value
-------------------------------------------------------
BUL A Adj 1.92 110.78 9,578,834 22.77%
BUL B Adj 0.55 108.30 32,489,821 77.23%
-----------------------
42,068,655 100.00%
Adjustments for BUL A&B
Page 13
66
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB BLP
- ----------------- ----------------- ---------------------------------- ------------------- ------------
Shares Pct. Shares Pct. Pct. Adj. Shares Pct. Shares Pct.
----------------- ---------------------------------- ------------------- ------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.0000 6,798.00 1.7590 1.7901 0.00 0.0000 0.00 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 1.4933 63,921.00 10.6765 0.00 0.0000
Della & Co. 2,416.15 2.0027 0.00 0.0000 0.0000 0.00 0.0000 0.00 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0263 0.00 0.0000 0.00 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 4.3280 68,499.00 11.4411 0.00 0.0000
------------------- ---------------------------------- -------------------- ------------
12,862.32 10.6615 29,005.00 7.5051 7.6378 132,420.00 22.1176 0.00 0.0000
Insiders
- --------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 0.5601 169,970.00 28.3894 0.00 0.0000
Mariea Best 1.00 0.0008 1.00 0.0003 0.0003 1.00 0.0002 0.00 0.0000
------------------- ---------------------------------- -------------------- ------------
1,687.00 1.3983 2,128.00 0.5506 0.5604 169,971.00 28.3895 0.00 0.0000
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 7.1788 0.00 0.0000 0.00 0.0000
Best Lock Corp 0.00 0.0000 28,074.00 7.2642 7.3926 296,319.00 49.4929 0.00 0.0000
Best Universal Lock 95,556.34 79.2060 0.00 0.0000 0.0000 0.00 0.0000 0.00 0.0000
Frank E. Best 0.00 0.0000 300,000.00 77.6259 77.2305 0.00 0.0000 0.00 0.0000
Best Lock Partners 0.00 0.00 0.0000 0.0000 0.00 0.0000 0.00 0.0000
------------------- ---------------------------------- -------------------- ------------
Total 120,642.85 100.0000 386,469.00 100.0000 100.0000 598,710.00 100.0000 0.00 0.0000
=================== ================================== ==================== ============
Version: 41.8
Adjusted Ownership
Page 14
67
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 100.00 BUL Dividend Rec'd (From BLC) 79.21
====== Administrative Expenses 1% 0.50
Corporate Tax Exclusion 80% -----
Taxable Income 78.70
Corporate Tax Rate 43% Corporate Tax Exclusion 80%
Effective Tax Rate 9% Corporate Tax Rate 40%
Corporate Taxes Paid 6.30
-----
BUL Dividend Paid 72.41
=====
BLC Shareholders BUL Shareholders
- --------------------------------------------------------------- --------------------------------------------------------------
Shares Pct. Dividend Shares Adj. Pct. Dividend
------------------------------------- --------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7901 1.30
4,365.00 3.6181 3.62 5,671.00 1.4933 1.08
2,416.15 2.0027 2.00 0.00 0.0000 0.00
100.00 0.0829 0.08 100.00 0.0263 0.02
5,981.17 4.9577 4.96 16,436.00 4.3280 3.13
------------------------------------ -------------------------------------
12,862.32 10.6615 10.66 29,005.00 7.6378 5.53
Insiders Insiders
1,686.00 1.3975 1.40 2,127.00 0.5601 0.41
1.00 0.0008 0.00 1.00 0.0003 0.00
------------------------------------ -------------------------------------
1,687.00 1.3983 1.40 2,128.00 0.5604 0.41
Stock Bonus Plan 10,537.19 8.7342 8.73 Stock Bonus Plan 27,262.00 7.1788 5.20
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.3926 5.35
Best Universal Lock 95,556.34 79.2060 79.21 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.2305 55.92
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------------ --------------------------------------
Total 120,642.85 100.0000 100.0 Total 386,469.00 100.0000 72.41
==================================== ======================================
Adjusted BCL & BUL Flows
Page 15
68
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 55.92 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.36 (From BUL) 0.00
----- -----
Taxable Income 55.56 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% -----
Corporate Taxes Paid 4.45 Taxable Income 0.00
----- Corporate Tax Exclusion 100%
FEB Dividend Paid 51.12 Corporate Tax Rate 0%
===== Corporate Taxes 0.00
=====
BLP Dividend Paid
FEB Shareholders BLP Shareholders
- -------------------------------------------------------------- ----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------ -----------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 5.46 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 5.85 0.00 0.0000 0.00
---------------------------- ----------------------
132,420.00 22.1176 11.31 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 14.51 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
---------------------------- ----------------------
169,971.00 28.3895 14.51 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 25.30 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
---------------------------- ----------------------
598,710.00 100.0000 51.12 0.00 0.0000 0.00
============================ ======================
Adjusted FEB & BLP Flows
Page 16
69
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
- ------------------ --- --- --- --- ---------------
Outsiders
- ---------
Edward McLaughlin 0.00 1.30 0.00 0.00 1.30
Cede & Co. 3.62 1.08 5.46 0.00 10.16
Della & Co. 2.00 0.00 0.00 0.00 2.00
Martin Nelson & Assoc. 0.08 0.02 0.00 0.00 0.10
All Other Outsiders 4.96 3.13 5.85 0.00 13.94
----- ----- ------ ----- ------
10.66 5.53 11.31 0.00 27.50
Insiders
- --------
Russell Best 1.40 0.41 14.51 0.00 16.32
Mariea Best 0.00 0.00 0.00 0.00 0.00
----- ----- ------ ----- ------
1.40 0.41 14.51 0.00 16.32
Stock Bonus Plan 8.73 5.20 0.00 0.00 13.93
Best Lock Corp 0.00 5.35 25.30 0.00 30.65
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ----- ------ ----- ------
Sub-Total 20.79 16.49 51.12 0.00 88.40
Administrative Expenses 0.50 0.36 0.00 0.86
Corporate Taxes Paid 6.30 4.45 0.00 10.74
----- ----- ------ ----- ------
Total Payments 20.79 22.78 55.56 0.00 100.00
===== ===== ====== ===== ======
Adjusted Cumulative Distribution
Page 17
70
PROJECT THOROUGHBRED
Long-Term Dividend Model
Cumulative Distribution Initial Dividend % Initial Div % TOT Dividend
- ------------------------ ----------------- ------------- --------------
Outsiders
- -------------
Edward McLaughlin 1.30 1.30 1.80
Cede & Co. 10.16 10.16 14.11
Della & Co. 2.00 2.00 2.78
Martin Nelson & Assoc. 0.10 0.10 0.14
------ ------ ------
All Other Outsiders 13.94 13.94 19.37
------ ------ ------
27.50 27.50 38.20
Insiders
- -------------
Russell Best 16.32 16.32 22.66
Mareia Best 0.00 0.00 0.00
------ ------ ------
16.32 16.32 22.67
Stock Bonus Plan 13.93 13.93 19.35
Best Lock Corp 30.65 30.65 0.00
Best Universal Lock 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00
------ ------ ------
Sub-Total 88.40 88.40 80.22
Administrative Expenses 0.86 0.86 1.20
Corporate Taxes Paid 10.74 10.74 18.58
------ ------ ------
Total 100.00 100.00 100.00
====== ====== ======
- ---------------
Note:
For Shareholders
Where DIV is the initial dividend percent for each owner,
and BLC is the dividend percent returned to BLC,
and TR is BLC's Effective Tax Rate
TOT is the percent of cumulative dividends received by
each owner in a continuous payment loop
2 3
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +DIV((1-TR)*BLC)...
or
TOT=DIV/(1-((1-TR)*BLC))
For Corporate Taxes
2 3
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +DIV((1-TR)*BLC)...
2 3
+TR*BLC+TR*BLC((1-TR)*BLC)+TR*BLC((1-TR)*BLC) +TR*BLC((1-TR)*BLC)
or
TOT=DIV/(1-((1-TR)*BLC)) + TR*BLC/(1-((1-TR)*BLC))
Adj. Cumulative Distribution
Page 18
71
PROJECT THOROUGHBRED
Long-Term Dividend Model
--------------
BLC Operations Value 41,803,257
==============
Share Solutions % TOT Dividend Value Shares
- --------------- -------------- ------- ------------------------------------------------
BLC BUL FEB BLP
------------------------------------------------
Outsiders
- ---------
Edward McLaughlin 1.80 752,695.33 0.00 6,798.00 0.00 0.00
Cede & Co. 14.11 5,898,425.42 4,365.00 5,671.00 63,921.00 0.00
Della & Co. 2.78 1,163,046.61 2,416.15 0.00 0.00 0.00
Martin Nelson & Assoc. 0.14 59,208.66 100.00 100.00 0.00 0.00
All Other Outsiders 19.37 8,095,313.17 5,981.17 16,436.00 68,499.00 0.00
-------- ------------- --------------------------------------------------
38.20 15,968,689.21 12,862.32 29,005.00 132,420.00 0.00
Insiders
- --------
Russell Best 22.66 9,474,624.36 1,686.00 2,127.00 169,970.00 0.00
Mariea Best 0.00 641.67 1.00 1.00 1.00 0.00
-------- ------------- --------------------------------------------------
22.67 9,475,266.03 1,687.00 2,128.00 169,971.00 0.00
Stock Bonus Plan 19.35 8,090,751.44 10,537.19 27,262.00 0.00 0.00
Best Lock Corp 0.00 0.00 0.00 28,074.00 296,319.00 0.00
Best Universal Lock 0.00 0.00 95,556.34 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 300,000.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
-------- ------------- --------------------------------------------------
Sub-Total 80.22 33,534,706.68 120,642.85 386,469.00 598,710.00 0.00
==================================================
Administrative Expenses 1.20 500,000.00
Corporate Taxes Paid 18.58 7,768,549.86
------- -------------
Total 100.00 41,803,256.54
======= =============
Per Share Calculations:
- -----------------------
Value BLC BUL FEB BLP
----- ----------------------------------------------
Della & Co. 1,163,046.61 = 2,416.15
Edward McLaughlin 752,695.33 = 6,798.00
Cede & Co. 5,898,425.42 = 4,365.00 5,671.00 63,921.00 0.00
2,101,152.03 627,910.45
= 2,729,062.47
3,169,362.95 =
Russell Best 9,474,624.36 = 1,686.00 2,127.00 169,970.00 0.00
= 811,579.00 235,507.94 8,427,537.43
= 9,474,624.36
0.00 =
Per Share Calculations:
- -----------------------
Per Share Entity
--------- -------
Della & Co. 481.36 BLC
Edward McLaughlin 110.72 BUL A BUL A 86,469 9,574,112 22.77%
108.25 BUL B BUL B 300,000 32,473,805 77.23%
------- -------------------------
Cede & Co. 2.48 42,047,917 100.00%
49.58 FEB
Russell Best
0.00 BLP
Adjusted Share Solutions
Page 19
72
PROJECT THOROUGHBRED
Long-Term Dividend Model
BUL A 110.72
BLC 481.36 BUL B 108.25 FEB 49.58
--------------------------- --------------------------- --------------------------
Shares Value Shares Value Shares Value
--------------------------- --------------------------- --------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 6,798.00 752,695.33 0.00 0.00
Cede & Co. 4,365.00 2,101,152.03 5,671.00 627,910.45 63,921.00 3,169,362.95
Della & Co. 2,416.15 1,163,046.61 0.00 0.00 0.00 0.00
Martin Nelson & Assoc. 100.00 48,136.36 100.00 11,072.31 0.00 0.00
All Other Outsiders 5,981.17 2,879,117.40 16,436.00 1,819,844.14 68,499.00 3,396,351.63
--------------------------- --------------------------- --------------------------
12,862.32 6,191,452.40 29,005.00 3,211,522.23 132,420.00 6,565,714.57
Insiders
- --------
Russell Best 1,686.00 811,579.00 2,127.00 235,507.94 169,970.00 8,427,537.43
Maria Best 1.00 481.36 1.00 110.72 1.00 49.58
--------------------------- --------------------------- --------------------------
1,687.00 812,060.36 2,128.00 235,618.66 169,971.00 8,427,587.01
Stock Bonus Plan 10,537.19 5,072,219.50 27,262.00 3,018,531.95 0.00 0.00
Best Lock Corp 0.00 0.00 28,074.00 3,108,439.07 296,319.00 14,692,236.65
Best Universal Lock 95,556.34 45,997,341.89 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 300,000.00 32,473,804.96 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------- --------------------------- --------------------------
0.00
Sub-Total 120,642.85 58,073,074.14 386,469.00 42,047,916.87 598,710.00 29,685,538.24
========== ========== ==========
Administrative Expenses 293,084.42 206,915.57
Corporate Taxes Paid 1,530,858.11 3,656,340.60 2,581,351.15
-------------- -------------- --------------
Total Outflows 59,603,932.25 45,997,341.89 32,473,804.96
============== ============== ==============
Less: Intercompany Flows
From BLC 45,997,341.89
From BUL 3,108,439.07 32,473,804.96
From FEB 14,692,236.65
From BLP 0.00
-------------- -------------- --------------
17,800,675.72 45,997,341.89 32,473,804.96
Net Cash Flow 41,803,256.54 0.00 (0.00)
BLP 0.00 Total Value
--------------- --------------
Shares Value
---------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 752,695.33
Cede & Co. 0.00 0.00 5,898,425.42
Della & Co. 0.00 0.00 1,163,046.61
Martin Nelson & Assoc. 0.00 0.00 59,208.66
All Other Outsiders 0.00 0.00 8,095,313.17
--------------- --------------
0.00 0.00 15,968,689.21
Insiders
- --------
Russell Best 0.00 0.00 9,474,624.36
Maria Best 0.00 0.00 641.67
--------------- --------------
0.00 0.00 9,475,266.03
Stock Bonus Plan 0.00 0.00 8,090,751.44
Best Lock Corp 0.00 0.00 17,800,675.72
Best Universal Lock 0.00 0.00 45,997,341.89
Frank E. Best 0.00 0.00 32,473,804.96
Best Lock Partners 0.00 0.00 0.00
--------------- --------------
Sub-Total 0.00 0.00 129,806,529.25
=======
Administrative Expenses 0.00 500,000.00
Corporate Taxes Paid 0.00 7,768,549.86
------ --------------
Total Outflows 0.00 138,075,079.10
====== ==============
Less: Intercompany Flows
From BLC 45,997,341.89
From BUL 0.00 35,582,244.03
From FEB 0.00 14,692,236.65
From BLP 0.00
------ --------------
0.00 96,271,822.56
Net Cash Flow 0.00 41,803,256.54
Adjusted Shareholder Values
Page 20
73
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value of Insider Holdings
- ---------------------------
Russell Best 9,474,624.36
Mariea Best 641.67
--------------
Total Insiders 9,475,266.03
Value of Outsider Holdings
- ---------------------------
Edward McLaughlin 752,695.33
Cede & Co. 5,898,425.42
Della & Co. 1,163,046.61
Martin Nelson & Assoc. 59,208.66
All Other Outsiders 8,095,313.17
--------------
15,968,689.21
Stock Bonus Plan 8,090,751.44
--------------
Total Outsiders 24,059,440.65
Administrative Expenses 500,000.00
Corporate Taxes 7,768,549.86
--------------
Total Value 41,803,256.54
Adjusted Value Summary
Page 21
74
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Rec'd 30.69 BUL Dividend Rec'(From BLC) 22.22
Corporate Tax Exclusion 80% Administrative Expenses 1% 0.14
Corporate Tex Rate 43% -----------
Corporate Taxes Paid 2.64 Taxable Income 22.08
------- Corporate Tax Exclusion 80%
Corporate Tex Rate 40%
BLC Dividend Paid 28.05 Corporate Taxes Paid 1.77
======= -----------
BUL Dividend Paid 20.31
===========
BLC Shareholders BUL Shareholders
- -------------------------------------------------------------- -------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
--------------------------------------- ---------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.36
4,365.00 3.6181 1.01 5,671.00 1.4674 0.30
2,416.15 2.0027 0.56 0.00 0.0000 0.00
100.00 0.0829 0.02 100.00 0.0259 0.01
5,981.17 4.9577 1.39 16,436.00 4.2529 0.86
--------------------------------------- ---------------------------------
12,862.32 10.6615 2.99 29,005.00 7.5051 1.52
Insiders Insiders 0.00
1,686.00 1.3975 0.39 2,127.00 0.5504 0.11
1.00 0.0008 0.00 1.00 0.0003 0.00
--------------------------------------- ---------------------------------
1,687.00 1.3983 0.39 2,128.00 0.5506 0.11
Stock Bonus Plan 10,537.19 8.7342 2.45 Stock Bonus Plan 27,262.00 7.0541 1.43
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 1.48
Best Universal Lock 95,556.34 79.2060 22.22 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 15.77
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
--------------------------------------- ---------------------------------
Total 120,642.85 100.0000 28.05 Total 386,469.00 100.0000 20.31
======================================= ================================
BLC & BUL Round 2
Page 22
75
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec' (From BUL) 15.77 BLP Dividends Rec(From FEB) 0.00
Administrative Expenses 1% 0.10 (From BUL) 0.00
-------- --------
Taxable Income 15.67 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% --------
Corporate Taxes Paid 1.25 Taxable Income 0.00
-------- Corporate Tax Exclusion 100%
Corporate Tax Rate 0%
FEB Dividend Paid 14.41 Corporate Taxes 0
========
BLP Dividend Paid 0.00
========
FEB Shareholders BLP Shareholders
- ------------------------------------------------------------------ -------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------------- ---------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 1.54 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 1.65 0.00 0.0000 0.00
----------------------------------------- ---------------------------------
132,420.00 22.1176 3.19 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 4.09 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
----------------------------------------- ---------------------------------
169,971.00 28.3895 4.09 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 7.13 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
----------------------------------------- ---------------------------------
598,710.00 100.0000 14.41 0.00 0.0000 0.00
========================================= =================================
FEB & BLP Round 2
Page 23
76
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
------ ------ ------ ------- ---------------
Outsiders
0.00 0.36 0.00 0.00 0.36
1.01 0.30 1.54 0.00 2.85
0.56 0.00 0.00 0.00 0.56
0.02 0.01 0.00 0.00 0.03
1.39 0.86 1.65 0.00 3.90
------ ------ ------ ------- ---------
2.99 1.52 3.19 0.00 7.70
Insiders
0.39 0.11 4.09 0.00 4.60
0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------- ---------
0.39 0.11 4.09 0.00 4.60
Stock Bonus Plan 2.45 1.43 0.00 0.00 3.88
Best Lock Corp 0.00 1.48 7.13 0.00 8.61
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------- ---------
Sub-Total 5.83 4.54 14.41 0.00 24.79
Administrative Expenses 0.14 0.10 0.00 0.24
Corporate Taxes Paid 2.64 1.77 1.25 0.00 5.66
------ ------ ------ ------- ---------
Total Payments 8.47 6.45 15.77 0.00 30.69
Dividend Summary Round 2
Page 24
77
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 8.61 BUL Dividend Rec'(From BLC) 6.23
Administrative Expenses 1% 0.04
Corporate Tax Exclusion 80% -----------
Corporate Tax Rate 43% Taxable Income 6.19
Corporate Taxes Paid 0.74 Corporate Tax Exclusion 80%
--------- Corporate Tax Rate 40%
Corporate Taxes Paid 0.50
BLC Dividend Paid 7.87 -----------
=========
BUL Dividend Paid 5.70
===========
BLC Shareholders BUL Shareholders
- ----------------------------------------------------------------- ------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
--------------------------------------- --------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.10
4,365.00 3.6181 0.28 5,671.00 1.4674 0.08
2,416.15 2.0027 0.16 0.00 0.0000 0.00
100.00 0.0829 0.01 100.00 0.0259 0.00
5,981.17 4.9577 0.39 16,436.00 4.2529 0.24
--------------------------------------- --------------------------------
12,862.32 10.6615 0.84 29,005.00 7.5051 0.43
Insiders Insiders
1,686.00 1.3975 0.11 2,127.00 0.5504 0.03
1.00 0.0008 0.00 1.00 0.0003 0.00
--------------------------------------- --------------------------------
1,687.00 1.3983 0.11 2,128.00 0.5506 0.03
Stock Bonus Plan 10,537.19 8.7342 0.69 Stock Bonus Plan 27,262.00 7.0541 0.40
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.41
Best Universal Lock 95,556.34 79.2060 6.23 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 4.42
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
--------------------------------------- --------------------------------
Total 120,642.85 100.0000 7.87 Total 386,469.00 100.0000 5.70
======================================= ================================
BLC & BUL Round 3
Page 25
78
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec' (From BUL) 4.42 BLP Dividends Rec(From FEB) 0.00
Administrative Expenses 1% 0.03 (From BUL) 0.00
-------- ---------
Taxable Income 4.39 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ---------
Corporate Taxes Paid 0.35 Taxable Income 0.00
-------- Corporate Tax Exclusion 100%
Corporate Tax Rate 0%
FEB Dividend Paid 4.04 Corporate Taxes 0
========
BLP Dividend Paid 0.00
=========
FEB Shareholders BLP Shareholders
- ------------------------------------------------------------------------- ----------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
---------------------------------------- ----------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.43 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.46 0.00 0.0000 0.00
---------------------------------------- ----------------------------------
132,420.00 22.1176 0.89 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 1.15 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
---------------------------------------- ----------------------------------
169,971.00 28.3895 1.15 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 2.00 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
---------------------------------------- ----------------------------------
598,710.00 100.0000 4.04 0.00 0.0000 0.00
======================================== ==================================
FEB & BLP Round 3
Page 26
79
Project Thoroughbred
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.10 0.00 0.00 0.10
0.28 0.08 0.43 0.00 0.80
0.16 0.00 0.00 0.00 0.16
0.01 0.00 0.00 0.00 0.01
0.39 0.24 0.46 0.00 1.09
---- ---- ---- ---- ----
0.84 0.43 0.89 0.00 2.16
Insiders
0.11 0.03 1.15 0.00 1.29
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.11 0.03 1.15 0.00 1.29
Stock Bonus Plan 0.69 0.40 0.00 0.00 1.09
Best Lock Corp 0.00 0.41 2.00 0.00 2.41
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 1.64 1.27 4.04 0.00 6.95
Administrative Expense 0.04 0.03 0.00 0.07
Corporate Taxes Paid 0.74 0.50 0.35 0 1.59
---- ---- ---- ---- ----
Total Payments 2.38 1.81 4.42 0.00 8.61
Dividend Summary Round 3
Page 27
80
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 2.41 BUL Dividend Rec'd (From BLC) 1.75
Administrative Expenses 1% 0.01
----
Corporate Tax Exclusion 80% Taxable Income 1.74
Corporate Tex Rate 43% Corporate Tax Exclusion 80%
Corporate Taxes Paid 0.21 Corporate Tex Rate 40%
----
Corporate Taxes Paid 0.14
----
BLC Dividend Paid 2.21
====
BUL Dividend Paid 1.60
====
BLC Shareholders BUL Shareholders
- -------------------------------------------------------- -------------------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------ ----------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.03
4,365.00 3.6181 0.08 5,671.00 1.4674 0.02
2,416.15 2.0027 0.04 0.00 0.0000 0.00
100.00 0.0829 0.00 100.00 0.0259 0.00
5,981.17 4.9577 0.11 16,436.00 4.2529 0.07
----------------------------- ---------------------------
12,862.32 10.6615 0.24 29,005.00 7.5051 0.12
Insiders Insdiers
1,686.00 1.3975 0.03 2,127.00 0.5504 0.01
1.00 0.0008 0.00 1.00 0.0003 0.00
----------------------------- ---------------------------
1,687.00 1.3983 0.03 2,128.00 0.5506 0.01
Stock Bonus Plan 10,537.19 8.7342 0.19 Stock Bonus Plan 27,262.00 7.0541 0.11
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.12
Best Universal Lock 95,556.34 79.2060 1.75 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 1.24
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
----------------------------- ---------------------------
Total 120,642.85 100.0000 2.21 Total 386,469.00 100.0000 1.60
BLC & BUL Round 4
Page 28
81
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec (From BUL) 1.24 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.01 (From BUL) 0.00
---- ----
Taxable Income 1.23 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% Taxable Income 0.00
Corporate Taxes Paid 0.10 Corporate Tax Exclusion 100%
----
Corporate Tax Rate 0%
FEB Dividend Paid 1.13 Corporate Taxes 0
====
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- --------------------------------------------------------- -----------------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------- -------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.12 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.13 0.00 0.0000 0.00
----------------------------- -----------------------
132,420.00 22.1176 0.25 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 0.32 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
----------------------------- -----------------------
169,971.00 28.3895 0.32 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 0.56 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
----------------------------- -----------------------
598,710.00 100.0000 1.13 0.00 0.0000 0.00
============================= =======================
FEB & BLP Round 4
Page 29
82
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.03 0.00 0.00 0.03
0.08 0.02 0.12 0.00 0.22
0.04 0.00 0.00 0.00 0.04
0.00 0.00 0.00 0.00 0.00
0.11 0.07 0.13 0.00 0.31
---- ---- ---- ---- ----
0.24 0.12 0.25 0.00 0.61
Insiders
0.03 0.01 0.32 0.00 0.36
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.03 0.01 0.32 0.00 0.36
Stock Bonus Plan 0.19 0.11 0.00 0.00 0.31
Best Lock Corp 0.00 0.12 0.56 0.00 0.68
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 0.46 0.36 1.13 0.00 1.95
Administrative Expenses 0.01 0.01 0.00 0.02
Corporate Taxes Paid 0.21 0.14 0.10 0 0.45
---- ---- ---- ---- ----
Total Payments 0.67 0.51 1.24 0.00 2.41
==== ==== ==== ==== ====
Dividend Summary Round 4
Page 30
83
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 0.68 BUL Dividend Rec'd (From BLC) 0.49
Administrative Expenses 1% 0.00
----
Corporate Tax Exclusion 80% Taxable Income 0.49
Corporate Tex Rate 43% Corporate Tax Exclusion 80%
Corporate Taxes Paid 0.06 Corporate Tex Rate 40%
----
Corporate Taxes Paid 0.04
----
BLC Dividend Paid 0.62
====
BUL Dividend Paid 0.45
====
BLC Shareholders BUL Shareholders
- ---------------------------------------------------- ----------------------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------ ----------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.01
4,365.00 3.6181 0.02 5,671.00 1.4674 0.01
2,416.15 2.0027 0.01 0.00 0.0000 0.00
100.00 0.0829 0.00 100.00 0.0259 0.00
5,981.17 4.9577 0.03 16,436.00 4.2529 0.02
----------------------------- ---------------------------
12,862.32 10.6615 0.07 29,005.00 7.5051 0.03
Insiders Insdiers
1,686.00 1.3975 0.01 2,127.00 0.5504 0.00
1.00 0.0008 0.00 1.00 0.0003 0.00
----------------------------- ---------------------------
1,687.00 1.3983 0.01 2,128.00 0.5506 0.00
Stock Bonus Plan 10,537.19 8.7342 0.05 Stock Bonus Plan 27,262.00 7.0541 0.03
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.03
Best Universal Lock 95,556.34 79.2060 0.49 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 0.35
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
----------------------------- ---------------------------
Total 120,642.85 100.0000 0.62 Total 386,469.00 100.0000 0.45
============================= ============================
BLC & BUL Round 5
Page 31
84
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Divi(From BUL) 0.35 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.00 (From BUL) 0.00
---- ----
Taxable Income 0.35 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
----
Corporate Tax Rate 40% Taxable Income 0.00
Corporate Taxes Paid 0.03 Corporate Tax Exclusion 100%
----
Corporate Tax Rate 0%
FEB Dividend Paid 0.32 Corporate Taxes 0
====
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- -------------------------------------------------------- ------------------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------ -------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.03 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.04 0.00 0.0000 0.00
----------------------------- ------------------------
132,420.00 22.1176 0.07 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 0.09 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
----------------------------- ------------------------
169,971.00 28.3895 0.09 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 0.16 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
----------------------------- ------------------------
598,710.00 100.0000 0.32 0.00 0.0000 0.00
============================= ========================
FEB & BLP Round 5
Page 32
85
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.01 0.00 0.00 0.01
0.02 0.01 0.03 0.00 0.06
0.01 0.00 0.00 0.00 0.01
0.00 0.00 0.00 0.00 0.00
0.03 0.02 0.00 0.05
---- ---- ---- ---- ----
0.07 0.03 0.07 0.00 0.17
Insiders
0.01 0.00 0.09 0.00 0.10
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.01 0.00 0.09 0.00 0.10
Stock Bonus Plan 0.05 0.03 0.00 0.00 0.09
Best Lock Corp 0.00 0.03 0.16 0.00 0.19
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 0.13 0.10 0.32 0.00 0.55
Administrative Expenses 0.00 0.00 0.00 0.01
Corporate Taxes Paid 0.06 0.04 0.03 0 0.12
---- ---- ---- ---- ----
Total Payments 0.19 0.14 0.35 0.00 0.68
==== ==== ==== ==== ====
Dividend Summary Round 5
Page 33
86
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value Distribution Round One Round Two Round Three Round Four Round Five % Value
--------- --------- ----------- --------- ---------- -------
Outsiders
1.27 0.36 0.10 0.03 0.01 1.77
10.17 2.85 0.80 0.22 0.06 14.11
2.00 0.56 0.16 0.04 0.01 2.78
0.10 0.03 0.01 0.00 0.00 0.14
13.92 3.90 1.09 0.31 0.05 19.27
------ ------ ------ ------ ------ ------
27.46 7.70 2.16 0.61 0.17 38.10
Insiders
16.38 4.60 1.29 0.36 0.10 22.73
0.00 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------
16.38 4.60 1.29 0.36 0.10 22.73
Stock Bonus Plan 13.84 3.88 1.09 0.31 0.09 19.20
Best Lock Corp 30.69 8.61 2.41 0.68 0.19 0.19
Best Universal Lock 0.00 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------
Sub-Total 88.38 24.79 6.95 1.95 0.55 80.23
Administrative Expenses 0.86 0.24 0.07 0.02 0.01 1.19
Corporate Taxes Paid 10.76 5.66 1.59 0.45 0.12 18.58
------ ------ ------ ------ ------ ------
Total Payments 100.00 30.69 8.61 2.41 0.68 100.00
====== ====== ====== ====== ====== ======
Exercise Summary
Page 34
87
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB
- ----------------- ------------------- ----------------------- -------------------
Shares Pct. Shares Pct. Shares Pct.
------------------- ----------------------- -------------------
Outsiders
- ---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765
Della & Co. 2,416.15 2.0027 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411
-------------------- -------------------- --------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176
Insiders
- --------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 113,311.00 18.9259
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002
-------------------- -------------------- --------------------
1,687.00 1.3983 2,128.00 0.5506 113,312.00 18.9260
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.0000
Best Lock Corp 0.0000 19,287.00 4.9906 148,925.00 24.8743
Best Universal Lock 95,556.34 79.2060 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.0000
Best Lock Partners 8,787.00 2.2737 204,053.00 34.0821
-------------------- --------------------- --------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000
==================== ===================== ====================
Current Ownership BLP
- ----------------- --------------------
Shares Pct.
--------------------
Outsiders
- ---------
Edward McLaughlin 0.0000
Cede & Co. 0.0000
Della & Co. 0.0000
Martin Nelson & Assoc 0.0000
All Other Outsiders 0.0000
-------------------
0.00 0.0000
Insiders
- --------
Russell Best 13.00 13.0000
Mariea Best 0.0000
-------------------
13.00 13.0000
Stock Bonus Plan 0.0000
Best Lock Corp 87.00 87.0000
Best Universal Lock 0.0000
Frank E. Best 0.0000
Best Lock Partners 0.0000
-------------------
Total 100.00 100.0000
===================
Version 38.8
Ownership
Page 1
88
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLP Holdings
- -------------------------------------------------------------------------
Shares Per Share Value
------------------------------------
BUL A 8,787.00 120.23 1,056,440.39
FEB 204,053.00 53.77 10,971,179.44
-------------
12,027,619.83
Divest to BLC
- -------------------------------------------------------------------------
BUL A 8,787.00 120.23 1,056,440.39
FEB 170,394.00 53.77 9,161,458.78
-------------
10,217,899.17 84.95%
Divest To RCB/WEBCO
- -------------------------------------------------------------------------
BUL A 0.00 120.23 0.00
FEB 33,659.00 53.77 1,809,720.65
------------
1,809,720.65 15.05%
BLP Liquidation
Page 2
89
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB
- ----------------- ------------------- ----------------------- --------------------------
Shares Pct. Shares Pct. Shares Pct.
------------------- ----------------------- --------------------------
Outsiders
- ---------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765
Della & Co. 2,416.15 2.0027 0.0000 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411
------------------- ------------------------ -------------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176
Insiders
- --------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 146,970.00 24.5478
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002
------------------- ------------------------ -------------------------
1,687.00 1.3983 2,128.00 0.5506 146,971.00 24.5479
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.0000
Best Lock Corp 0.0000 28,074.00 7.2642 319,319.00 53.3345
Best Universal Lock 95,556.34 79.2060 0.0000 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000
-------------------- ------------------------ -------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000
==================== ======================== =========================
BLP
------------------
Current Ownership Shares Pct.
- ----------------- ------------------
Outsiders
- ---------
Edward McLaughlin 0.0000
Cede & Co. 0.0000
Della & Co. 0.0000
Martin Nelson & Assoc 0.0000
All Other Outsiders 0.0000
------------------
0.00 0.0000
Insiders
- --------
Russell Best 0.00 0.0000
Mariea Best 0.0000
------------------
0.00 0.0000
Stock Bonus Plan 0.0000
Best Lock Corp 0.00 0.0000
Best Universal Lock 0.0000
Frank E. Best 0.0000
Best Lock Partners 0.0000
------------------
Total 0.00 0.0000
==================
Version: 38.8
Ownership-BLP Liquidation
Page 3
90
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Ownership
(All Figures Are Post-BLP Liquidation) RCB/WEBCO
Purchase @ Adjusted
Shares Pct. 53.61 Shares Pct.
---------------------- ----------- ---------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 0.00 0.00
Cede & Co. 63,921.00 10.68 63,921.00 10.68
Della & Co. 0.00 0.00 0.00 0.00
Martin Nelson & Assoc 0.00 0.00 0.00 0.00
All Other Outsiders 68,499.00 11.44 68,499.00 11.44
-------------------- ------------------------
132,420.00 22.12 132,420.00 22.12
Insiders
- --------
Russell Best 146,970.00 24.55 23,000.00 169,970.00 28.39
Mariea Best 1.00 0.00 1.00 0.00
-------------------- ------------------------
146,971.00 24.55 169,971.00 28.39
Stock Bonus Plan 0.00 0.00 0.00 0.00
Best Lock Corp 319,319.00 53.33 (23,000.00) 296,319.00 49.49
Best Universal Lock 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00
-------------------- ------------------------
Total 598,710.00 100.00 0.00 598,710.00 100.00
==================== ==== ========================
Adjustment to BLC Value Amount
- -------------------------- -------------
Value of BLC 37,800,000.00
-------------
FEB Proceeds 1,233,133.58
FEB Basis 29.36 675,280.00
-------------
FEB Taxable Gain 557,853.58
Taxes Paid 43% 239,877.04
-------------
Net Cash Retained 993,256.54
-------------
Adjusted BLC Value 38,793,256.54
WEBCO Purchase of FEB
Page 4
91
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB
- ----------------- ------------------- -------------------------- -------------------------
Shares Pct. Shares Pct. Shares Pct.
------------------- -------------------------- -------------------------
Outsiders
- ---------------------
Edward McLaughlin 0.0000 6,798.00 1.7590 0.00 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 63,921.00 10.6765
Della & Co. 2,416.15 2.0027 0.0000 0.00 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.00 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 68,499.00 11.4411
-------------------- --------------------- -------------------------
12,862.32 10.6615 29,005.00 7.5051 132,420.00 22.1176
Insiders
- ---------------------
Russell Best 1,686.00 1.3975 2,127.00 0.5504 169,970.00 28.3894
Mariea Best 1.00 0.0008 1.00 0.0003 1.00 0.0002
-------------------- --------------------- -------------------------
1,687.00 1.3983 2,128.00 0.5506 169,971.00 28.3895
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 0.00 0.0000
Best Lock Corp 0.0000 28,074.00 7.2642 296,319.00 49.4929
Best Universal Lock 95,556.34 79.2060 0.0000 0.00 0.0000
Frank E. Best 0.0000 300,000.00 77.6259 0.00 0.0000
Best Lock Partners 0.00 0.0000 0.00 0.0000
-------------------- --------------------- -------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 598,710.00 100.0000
==================== ====================== =========================
Current Ownership BLP
- ----------------- --------------------
Shares Pct.
--------------------
Outsiders
---------
Edward McLaughlin 0.0000
Cede & Co. 0.0000
Della & Co. 0.0000
Martin Nelson & Assoc 0.0000
All Other Outsiders 0.0000
-----------------
0.00 0.0000
Insiders
--------
Russell Best 0.00 0.0000
Mariea Best 0.0000
-----------------
0.00 0.0000
Stock Bonus Plan 0.0000
Best Lock Corp 0.00 0.0000
Best Universal Lock 0.0000
Frank E. Best 0.0000
Best Lock Partners 0.0000
-----------------
0.00 0.0000
=================
Version: 38.8
Ownership-Post WEBCO
Page 5
92
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 100.00 BUL Dividend Rec'd (From BLC) 79.21
Corporate Tax Exclusion 80% ====== Administrative Expenses 1% 0.47
Corporate Tax Rate 43% -----
Effective Tax Rate 9% Taxable Income 78.73
Corporate Tax Exclusion 80%
Corporate Tax Rate 40%
Corporate Taxes Paid 6.30
-----
BUL Dividend Paid 72.43
=====
BLC Shareholders BUL Shareholders
- ---------------------------------------------------------- --------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------------ --------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 1.27
4,365.00 3.6181 3.62 5,671.00 1.4674 1.06
2,416.15 2.0027 2.00 0.00 0.0000 0.00
100.00 0.0829 0.08 100.00 0.0259 0.02
5,981.17 4.9577 4.96 16,436.00 4.2529 3.08
----------------------------------- --------------------------------
12,862.32 10.6615 10.66 29,005.00 7.5051 5.44
Insiders Insiders
1,686.00 1.3975 1.40 2,127.00 0.5504 0.40
1.00 0.0008 0.00 1.00 0.0003 0.00
----------------------------------- --------------------------------
1,687.00 1.3983 1.40 2,128.00 0.5506 0.40
Stock Bonus Plan 10,537.19 8.7342 8.73 Stock Bonus Plan 27,262.00 7.0541 5.11
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 5.26
Best Universal Lock 95,556.34 79.2060 79.21 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 56.23
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
----------------------------------- --------------------------------
Total 120,642.85 100.0000 100.0000 Total 386,469.00 100.0000 72.43
=================================== ================================
BLC & BUL Flows
Page 6
93
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividend (From BUL) 56.23 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.34 (From BUL) 0.00
----- ----
Taxable Income 55.89 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 4.47 Taxable Income 0.00
----- Corporate Tax Exclusion 100%
FEB Dividend Paid 51.42 Corporate Tax Rate 0%
===== Corporate Taxes 0
----
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- --------------------------------------------------------------- ----------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------------ ------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 5.49 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 5.88 0.00 0.0000 0.00
----------------------------------- --------------------------------
132,420.00 22.1176 11.37 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 14.60 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
----------------------------------- --------------------------------
169,971.00 28.3895 14.60 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 25.45 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
----------------------------------- --------------------------------
598,710.00 100.0000 51.42 0.00 0.0000 0.00
=================================== ================================
FEB & BLP Flows
Page 7
94
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
- ------------------ --- --- --- --- ---------------
Outsiders
- ---------
Edward McLaughlin 0.00 1.27 0.00 0.00 1.27
Cede & Co. 3.62 1.06 5.49 0.00 10.17
Della & Co. 2.00 0.00 0.00 0.00 2.00
Martin Nelson & Assoc. 0.08 0.02 0.00 0.00 0.10
All Other Outsiders 4.96 3.08 5.88 0.00 13.92
----- ----- ----- ----- ------
10.66 5.44 11.37 0.00 27.47
Insiders
- --------
Russell Best 1.40 0.40 14.60 0.00 16.39
Mariea Best 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- ------
1.40 0.40 14.60 0.00 16.39
Stock Bonus Plan 8.73 5.11 0.00 0.00 13.84
Best Lock Corp 0.00 5.26 25.45 0.00 30.71
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- ------
Sub-Total 20.79 16.21 51.42 0.00 88.42
Administrative Expenses 0.47 0.34 0.00 0.81
Corporate Taxes Paid 6.30 4.47 0.00 10.77
----- ----- ----- ----- ------
Total Payments 20.79 22.50 55.89 0.00 100.00
Dividend Summary
Page 8
95
PROJECT THOROUGHBRED
Long-Term Dividend Model
Cumulative Distribution Initial Dividend % Initial Div % TOT Dividend
- ------------------------ ---------------- ------------- --------------
Outsiders
- ------------------------
Edward McLaughlin 1.27 1.27 1.77
Cede & Co. 10.17 10.17 14.14
Della & Co. 2.00 2.00 2.78
Martin Nelson & Assoc. 0.10 0.10 0.14
All Other Outsiders 13.92 13.92 19.35
---------------- ------------- --------------
27.47 27.47 38.19
Insiders
- ------------------------
Russell Best 16.39 16.39 22.79
Mareia Best 0.00 0.00 0.00
---------------- ------------- --------------
16.39 16.39 22.79
Stock Bonus Plan 13.84 13.84 19.25
Best Lock Corp 30.71 30.71 0.00
Best Universal Lock 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00
---------------- ------------- --------------
Sub-Total 88.42 88.42 80.23
Administrative Expenses 0.81 0.81 1.13
Corporate Taxes Paid 10.77 10.77 18.64
---------------- ------------- --------------
Total 100.00 100.00 100.00
================ ============= ==============
- ---------------
Note:
For Shareholders
Where DIV is the initial dividend percent for each owner,
and BLC is the dividend percent returned to BLC,
and TR is BLC's Effective Tax Rate
TOT is the percent of cumulative dividends received by
each owner in a continuous payment loop
2 3
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +DIV((1-TR)*BLC) ...
or
TOT=DIV/(1-((1-TR)*BLC))
For Corporate Taxes
2 3
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +DIV((1-TR)*BLC) ...
2 3
+TR*BLC+TR*BLC((1-TR)*BLC)+TR*BLC((1-TR)*BLC) +TR*BLC((1-TR)*BLC) ...
or
TOT=DIV/(1-((1-TR)*BLC)) + TR*BLC/(1-((1-TR)*BLC))
Cumulative Distribution
Page 9
96
PROJECT THOROUGHBRED
Long-Term Dividend Model
--------------
BLC Operations Value 38,793,257
==============
Share Solutions % TOT Dividend Value Shares
- --------------- -------------- ------------- -----------------------------------------------------
BLC BUL FEB BLP
-----------------------------------------------------
Outsiders
- ---------
Edward McLaughlin 1.77 687,139.36 0.00 6,798.00 0.00 0.00
Cede & Co. 14.14 5,485,198.55 4,365.00 5,671.00 63,921.00 0.00
Della & Co. 2.78 1,080,100.21 2,416.15 0.00 0.00 0.00
Martin Nelson & Assoc. 0.14 54,811.32 100.00 100.00 0.00 0.00
All Other Outsiders 19.35 7,507,845.58 5,981.17 16,436.00 68,499.00 0.00
-------------- ------------- -----------------------------------------------------
38.19 14,815,095.02 12,862.32 29,005.00 132,420.00 0.00
Insiders
- --------
Russell Best 22.79 8,841,316.12 1,686.00 2,127.00 169,970.00 0.00
Mariea Best 0.00 594.43 1.00 1.00 1.00 0.00
-------------- ------------- -----------------------------------------------------
22.79 8,841,910.55 1,687.00 2,128.00 169,971.00 0.00
Stock Bonus Plan 19.25 7,466,110.89 10,537.19 27,262.00 0.00 0.00
Best Lock Corp 0.00 0.00 0.00 28,074.00 296,319.00 0.00
Best Universal Lock 0.00 0.00 95,556.34 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 300,000.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------- -----------------------------------------------------
Sub-Total 80.23 31,123,116.46 120,642.85 386,469.00 598,710.00 0.00
=====================================================
Administrative Expenses 1.13 437,500.00
Corporate Taxes Paid 18.64 7,232,640.07
Total 100.00 38,793,256.54
============== =============
Per Share Calculations:
- -----------------------
Value BLC BUL FEB BLP
------------ -----------------------------------------------------------
Della & Co. 1,080,100.21 = 2,416.15
Edward McLaughlin 687,139.36 = 6,798.00
Cede & Co. 5,485,198.55 = 4,365.00 5,671.00 63,921.00 0.00
= 1,951,301.62 573,222.61
= 2,524,524.23
2,960,674.32 =
Russell Best 8,841,316.12 = 1,686.00 2,127.00 169,970.00 0.00
= 753,698.63 214,996.38 7,872,621.11
= 8,841,316.12
0.00 =
Per Share Entity
447.03 BLC
101.08 BUL A&B
46.32 FEB
0.00 BLP
Share Solutions
Page 10
97
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC 447.03 BUL 101.08 FEB 46.32
----------------------------- ----------------------------- -----------------------------
Shares Value Shares Value Shares Value
----------------------------- ----------------------------- -----------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 6,798.00 687,139.36 0.00 0.00
Cede & Co. 4,365.00 1,951,301.62 5,671.00 573,222.61 63,921.00 2,960,674.32
Della & Co. 2,416.15 1,080,100.21 0.00 0.00 0.00 0.00
Martin Nelson & Assoc. 100.00 44,703.36 100.00 10,107.96 0.00 0.00
All Other Outsiders 5,981.17 2,673,783.90 16,436.00 1,661,344.89 68,499.00 3,172,716.79
----------------------------- ----------------------------- -----------------------------
12,862.32 5,749,889.08 29,005.00 2,931,814.83 132,420.00 6,133,391.11
Insiders
- ---------
Russell Best 1,686.00 753,698.63 2,127.00 214,996.38 169,970.00 7,872,621.11
Maria Best 1.00 447.03 1.00 101.08 1.00 46.32
----------------------------- ----------------------------- -----------------------------
1,687.00 754,145.67 2,128.00 215,097.46 169,971.00 7,872,667.42
Stock Bonus Plan 10,537.19 4,710,477.87 27,262.00 2,755,633.02 0.00 0.00
Best Lock Corp 0.00 0.00 28,074.00 2,837,709.68 296,319.00 13,724,817.40
Best Universal Lock 95,556.34 42,716,893.68 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 300,000.00 30,323,890.62 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------- ----------------------------- -----------------------------
0.00
Sub-Total 120,642.85 53,931,406.30 386,469.00 39,064,145.62 598,710.00 27,730,875.94
========== ========== ==========
Administrative Expenses 255,865.83 181,634.17
Corporate Taxes Paid 1,424,377.33 3,396,882.23 2,411,380.52
------------- ------------- -------------
Total Outflows 55,355,783.63 42,716,893.68 30,323,890.62
============= ============= =============
Less: Intercompany Flows
From BLC 42,716,893.68
From BUL 2,837,709.68 30,323,890.62
From FEB 13,724,817.40
From BLP 0.00
------------- ------------- -------------
16,562,527.09 42,716,893.68 30,323,890.62
Net Cash Flow 38,793,256.54 0.00 (0.00)
------------- ------------- -------------
BLP 0.00 Total Value
------------------------- --------------
Shares Value
-------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 687,139.36
Cede & Co. 0.00 0.00 5,485,198.55
Della & Co. 0.00 0.00 1,080,100.21
Martin Nelson & Assoc. 0.00 0.00 54,811.32
All Other Outsiders 0.00 0.00 7,507,845.58
------------------------- --------------
0.00 0.00 14,815,095.02
Insiders
- ---------
Russell Best 0.00 0.00 8,841,316.12
Maria Best 0.00 0.00 594.43
------------------------- --------------
0.00 0.00 8,841,910.55
Stock Bonus Plan 0.00 0.00 7,466,110.89
Best Lock Corp 0.00 0.00 16,562,527.09
Best Universal Lock 0.00 0.00 42,716,893.68
Frank E. Best 0.00 0.00 30,323,890.62
Best Lock Partners 0.00 0.00 0.00
------------------------- --------------
Sub-Total 0.00 0.00 120,726,427.85
======
Administrative Expenses 0.00 437,500.00
Corporate Taxes Paid 0.00 7,232,640.07
----- --------------
Total Outflows 0.00 128,396,567.93
===== ==============
Less: Intercompany Flows
From BLC 42,716,893.68
From BUL 0.00 33,161,600.31
From FEB 0.00 13,724,817.40
From BLP 0.00
----- --------------
0.00 89,603,311.39
Net Cash Flow 0.00 38,793,256.54
----- --------------
Shareholder Values
Page 11
98
PROJECT THROUGHBRED
Long-Term Dividend Model
Value of Insider Holdings
- -------------------------
Russell Best 8,841,316.12
Mariea Best 594.43
-------------
Total Insiders 8,841,910.55
Value of Outsider Holdings
- -------------------------
Edward McLaughlin 687,139.36
Cede & Co. 5,485,198.55
Della & Co. 1,080,100.21
Martin Nelson & Assoc. 54,811.32
All Other Outsiders 7,507,845.58
-------------
14,815,095.02
Stock Bonus Plan 7,466,110.89
-------------
Total Outsiders 22,281,205.91
Administrative Expenses 437,500.00 Note: Administrative Expenses calculated as follows:
Corporate Taxes 7,232,640.07 BUL 35,000.00
------------- FEB 35,000.00
BLP 0.00
Total Value 38,793,256.54 ----------
============= 70,000.00
Discount Rate: 21%
Inflation: 5%
Present Value: 437,500.00
Value Summary
Page 12
99
PROJECT THOROUGHBRED
Long-Term Dividend Model
BUL Adjustments
- ---------------------------------------------------------------------------------------------------
BUL Price
Shares 101.08 % BUL Value
------- ------------------------------
BUL A 86,469 8,740,255 22.37%
BUL B 300,000 30,323,891 77.63%
------- -----------------------------
386,469 39,064,146 100.00%
BUL A Preference 0.57
Required Equity Return 0.25
PV BUL Preference 2.28
Adjustment Price Distributions % BUL Value
----------------------------------------------------------------
BUL A Adj 1.77 102.85 8,893,294 22.77%
BUL B Adj 0.51 100.57 30,170,852 77.23%
---------- -------
39,064,146 100.00%
Adjustments for BUL S&B
Page 13
100
PROJECT THOROUGHBRED
Long-Term Dividend Model
Current Ownership BLC BUL FEB BLP
- ----------------- ------------------------ ----------------------------------- --------------------------------
Shares Pct. Shares Pct. Pct. Adj. Shares Pct. Shares Pct.
------------------------ ----------------------------------- --------------------------------
Outsiders
Edward McLaughlin 0.00 0.0000 6,798.00 1.7590 1.7898 0.00 0.0000 0.00 0.0000
Cede & Co. 4,365.00 3.6181 5,671.00 1.4674 1.4931 63,921.00 10.6765 0.00 0.0000
Della & Co. 2,416.15 2.0027 0.00 0.0000 0.0000 0.00 0.0000 0.00 0.0000
Martin Nelson & Assoc 100.00 0.0829 100.00 0.0259 0.0263 0.00 0.0000 0.00 0.0000
All Other Outsiders 5,981.17 4.9577 16,436.00 4.2529 4.3273 68,499.00 11.4411 0.00 0.0000
------------------------ ----------------------------------- ------------------------------------
12,862.32 10.6615 29,005.00 7.5051 7.6365 132,420.00 22.1176 0.00 0.0000
Insiders
Russell Best 1,686.00 1.3975 2,127.00 0.5504 0.5600 169,970.00 28.3894 0.00 0.0000
Mariea Best 1.00 0.0008 1.00 0.0003 0.0003 1.00 0.0002 0.00 0.0000
------------------------ ----------------------------------- ------------------------------------
1,687.00 1.3983 2,128.00 0.5506 0.5603 169,971.00 28.3895 0.00 0.0000
Stock Bonus Plan 10,537.19 8.7342 27,262.00 7.0541 7.1776 0.00 0.0000 0.00 0.0000
Best Lock Corp 0.00 0.0000 28,074.00 7.2642 7.3914 296,319.00 49.4929 0.00 0.0000
Best Universal Lock 95,556.34 79.2060 0.00 0.0000 0.0000 0.00 0.0000 0.00 0.0000
Frank E. Best 0.00 0.0000 300,000.00 77.6259 77.2341 0.00 0.0000 0.00 0.0000
Best Lock Partners 0.00 0.00 0.0000 0.0000 0.00 0.0000 0.00 0.0000
------------------------ ----------------------------------- ------------------------------------
Total 120,642.85 100.0000 386,469.00 100.0000 100.0000 598,710.00 100.0000 0.00 0.0000
======================== =================================== ====================================
Version: 38.8
Adjusted Ownership
Page 14
101
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 100.00 BUL Dividend Rec'd (From BLC) 79.21
====== Administrative Expenses 1% 0.48
Corporate Tax Exclusion 80% -----
Corporate Tax Rate 43% Taxable Income 78.73
Effective Tax Rate 9% Corporate Tax Exclusion 80%
Corporate Tax Rate 40%
Corporate Taxes Paid 6.30
-----
BUL Dividend Paid 72.43
=====
BLC Shareholders BUL Shareholders
- ------------------------------------------------------------------------- ------------------------------------------------------
Shares Pct. Dividend Shares Adj. Pct. Dividend
---------------------------------------------- ------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7898 1.30
4,365.00 3.6181 3.62 5,671.00 1.4931 1.08
2,416.15 2.0027 2.00 0.00 0.0000 0.00
100.00 0.0829 0.08 100.00 0.0263 0.02
5,981.17 4.9577 4.96 16,436.00 4.3273 3.13
--------------------------------------------- ---------------------------
12,862.32 10.6615 10.66 29,005.00 7.6365 5.53
Insiders Insiders
1,686.00 1.3975 1.40 2,127.00 0.5600 0.41
1.00 0.0008 0.00 1.00 0.0003 0.00
--------------------------------------------- ---------------------------
1,687.00 1.3983 1.40 2,128.00 0.5603 0.41
Stock Bonus Plan 10,537.19 8.7342 8.73 Stock Bonus Plan 27,262.00 7.1776 5.20
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.3914 5.35
Best Universal Lock 95,556.34 79.2060 79.21 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.2341 55.94
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
--------------------------------------------- ---------------------------
Total 120,642.85 100.0000 100.0000 Total 386,469.00 100.0000 72.43
Adjusted BLC & BUL Flows
Page 15
102
PROJECT TH0ROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 55.94 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.34 (From BUL) 0.00
------ ----
Taxable Income 55.61 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 4.45 Taxable Income 0.00
----- Corporate Tax Exclusion 100%
FEB Dividend Paid 51.16 Corporate Tax Rate 0%
===== Corporate Taxes 0
----
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- ---------------------------------------------------------------- ----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------------- ------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 5.46 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 5.85 0.00 0.0000 0.00
------------------------------------ -----------------------------
132,420.00 22.1176 11.31 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 14.52 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
------------------------------------ -----------------------------
169,971.00 28.3895 14.52 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 25.32 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------------ -----------------------------
598,710.00 100.0000 51.16 0.00 0.0000 0.00
Adjusted FEB & BLP Flows
Page 16
103
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
- ------------------ --- --- --- --- ---------------
Outsiders
- ---------
Edward McLaughlin 0.00 1.30 0.00 0.00 1.30
Cede & Co. 3.62 1.08 5.46 0.00 10.16
Della & Co. 2.00 0.00 0.00 0.00 2.00
Martin Nelson & Assoc. 0.08 0.02 0.00 0.00 0.10
All Other Outsiders 4.96 3.13 5.85 0.00 13.95
----- ---- ----- ---- -----
10.66 5.53 11.31 0.00 27.51
Insiders
- ---------
Russell Best 1.40 0.41 14.52 0.00 16.33
Mariea Best 0.00 0.00 0.00 0.00 0.00
----- ---- ----- ---- -----
1.40 0.41 14.52 0.00 16.33
Stock Bonus Plan 8.73 5.20 0.00 0.00 13.93
Best Lock Corp 0.00 5.35 25.32 0.00 30.67
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ---- ----- ---- -----
Sub-Total 20.79 16.49 51.16 0.00 88.44
Administrative Expenses 0.48 0.34 0.00 0.81
Corporate Taxes Paid 6.30 4.45 0 10.75
----- ---- ----- ---- -----
Total Payments 20.79 22.79 55.61 0.00 100.00
Adjusted Dividend Summary
Page 17
104
PROJECT THOROUGHBRED
Long-Term Dividend Model
Cumulative Distribution Initial Dividend % Initial Div % TOT Dividend
- ----------------------- ---------------- ------------- --------------
Outsiders
- ---------
Edward McLaughlin 1.30 1.30 1.80
Cede & Co. 10.16 10.16 14.12
Della & Co. 2.00 2.00 2.78
Martin Nelson & Assoc. 0.10 0.10 0.14
All Other Outsiders 13.95 13.95 19.38
--------------- ------------ -------------
27.51 27.51 38.22
Insiders
- ---------
Russell Best 16.33 16.33 22.69
Mareia Best 0.00 0.00 0.00
--------------- ------------ -------------
16.33 16.33 22.69
Stock Bonus Plan 13.93 13.93 19.36
Best Lock Corp 30.67 30.67 0.00
Best Universal Lock 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00
--------------- ------------ -------------
Sub-Total 88.44 88.44 80.27
Administrative Expenses 0.81 0.81 1.13
Corporate Taxes Paid 10.75 10.75 18.60
--------------- ------------ -------------
Total 100.00 100.00 100.00
=============== ============ =============
- ----------------
Note:
For Shareholders
Where DIV is the initial dividend percent for each owner,
and BLC is the dividend percent returned to BLC,
and TR is BLC's Effective Tax Rate
TOT is the percent of cumulative dividends received by
each owner in a continuous payment loop
2 3
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +DIV((1-TR)*BLC) ...
or
TOT=DIV/(1-((1-TR)*BLC))
For Corporate Taxes
2 3
TOT=DIV+DIV((1-TR)*BLC)+DIV((1-TR)*BLC) +DIV((1-TR)*BLC) ...
2 3
+TR*BLC+TR*BLC((1-TR)*BLC)+TR*BLC((1-TR)*BLC) +TR*BLC((1-TR)*BLC) ...
or
TOT=DIV/(1-((1-TR)*BLC)) + TR*BLC/(1-((1-TR)*BLC))
Adj. Cumulative Distribution
Page 18
105
PROJECT THOROUGHBRED
Long-Term Dividend Model
--------------
BLC Operations Value 38,793,257
==============
Share Solutions % TOT Dividend Value Shares
- ---------------------- -------------- ------------- -------------------------------------------------------
BLC BUL FEB BLP
-------------------------------------------------------
Outsiders
- ---------
Edward McLaughlin 1.80 698,829.97 0.00 6,798.00 0.00 0.00
Cede & Co. 14.12 5,477,605.48 4,365.00 5,671.00 63,921.00 0.00
Della & Co. 2.78 1,079,590.25 2,416.15 0.00 0.00 0.00
Martin Nelson & Assoc. 0.14 54,962.19 100.00 100.00 0.00 0.00
All Other Outsiders 19.38 7,517,247.80 5,981.17 16,436.00 68,499.00 0.00
-------------- ------------- -------------------------------------------------------
38.22 14,828,235.69 12,862.32 29,005.00 132,420.00 0.00
Insiders
- --------
Russell Best 22.69 8,800,944.89 1,686.00 2,127.00 169,970.00 0.00
Mariea Best 0.00 595.68 1.00 1.00 1.00 0.00
-------------- ------------- -------------------------------------------------------
22.69 8,801,540.58 1,687.00 2,128.00 169,971.00 0.00
Stock Bonus Plan 19.36 7,510,769.72 10,537.19 27,262.00 0.00 0.00
Best Lock Corp 0.00 0.00 0.00 28,074.00 296,319.00 0.00
Best Universal Lock 0.00 0.00 95,556.34 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 300,000.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------- -------------------------------------------------------
Sub-Total 80.27 31,140,545.99 120,642.85 386,469.00 598,710.00 0.00
=======================================================
Administrative Expenses 1.13 437,500.00
Corporate Taxes Paid 18.60 7,215,210.55
-------------- -------------
Total 100.00 38,793,256.54
============== =============
Per Share Calculations:
- -----------------------
Value BLC BUL FEB BLP
------------- -------------------------------------------------------
Della & Co. 1,079,590.25 = 2,416.15
Edward McLaughlin 698,829.97 = 6,798.00
Cede & Co. 5,477,605.48 = 4,365.00 5,671.00 63,921.00 0.00
= 1,950,380.34 582,975.11
= 2,533,355.44
2,944,250.04 =
Russell Best 8,800,944.89 = 1,686.00 2,127.00 169,970.00 0.00
= 753,342.78 218,654.21 7,828,947.90
= 8,800,944.89
0.00 =
Per Share Entity
446.82 BLC
102.80 BUL A BUL A 86,469 8,888,957 27.77%
100.52 BUL B BUL B 300,000 30,156,138 77.23%
------ --------------------
2.28 39,045,095 100.00%
46.06 FEB
0.00 BLP
Adjusted Share Solutions
Page 19
106
PROJECT THOROUGHBRED
Long-Term Dividend Model
BUL A 102.80
BLC 446.82 BUL B 100.52 FEB 46.06
--------------------------- --------------------------- --------------------------
Shares Value Shares Value Shares Value
--------------------------- --------------------------- --------------------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 6,798.00 698,829.97 0.00 0.00
Cede & Co. 4,365.00 1,950,380.34 5,671.00 582,975.11 63,921.00 2,944,250.04
Della & Co. 2,416.15 1,079,590.25 0.00 0.00 0.00 0.00
Martin Nelson & Assoc. 100.00 44,682.25 100.00 10,279.93 0.00 0.00
All Other Outsiders 5,981.17 2,672,521.50 16,436.00 1,689,610.09 68,499.00 3,155,116.21
--------------------------- --------------------------- --------------------------
12,862.32 5,747,174.34 29,005.00 2,981,695.11 132,420.00 6,099,366.24
Insiders
- --------
Russell Best 1,686.00 753,342.78 2,127.00 218,654.21 169,970.00 7,828,947.90
Mariea Best 1.00 446.82 1.00 102.80 1.00 46.06
--------------------------- --------------------------- --------------------------
1,687.00 753,789.60 2,128.00 218,757.01 169,971.00 7,828,993.96
Stock Bonus Plan 10,537.19 4,708,253.88 27,262.00 2,802,515.84 0.00 0.00
Best Lock Corp 0.00 0.00 28,074.00 2,885,988.91 296,319.00 13,648,679.25
Best Universal Lock 95,556.34 42,696,725.42 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 300,000.00 30,156,138.17 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------- --------------------------- --------------------------
0.00
Sub-Total 120,642.85 53,905,943.24 386,469.00 39,045,095.05 598,710.00 27,577,039.45
========== ========== ==========
Administrative Expenses 256,404.71 181,095.29
Corporate Taxes Paid 1,421,981.46 3,395,225.66 2,398,003.43
------------- ------------- --------------
Total Outflows 55,327,924.70 42,696,725.42 30,156,138.17
============= ============= ==============
Less: Intercompany Flows
From BLC 42,696,725.42
From BUL 2,885,988.91 30,156,138.17
From FEB 13,648,679.25
From BLP 0.00
------------- ------------- --------------
16,534,668.16 42,696,725.42 30,156,138.17
Net Cash Flow 38,793,256.54 0.00 (0.00)
------------- ------------- --------------
BLP 0.00 Total Value
------------- --------------
Shares Value
-------------
Outsiders
- ---------
Edward McLaughlin 0.00 0.00 698,829.97
Cede & Co. 0.00 0.00 5,477,605.48
Della & Co. 0.00 0.00 1,079,590.25
Martin Nelson & Assoc. 0.00 0.00 54,962.19
All Other Outsiders 0.00 0.00 7,517,247.80
------------- --------------
0.00 0.00 14,828,235.69
Insiders
- --------
Russell Best 0.00 0.00 8,800,944.89
Mariea Best 0.00 0.00 595.68
------------- --------------
0.00 0.00 8,801,540.58
Stock Bonus Plan 0.00 0.00 7,510,769.72
Best Lock Corp 0.00 0.00 16,534,668.16
Best Universal Lock 0.00 0.00 42,696,725.42
Frank E. Best 0.00 0.00 30,156,138.17
Best Lock Partners 0.00 0.00 0.00
------------- --------------
Sub-Total 0.00 0.00 120,528,077.74
=====
Administrative Expenses 0.00 437,500.00
Corporate Taxes Paid 0.00 7,215,210.55
----- --------------
Total Outflows 0.00 128,180,788.29
===== ==============
Less: Intercompany Flows
From BLC 42,696,725.42
From BUL 0.00 33,042,127.09
From FEB 0.00 13,648,679.25
From BLP 0.00
----- --------------
0.00 89,387,531.75
Net Cash Flow 0.00 38,793,256.54
----- --------------
Adjusted Shareholder Values
Page 20
107
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value of Insider Holdings
- --------------------------
Russell Best 8,800,944.89
Mariea Best 595.68
-------------
Total Insiders 8,801,540.58
Value of Outsider Holdings
- --------------------------
Edward McLaughlin 698,829.97
Cede & Co. 5,477,605.48
Della & Co. 1,079,590.25
Martin Nelson & Assoc. 54,962.19
All Other Outsiders 7,517,247.80
-------------
14,828,235.69
Stock Bonus Plan 7,510,769.72
-------------
Total Outsiders 22,339,005.41
Administrative Expenses 437,500.00
Corporate Taxes 7,215,210.55
-------------
Total Value 38,793,256.54
=============
Adjusted Value Summary
Page 21
108
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Rec'd 30.71 BUL Dividend Rec'd (From BLC) 22.23
Corporate Tax Exclusion 80% Administrative Expenses 1% 0.13
Corporate Tax Rate 43% -----
Corporate Taxes Paid 2.64 Taxable Income 22.10
----- Corporate Tax Exclusion 80%
BLC Dividend Paid 28.07 Corporate Tax Rate 40%
===== Corporate Taxes Paid 1.77
-----
BUL Dividend Paid 20.33
BLC Shareholders BUL Shareholders
- ----------------------------------------------------------------- ------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
-------------------------------------- -------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.36
4,365.00 3.6181 1.02 5,671.00 1.4674 0.30
2,416.15 2.0027 0.56 0.00 0.0000 0.00
100.00 0.0829 0.02 100.00 0.0259 0.01
5,981.17 4.9577 1.39 16,436.00 4.2529 0.86
------------------------------------ ----------------------------------
12,862.32 10.6615 2.99 29,005.00 7.5051 1.53
Insiders Insiders 0.00
1,686.00 1.3975 0.39 2,127.00 0.5504 0.11
1.00 0.0008 0.00 1.00 0.0003 0.00
------------------------------------ ----------------------------------
1,687.00 1.3983 0.39 2,128.00 0.5506 0.11
Stock Bonus Plan 10,537.19 8.7342 2.45 Stock Bonus Plan 27,262.00 7.0541 1.43
Best Lock Corp 28,074.00 7.2642 1.48
Best Lock Corp 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 300,000.00 77.6259 15.78
Best Universal Lock 95,556.34 79.2060 22.23 Best Lock Partners 0.00 0.0000 0.00
-----------------------------------
Frank E. Best 0.00 0.0000 0.00 Total 386,469.00 100.0000 20.33
===================================
Best Lock Partners 0.00 0.0000 0.00
------------------------------------
Total 120,642.85 100.0000 28.07
====================================
BLC & BUL Round 2
Page 22
109
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 15.78 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.09 (From BUL) 0.00
----- ----
Taxable Income 15.69 0.00
-----
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% Taxable Income ----
Corporate Taxes Paid 1.26 Corporate Tax Exclusion 100% 0.00
----- Corporate Tax Rate 0%
FEB Dividend Paid 14.43 Corporate Taxes 0
=====
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
----------------------------------------------------------------- ----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------- ---------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 1.54 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 1.65 0.00 0.0000 0.00
------------------------------ --------------------------
132,420.00 22.1176 3.19 0.00 0.0000 0.00
Insiders Insiders
169,970.00 28.3894 4.10 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
------------------------------ --------------------------
169,971.00 28.3895 4.10 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 Stock Bonus Plan 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 7.14 Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------ --------------------------
598,710.00 100.0000 14.43 0.00 0.0000 0.00
============================== ==========================
FEB & BLP Round 2
Page 23
110
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
------ ----- ----- ---- ---------------
Outsiders
0.00 0.36 0.00 0.00 0.36
1.02 0.30 1.54 0.00 2.85
0.56 0.00 0.00 0.00 0.56
0.02 0.01 0.00 0.00 0.03
1.39 0.86 1.65 0.00 3.91
----- ----- ----- ----- -----
2.99 1.53 3.19 0.00 7.71
Insiders
0.39 0.11 4.10 0.00 4.60
0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
0.39 0.11 4.10 0.00 4.60
Stock Bonus Plan 2.45 1.43 0.00 0.00 3.89
Best Lock Corp 0.00 1.48 7.14 0.00 8.62
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
Sub-Total 5.84 4.55 14.43 0.00 24.82
Administrative Expenses 0.13 0.09 0.00 0.23
Corporate Taxes Paid 2.64 1.77 1.26 0.00 5.66
----- ----- ----- ----- -----
Total Payments 8.48 6.45 15.78 0.00 30.71
===== ===== ===== ===== =====
Dividend Summary Round 2
Page 24
111
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 8.62 BUL Dividend Rec'd (From BLC) 6.24
Administrative Expenses 1% 0.04
Corporate Tax Exclusion 80% ----
Corporate Tex Rate 43% Taxable Income 6.20
Corporate Taxes Paid 0.74 Corporate Tax Exclusion 80%
---- Corporate Tex Rate 40%
BLC Dividend Paid 7.88 Corporate Taxes Paid 0.50
==== ----
BUL Dividend Paid 5.71
====
BLC Shareholders BUL Shareholders
- ----------------------------------------------------------- ------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------------ ----------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.10
4,365.00 3.6181 0.29 5,671.00 1.4674 0.08
2,416.15 2.0027 0.16 0.00 0.0000 0.00
100.00 0.0829 0.01 100.00 0.0259 0.00
5,981.17 4.9577 0.39 16,436.00 4.2529 0.24
----------------------------------- --------------------------------
12,862.32 10.6615 0.84 29,005.00 7.5051 0.43
Insiders Insiders
1,686.00 1.3975 0.11 2,127.00 0.5504 0.03
1.00 0.0008 0.00 1.00 0.0003 0.00
----------------------------------- 2,128.00 0.5506 0.03
1,687.00 1.3983 0.11
Stock Bonus Plan 27,262.00 7.0541 0.40
Stock Bonus Plan 10,537.19 8.7342 0.69
Best Lock Corp 28,074.00 7.2642 0.41
Best Lock Corp 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00
Best Universal Lock 95,556.34 79.2060 6.24
Frank E. Best 300,000.00 77.6259 4.43
Frank E. Best 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 --------------------------------
----------------------------------- Total 386,469.00 100.0000 5.71
Total 120,642.85 100.0000 7.88 ================================
===================================
BLC & BUL Round 3
Page 25
112
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 4.41 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.03 (From BUL) 0.00
---- ----
Taxable Income 4.40 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 0.35 Taxable Income 0.00
------ Corporate Tax Exclusion 100%
FEB Dividend Paid 4.05 Corporate Tax Rate 0%
====== Corporate Taxes 0
DLP Dividend Paid 0.00
======
FEB Shareholders BLP Shareholders
- ------------------------------------------------------------ --------------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividends
------------------------------------- ---------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.43 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.46 0.00 0.0000 0.00
----------------------------------- ---------------------------------
132,420.00 22.1176 0.90 0.00 0.0000 0.00
Insiders 0.00 0.0000 0.00
169,970.00 28.3894 1.15 0.00 0.0000 0.00
1.00 0.0002 0.00 ---------------------------------
----------------------------------- 0.00 0.0000 0.00
169,971.00 28.3895 1.15
0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00
0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 2.01
0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00
0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00
0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 ---------------------------------
----------------------------------- 0.00 0.0000 0.00
598,710.00 100.0000 4.05 =================================
===================================
FEB & BLP Round 3
Page 26
113
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
----- ----- ----- ----- -----------------
Outsiders
0.00 0.10 0.00 0.00 0.10
0.29 0.08 0.43 0.00 0.80
0.16 0.00 0.00 0.00 0.16
0.01 0.00 0.00 0.00 0.01
0.39 0.24 0.46 0.00 1.10
------ ----- ----- ------ -----
0.84 0.43 0.90 0.00 2.16
Insiders
0.11 0.03 1.15 0.00 1.29
0.00 0.00 0.00 0.00 0.00
------ ----- ----- ------ -----
0.11 0.03 1.15 0.00 1.29
Stock Bonus Plan 0.69 0.40 0.00 0.00 1.09
Best Lock Corp 0.00 0.41 2.01 0.00 2.42
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
------ ----- ----- ------ -----
Sub-Total 1.64 1.28 4.05 0.00 6.97
Administrative Expenses 0.04 0.03 0.00 0.06
Corporate Taxes Paid 0.74 0.50 0.35 0 1.59
------ ----- ----- ------ -----
Total Payments 2.38 1.81 4.43 0.00 8.62
====== ===== ===== ===== =====
Dividend Summary Round 3
Page 27
114
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 3.43 BUL Dividend Rec'd (From BLC) 1.75
Administrative Expenses 1% 0.01
Corporate Tax Exclusion 80% ----
Corporate Tex Rate 43% Taxable Income 1.74
Corporate Taxes Paid 0.21 Corporate Tax Exclusion 80%
---- Corporate Tex Rate 40%
BLC Dividend Paid 2.21 Corporate Taxes Paid 0.14
==== ----
BUL Dividend Paid 1.60
====
BLC Shareholders BUL Shareholders
- ------------------------------------------------------ ---------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------- -----------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.03
4,365.00 3.6181 0.08 5,671.00 1.4674 0.02
2,416.15 2.0027 0.04 0.00 0.0000 0.00
100.00 0.0829 0.00 100.00 0.0259 0.00
5,981.17 4.9577 0.11 16,436.00 4.2529 0.07
---------------------------------- -----------------------------------
12,862.32 10.6615 0.24 29,005.00 7.5051 0.12
Insiders Insiders
1,686.00 1.3975 0.03 2,127.00 0.5504 0.01
1.00 0.0008 0.00 1.00 0.0003 0.00
---------------------------------- -----------------------------------
1,687.00 1.3983 0.03 2,128.00 0.5506 0.01
Stock Bonus Plan 10,537.19 8.7342 0.19 Stock Bonus Plan 27,262.00 7.0541 0.11
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.12
Best Universal Lock 95,556.34 79.2060 1.75 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 1.24
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
---------------------------------- -----------------------------------
Total 120,642.85 100.0000 2.21 Total 386,469.00 100.0000 1.60
================================== ===================================
BLC & BUL Round 4
Page 28
115
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 1.24 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.01 (From BUL) 0.00
==== ----
Taxable Income 1.24 0.00
Corporate Tax Exclusion 80% ==== Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 0.10 Taxable Income 0.00
---- Corporate Tax Exclusion 100%
FEB Dividend Paid 1.14 Corporate Tax Rate 0%
==== Corporate Taxes 0
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- ------------------------------------------------------------ --------------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------- ---------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.12 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.13 0.00 0.0000 0.00
------------------------------------- -----------------------------------
132,420.00 22.1176 0.25 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 0.32 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
------------------------------------- -----------------------------------
169,971.00 28.3895 0.32 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 0.56 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
------------------------------------- -----------------------------------
598,710.00 100.0000 1.14 0.00 0.0000 0.00
===================================== ===================================
FEB & BLP Round 4
Page 29
116
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.03 0.00 0.00 0.03
0.08 0.02 0.12 0.00 0.22
0.04 0.00 0.00 0.00 0.04
0.00 0.00 0.00 0.00 0.00
0.11 0.07 0.13 0.00 0.31
---- ---- ---- ---- ----
0.24 0.12 0.25 0.00 0.61
Insiders
0.03 0.01 0.32 0.00 0.36
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.03 0.01 0.32 0.00 0.36
Stock Bonus Plan 0.19 0.11 0.00 0.00 0.31
Best Lock Corp 0.00 0.12 0.56 0.00 0.68
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 0.46 0.36 1.14 0.00 1.96
Administrative Expenses 0.01 0.01 0.00 0.02
Corporate Taxes Paid 0.21 0.14 0.10 0 0.45
---- ---- ---- ---- ----
Total Payments 0.67 0.51 1.24 0.00 2.42
==== ==== ==== ==== ====
Dividend Summary Round 4
Page 30
117
PROJECT THOROUGHBRED
Long-Term Dividend Model
BLC Dividend Paid 0.68 BUL Dividend Rec'd (From BLC) 0.49
Administrative Expenses 1% 0.00
Corporate Tax Exclusion 80% ----
Corporate Tax Rate 43% Taxable Income 0.49
Corporate Taxes Paid 0.06 Corporate Tax Exclusion 80%
---- Corporate Tax Rate 40%
BLC Dividend Paid 0.62 Corporate Taxes Paid 0.04
==== ----
BUL Dividend Paid 0.45
====
BLC Shareholders BUL Shareholders
- ---------------------------------------------------------------------- --------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
------------------------------------------- -------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 6,798.00 1.7590 0.01
4,365.00 3.6181 0.02 5,671.00 1.4674 0.01
2,416.15 2.0027 0.01 0.00 0.0000 0.00
100.00 0.0829 0.00 100.00 0.0259 0.00
5,981.17 4.9577 0.03 16,436.00 4.2529 0.02
----------------------------------- -----------------------------------
12,862.32 10.6615 0.07 29,005.00 7.5051 0.03
Insiders Insdiers
1,686.00 1.3975 0.01 2,127.00 0.5504 0.00
1.00 0.0008 0.00 1.00 0.0003 0.00
----------------------------------- -----------------------------------
1,687.00 1.3983 0.01 2,128.00 0.5506 0.00
Stock Bonus Plan 10,537.19 8.7342 0.05 Stock Bonus Plan 27,262.00 7.0541 0.03
Best Lock Corp 0.00 0.0000 0.00 Best Lock Corp 28,074.00 7.2642 0.03
Best Universal Lock 95,556.34 79.2060 0.49 Best Universal Lock 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 Frank E. Best 300,000.00 77.6259 0.35
Best Lock Partners 0.00 0.0000 0.00 Best Lock Partners 0.00 0.0000 0.00
------------------------------------ -----------------------------------
Total 120,642.85 100.0000 0.62 Total 386,469.00 100.0000 0.45
==================================== ===================================
BLC & BUL Round 5
Page 31
118
PROJECT THOROUGHBRED
Long-Term Dividend Model
FEB Dividends Rec'd (From BUL) 0.35 BLP Dividends Rec'd (From FEB) 0.00
Administrative Expenses 1% 0.00 (From BUL) 0.00
---- ----
Taxable Income 0.35 0.00
Corporate Tax Exclusion 80% Administrative Expenses 0% 0.00
Corporate Tax Rate 40% ----
Corporate Taxes Paid 0.03 Taxable Income 0.00
---- Corporate Tax Exclusion 100%
FEB Dividend Paid 0.32 Corporate Tax Rate 0%
==== Corporate Taxes 0
BLP Dividend Paid 0.00
====
FEB Shareholders BLP Shareholders
- --------------------------------------------------------------------- ----------------------------------------------------------
Shares Pct. Dividend Shares Pct. Dividend
----------------------------------------------- ----------------------------------------------
Outsiders Outsiders
0.00 0.0000 0.00 0.00 0.0000 0.00
63,921.00 10.6765 0.03 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
0.00 0.0000 0.00 0.00 0.0000 0.00
68,499.00 11.4411 0.04 0.00 0.0000 0.00
----------------------------------------------- ------------------------------------------
132,420.00 22.1176 0.07 0.00 0.0000 0.00
Insiders
169,970.00 28.3894 0.09 0.00 0.0000 0.00
1.00 0.0002 0.00 0.00 0.0000 0.00
----------------------------------------------- ------------------------------------------
169,971.00 28.3895 0.09 0.00 0.0000 0.00
Stock Bonus Plan 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Corp 296,319.00 49.4929 0.16 0.00 0.0000 0.00
Best Universal Lock 0.00 0.0000 0.00 0.00 0.0000 0.00
Frank E. Best 0.00 0.0000 0.00 0.00 0.0000 0.00
Best Lock Partners 0.00 0.0000 0.00 0.00 0.0000 0.00
----------------------------------------------- ------------------------------------------
598,710.00 100.0000 0.32 0.00 0.0000 0.00
=============================================== ==========================================
FEB & BLP Round 5
Page 32
119
PROJECT THOROUGHBRED
Long-Term Dividend Model
Dividends Retained BLC BUL FEB BLP Total Dividends
--- --- --- --- ---------------
Outsiders
0.00 0.01 0.00 0.00 0.01
0.02 0.01 0.03 0.00 0.06
0.01 0.00 0.00 0.00 0.01
0.00 0.00 0.00 0.00 0.00
0.03 0.02 0.00 0.05
---- ---- ---- ---- ----
0.07 0.03 0.07 0.00 0.17
Insiders
0.01 0.00 0.09 0.00 0.10
0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
0.01 0.00 0.09 0.00 0.10
Stock Bonus Plan 0.05 0.03 0.00 0.00 0.09
Best Lock Corp 0.00 0.03 0.16 0.00 0.19
Best Universal Lock 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ---- ----
Sub-Total 0.13 0.10 0.32 0.00 0.55
Administrative Expenses 0.00 0.00 0.00 0.01
Corporate Taxes Paid 0.06 0.04 0.03 0 0.13
---- ---- ---- ---- ----
Total Payments 0.19 0.14 0.35 0.00 0.68
==== ==== ==== ==== ====
Dividend Summary Round 5
Page 33
120
PROJECT THOROUGHBRED
Long-Term Dividend Model
Value Distribution Round One Round Two Round Three Round Four Round Five % Value
---------- ---------- ----------- ---------- ---------- -------
Outsiders
1.27 0.36 0.10 0.03 0.01 1.77
10.17 2.85 0.80 0.22 0.06 14.11
2.00 0.56 0.16 0.04 0.01 2.78
0.10 0.03 0.01 0.00 0.00 0.14
13.92 3.91 1.10 0.31 0.05 19.28
------ ------ ------ ------ ------ ------
27.47 7.71 2.16 0.61 0.17 38.12
Insiders
16.39 4.60 1.29 0.36 0.10 22.75
0.00 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------
16.39 4.60 1.29 0.36 0.10 22.75
Stock Bonus Plan 13.84 3.89 1.09 0.31 0.09 19.21
Best Lock Corp 30.71 8.62 2.42 0.68 0.19 0.19
Best Universal Lock 0.00 0.00 0.00 0.00 0.00 0.00
Frank E. Best 0.00 0.00 0.00 0.00 0.00 0.00
Best Lock Partners 0.00 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------
Sub-Total 88.42 24.82 6.97 1.96 0.55 80.28
Administrative Expenses 0.81 0.23 0.06 0.02 0.01 1.13
Corporate Taxes Paid 10.77 5.66 1.59 0.45 0.13 18.60
------ ------ ------ ------ ------ ------
Total 100.00 30.71 8.62 2.42 0.68 100.00
====== ====== ====== ====== ====== ======
Exercise Summary
Page 34
121
Project Thoroughbred
- --------------------------------------------------------------------------------
Sale Scenario Detail
(Arthur Andersen)
122
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE)
BUL Sale of BLC Stock -- Summary
Cash Received From Stock Sale $56,000,000.00
Shareholder Distribution Received % Total Distribution
- ---------------------- --------------------- --------------------
Outsiders
- ----------------------
Edward McLaughlin 568,459.69 1.015%
Cede & Co. 4,157,920.81 7.425%
Della & Co. 1,149,508.72 2.053%
Martin Nelson & Assoc. 55,938.21 0.100%
All Other Outsiders 5,942,219.39 10.611%
Insiders
- ----------------------
RCB/Webco 5,253,132.00 9.381%
Mariea Best 584.52 0.001%
Stock Bonus Plan 7,292,871.02 13.023%
-------------- -----------
Subtotal $24,420,634.36 43.608%
Corporate Taxes Paid 31,579,365.63 56.392%
-------------- -----------
Total $55,999,999.99 100.000%
============== ===========
Entity Value Per Share
- ----------------------------- ---------------
BLC -- BUL $ 563.67
BLC -- All Other Shareholders $ 475.76
BUL $ 83.62
FEB $ 25.14
BLP #DIV/0!
123
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock -- Proof of Value Per Share
BLC BUL
----------------------------------------------- ------------------------------------------------
Shareholder Cash Received Shares Value Per Share Cash Received Shares Value Per Share
- ------------------------ -------------- ---------- -------------- -------------- ---------- ---------------
Outsiders
- ------------------------
Edward McLaughlin $ 568,459.69 6,798.00 $ 83.62
Cede & Co. $ 2,076,694.57 4,365.00 $ 475.76 $ 474,218.14 5,671.00 83.62
Della & Co. $ 1,149,508.72 2,416.15 475.76
Martin Nelson & Assoc. $ 47,576.05 100.00 475.76 $ 8,362.16 100.00 83.62
All Other Outsiders $ 2,845,604.41 5,981.17 475.76 $ 1,374,488.37 16,437.00 83.62
-------------- ---------- ----------- -------------- ---------- -------------
$ 6,119,383.76 12,862.32 $ 475.76 $ 2,425,528.35 29,006.00 $ 83.62
-------------- ---------- ----------- -------------- ---------- -------------
Insiders
- ------------------------
RCB/Webco $ 802,132.20 1,686.00 $ 475.76 $ 177,863.16 2,127.00 $ 83.62
Mariea Best $ 475.76 1.00 475.76 $ 83.62 1.00 83.62
-------------- ---------- ----------- -------------- ---------- -------------
$ 802,607.96 1,687.00 $ 475.76 $ 177,946.78 2,128.00 $ 83.62
-------------- ---------- ----------- -------------- ---------- -------------
Stock Bonus Plan $ 5,013,178.75 10,537.19 $ 475.76 $ 2,279,692.27 27,262.00 $ 83.62
BLC $ 2,347,509.39 28,073.00 $ 83.62
BUL $53,861,931.81 95,556.34 $ 563.67
FEB $25,086,482.30 300,000.00 $ 83.62
BLP $ - - #DIV/0!
-------------- ---------- ----------- -------------- ---------- -------------
Total $65,797,102.28 120,642.85 $ 545.39 $32,317,159.09 386,469.00 $ 83.62
============== ========== =========== ============== ========== =============
FEB BLP
----------------------------------------------- ------------------------------------------------
Shareholder Cash Received Shares Value Per Share Cash Received Shares Value Per Share
- ------------------------ -------------- ---------- -------------- -------------- ---------- ---------------
Outsiders
- ------------------------
Edward McLaughlin
Cede & Co. $ 1,607,008.10 63,921.00 $ 25.14
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders $ 1,722,126.61 68,500.00 25.14
-------------- ---------- ----------- -------------- ---------- -------------
$ 3,329,134.71 132,421.00 $ 25.14 $ - - #DIV/0!
-------------- ---------- ----------- -------------- ---------- -------------
Insiders
- ------------------------
RCB/Webco $ 4,273,136.64 169,970.00 $ 25.14 $ - - #DIV/0!
Mariea Best $ 25.14 1.00 25.14
-------------- ---------- ----------- -------------- ---------- -------------
$ 4,273,161.78 169,971.00 $ 25.14 $ - - #DIV/0!
-------------- ---------- ----------- -------------- ---------- -------------
Stock Bonus Plan
BLC $ 7,449,592.89 296,318.00 $ 25.14 $ - - #DIV/0!
BUL
FEB
BLP $ - - #DIV/0!
-------------- ---------- ----------- -------------- ---------- -------------
Total $15,051,889.38 598,710.00 $ 25.14 $ - - #DIV/0!
============== ========== =========== ============== ========== =============
124
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
Current Ownership Structure
BLC BUL FEB BLP
---------------------- ---------------------- ----------------------- ---------------------
Shares Percent Shares Percent Shares Percent Shares Percent
---------- --------- ---------- --------- ---------- --------- --------- ---------
Outsiders
- ------------------------
Edward McLaughlin 6,798.00 1.7590%
Cede & Co. 4,365.00 3.6181% 5,671.00 1.4674% 63,921.00 10.6765%
Della & Co. 2,416.15 2.0027%
Martin Nelson & Assoc. 100.00 0.0829% 100.00 0.0259%
All Other Outsiders 5,981.17 4.9577% 16,437.00 4.2531% 68,500.00 11.4413%
---------------------- ---------------------- ----------------------- ---------------------
12,862.32 10.6615% 29,006.00 7.5054% 132,421.00 22.1177% - 0.0000%
---------------------- ---------------------- ----------------------- ---------------------
Insiders
- ------------------------
RCB/Webco 1,686.00 1.3975% 2,127.00 0.5504% 169,970.00 28.3894% - 0.0000%
Mariea Best 1.00 0.0008% 1.00 0.0003% 1.00 0.0002%
---------------------- ---------------------- ----------------------- ---------------------
1,687.00 1.3983% 2,128.00 0.5506% 169,971.00 28.3895% - 0.0000%
---------------------- ---------------------- ----------------------- ---------------------
Stock Bonus Plan 10,537.19 8.7342% 27,262.00 7.0541%
BLC 28,073.00 7.2640% 296,318.00 49.4927% - 0.0000%
BUL 95,556.34 79.2060%
FEB 300,000.00 77.6259%
BLP - 0.0000% - 0.0000%
---------------------- ---------------------- ----------------------- ---------------------
Total 120,642.85 100.0000% 386,469.00 100.0000% 598,710.00 100.0000% - 0.0000%
====================== ====================== ======================= =====================
125
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 1 Distribution
BUL Sale of BLC Stock FEB Distribution Received
- --------------------------------------------------- ----------------------------------------
Cash Received from Sale $46,102,041.89 Cash Received from BUL $21,472,272.14
Tax Basis - Tax Basis -
-------------- --------------
Gain on Sale $46,102,041.89 Gain from Distribution $21,472,272.14
Tax Rate 40% Tax Rate 40%
-------------- --------------
Tax Due $18,440,816.76 Tax Due $ 8,588,908.85
-------------- --------------
Cash Distributed $27,661,225.13 Cash Distributed $12,883,363.28
============== ==============
BUL Shareholders FEB Shareholders
- ----------------------------------------------------------- -----------------------------------------------------------
Percent Dividend Percent Dividend
---------- -------------- ---------- --------------
Outsiders Outsiders
- --------------------------- --------------------------
Edward McLaughlin 1.7590% $ 486,561.69 Edward McLaughlin
Cede & Co. 1.4674% $ 405,897.52 Cede & Co. 10.6765% $ 1,375,486.40
Della & Co. Della & Co.
Martin Nelson & Assoc. 0.0259% $ 7,157.42 Martin Nelson & Assoc.
All Other Outsiders 4.2531% $ 1,176,465.79 All Other Outsiders 11.4413% 1,474,019.78
---------------------------- ---------------------------
7.5054% $ 2,076,082.42 22.1177% $ 2,849,506.19
---------------------------- ---------------------------
Insiders Insiders
- --------------------------- --------------------------
RCB/Webco 0.5504% $ 152,238.41 RCB/Webco 28.3894% $ 3,657,505.73
Mariea Best 0.0003% $ 71.57 Mariea Best 0.0002% 21.52
---------------------------- ---------------------------
0.5506% $ 152,309.98 28.3895% $ 3,657,527.25
---------------------------- ---------------------------
Stock Bonus Plan 7.0541% $ 1,951,256.94 Stock Bonus Plan
BLC 7.2640% $ 2,009,303.65 BLC 49.4927% $ 6,376,329.84
BUL BUL
FEB 77.6259% $21,472,272.14 FEB
BLP 0.0000% $ - BLP 0.0000% $ -
---------------------------- ---------------------------
Total 100.0000% $27,661,225.13 Total 100.0000% $12,883,363.28
============================ ===========================
Total Taxes Paid $27,029,725.61
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20
Basis Used This Round 0.00
Basis Allocated From BLP This Round 0.00
--------------
BLC's Ending Basis This Round 10,562,483.20
==============
BLP Distribution Received
- ----------------------------------------------------
Cash Received from BUL $ -
Cash Received from FEB -
---------------
Total Cash Received $ -
Tax Basis -
---------------
Gain from Distribution $ -
===============
Gain/Basis Alloc. to BLC $ -
===============
Cash Distributed $ -
===============
BLP Shareholders
- -----------------------------------------------------------
Percent Dividend
---------- --------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
----------------------------
0.0000% $ -
----------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ -
Mariea Best
----------------------------
0.0000% $ -
----------------------------
Stock Bonus Plan
BLC 0.0000% $ -
BUL
FEB
BLP
----------------------------
Total 0.0000% $ -
============================
BLP's Beginning Basis in FEB & BUL -
Basis Used This Round -
--------------
BLP's Ending Basis This Round -
==============
126
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 2 Distribution
BLC Distribution Received BUL Distribution Received
- --------------------------------------------------- ----------------------------------------
Cash Received from BUL $ 2,009,303.65 Cash Received from BLC $ 6,641,922.38
Cash Received from FEB 6,376,329.84 Tax Basis -
Cash Received from BLP - --------------
-------------- Gain on Sale $ 6,641,922.38
Total Cash Received $ 8,385,633.50 Tax Rate 40%
Tax Basis 8,385,633.50 --------------
-------------- Tax Due $ 2,656,768.95
--------------
Gain on Sale $ - Cash Distributed $ 3,985,153.43
Last Round BLP Income $ - ==============
--------------
Total Income $ -
Tax Rate 40%
--------------
Tax Due $ -
Cash Distributed $ 8,385,633.50
==============
BLC Shareholders BUL Shareholders
- ----------------------------------------------------------- -----------------------------------------------------------
Percent Dividend Percent Dividend
---------- -------------- ---------- --------------
Outsiders Outsiders
- --------------------------- --------------------------
Edward McLaughlin Edward McLaughlin 1.7590% $ 70,098.95
Cede & Co. 3.6181% $ 303,402.07 Cede & Co. 1.4674% $ 58,477.67
Della & Co. 2.0027% $ 167,941.56 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 6,950.79 Martin Nelson & Assoc. 0.0259% $ 1,031.17
All Other Outsiders 4.9577% $ 415,738.68 All Other Outsiders 4.2531% $ 169,493.46
---------------------------- ---------------------------
10.6615% $ 894,033.10 7.5054% $ 299,101.25
---------------------------- ---------------------------
Insiders Insiders
- --------------------------- --------------------------
RCB/Webco 1.3975% $ 117,190.35 RCB/Webco 0.5504% $ 21,932.99
Mariea Best 0.0008% $ 69.51 Mariea Best 0.0003% $ 10.31
---------------------------- ---------------------------
1.3983% $ 117,259.86 0.5506% $ 21,943.30
---------------------------- ---------------------------
Stock Bonus Plan 8.7342% $ 732,418.15 Stock Bonus Plan 7.0541% $ 281,117.64
BLC BLC 7.2640% $ 289,480.43
BUL 79.2060% $ 6,641,922.38 BUL
FEB FEB 77.6259% $ 3,093,510.81
BLP BLP 0.0000% $ -
---------------------------- ---------------------------
Total 100.0000% $ 8,385,633.50 Total 100.0000% $ 3,985,153.43
============================ ===========================
Total Taxes Paid $ 3,894,173.28
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20
Basis Used This Round (8,385,633.50)
Basis Allocated From BLP This Round 0.00
--------------
BLC's Ending Basis This Round 2,176,849.70
==============
FEB Distribution Received BLP Distribution Received
- -------------------------------------------------- --------------------------------------------
Cash Received from BUL $3,093,510.81 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
------------- --------------
Gain from Distribution $3,093,510.81 Total Cash Received $ -
Tax Rate 40% Tax Basis -
------------- --------------
Tax Due $1,237,404.32 Gain from Distribution $ -
------------- ==============
Cash Distributed $1,856,106.48 Gain/Basis Alloc. to BLC $ -
============= ==============
Cash Distributed $ -
==============
FEB Shareholders BLP Shareholders
- ----------------------------------------------------------- -----------------------------------------------------------
Percent Dividend Percent Dividend
---------- -------------- ---------- --------------
Outsiders Outsiders
- --------------------------- --------------------------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 198,166.36 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 212,362.07 All Other Outsiders
---------------------------- ---------------------------
22.1177% $ 410,528.43 0.0000% $ -
---------------------------- ---------------------------
Insiders Insiders
- --------------------------- --------------------------
RCB/Webco 28.3894% $ 526,936.95 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 3.10 Mariea Best
---------------------------- ---------------------------
28.3895% $ 526,940.05 0.0000% $ -
---------------------------- ---------------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 918,638.01 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
---------------------------- ---------------------------
Total 100.0000% $ 1,856,106.48 Total 0.0000% $ -
============================ ===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------------
BLP's Ending Basis in FEB & BUL 0.00
=============
127
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 3 Distribution
BLC Distribution Received BUL Distribution Received
- ---------------------------------------------------- ---------------------------------------------
Cash Received from BUL $ 289,480.43 Cash Received from BLC $ 956,901.93
Cash Received from FEB 918,638.01 Tax Basis -
Cash Received from BLP - --------------
-------------------- Gain on Sale $ 956,901.93
Total Cash Received $ 1,208,118.44 Tax Rate 40%
Tax Basis 1,208,118.44 --------------
-------------------- Tax Due $ 382,760.77
Gain on Sale $ - --------------
Cash Distributed $ 574,141.16
Last Round BLP Income $ ==============
--------------------
Total Income $ -
Tax Rate 40%
---------------------
Tax Due $ -
--------------------
Cash Distributed $ 1,208,118.44
====================
BLC Shareholders BUL Shareholders
- ------------------------------------------------------------------- ------------------------------------------------------
Percent Dividend Percent Dividend
----------------------- --------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $10,099.16
Cede & Co. 3.6181% $ 43,711.14 Cede & Co. 1.4674% $ 8,424.88
Della & Co. 2.0027% $ 24,195.34 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 1,001.40 Martin Nelson & Assoc. 0.0259% $ 148.56
All Other Outsiders 4.9577% $ 59,895.48 All Other Outsiders 4.2531% $24,418.93
------------------------ ---------------------
10.6615% $128,803.37 7.5054% $43,091.52
------------------------ ---------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 16,883.62 RCB/Webco 0.5504% $ 3,159.89
Mariea Best 0.0008% $ 10.01 Mariea Best 0.0003% $ 1.49
------------------------ ---------------------
1.3983% $ 16,893.63 0.5506% $ 3,161.37
------------------------ ---------------------
Stock Bonus Plan 8.7342% $105,519.50 Stock Bonus Plan 7.0541% $40,500.63
BLC BLC 7.2640% $41,705.45
BUL 79.2060% $956,901.93 BUL
FEB FEB 77.6259% $445,682.18
BLP ------------------------- BLP 0.0000% -
----------------------
Total 100.0000% $1,208,118.44 Total 100.0000% $574,141.16
========================= =======================
Total Taxes Paid $ 561,033.65
BLC's Beginning Basis in FEB, BUL, & BLP 2,176,849.70
Basis Used This Round (1,208,118.44)
Basis Allocated From BLP This Round 0.00
----------------
BLC's Ending Basis This Round 968,731.27
================
FEB Distribution Received BLP Distribution Received
- -------------------------------------------- ---------------------------------------------
Cash Received from BUL $ 445,682.18 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
---------------- --------------
Gain from Distribution $ 445,682.18 Total Cash Received $ -
Tax Rate 40% Tax Basis -
---------------- --------------
Tax Due $ 178,272.87 Gain from Distribution $ -
---------------- ==============
Cash Distributed $ 267,409.31
================ Gain/Basis Alloc. to BLC $ -
==============
Cash Distributed $ -
FEB Shareholders BLP Shareholders
- -------------------------------------------------------------- ----------------------------------------------------------
Percent Dividend Percent Dividend
------------------------------ ------------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 28,549.83 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 30,595.01 All Other Outsiders ---------------------------
------------------------------ 0.0000% $ -
22.1177% $ 59,144.84 ---------------------------
------------------------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $ 75,915.82 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.45 Mariea Best
-------------------------------
28.3895% $ 75,916.27 0.0000% $ -
-------------------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 132,348.20 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP ---------------------------
-----------------------------
Total 100.0000% $ 267,409.31 Total 0.0000% $ -
============================= ===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
---------------
BLP's Ending Basis in FEB & BUL 0.00
===============
128
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 4 Distribution
BLC Distribution Received BUL Distribution Received
- ---------------------------------------------------- ---------------------------------------------
Cash Received from BUL $ 41,705.45 Cash Received from BLC $ 137,860.89
Cash Received from FEB 132,348.20 Tax Basis -
--------------
Cash Received from BLP - Gain on Sale $ 137,860.89
-------------------- --------------
Total Cash Received $ 174,053.65 Tax Rate 40%
--------------
Tax Basis 174,053.65 Tax Due $ 55,144.35
-------------------- --------------
Gain on Sale $ - Cash Distributed $ 82,716.53
Last Round BLP Income $ - ==============
--------------------
Total Income $ -
Tax Rate 40%
--------------------
Tax Due $ -
Cash Distributed $ 174,053.65
====================
BLC Shareholders BUL Shareholders
- ----------------------------------------------------------------- --------------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- --------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $ 1,454.99
Cede & Co. 3.6181% $ 6,297.47 Cede & Co. 1.4674% $ 1,213.77
Della & Co. 2.0027% $ 3,485.82 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 144.27 Martin Nelson & Assoc. 0.0259% $ 21.40
All Other Outsiders 4.9577% $ 8,629.14 All Other Outsiders 4.2531% $ 3,518.04
------------------------- --------------------------
10.6615% $ 18,556.71 7.5054% $ 6,208.20
------------------------- --------------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 2,432.42 RCB/Webco 0.5504% $ 455.24
Mariea Best 0.0008% $ 1.44 Mariea Best 0.0003% $ 0.21
------------------------- --------------------------
1.3983% $ 2,433.87 0.5506% $ 455.46
------------------------- --------------------------
Stock Bonus Plan 8.7342% $ 15,202.20 Stock Bonus Plan 7.0541% $ 5,834.93
BLC BLC 7.2640% $ 6,008.51
BUL 79.2060% $ 137,860.89 BUL
FEB FEB 77.6259% $ 64,209.44
BLP BLP 0.0000% $ -
------------------------- --------------------------
Total 100.0000% $ 174,053.65 Total 100.0000% $ 82,716.53
========================= ==========================
Total Taxes Paid $ 80,828.13
BLC's Beginning Basis in FEB, BUL, & BLP 968,731.27
Basis Used This Round (174,053.65)
Basis Allocated From BLP This Round 0.00
---------------
BLC's Ending Basis This Round 794,677.61
===============
FEB Distribution Received BLP Distribution Received
- -------------------------------------------- ------------------------------------------
Cash Received from BUL $ 64,209.44 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
---------------- -------------
Gain from Distribution $ 64,209.44 Total Cash Received $ -
Tax Rate 40% Tax Basis -
---------------- -------------
Tax Due $ 25,683.78 Gain from Distribution $ -
---------------- =============
Cash Distributed $ 38,525.67
================
Gain/Basis Alloc. to BLC $ -
=============
Cash Distributed $ -
=============
FEB Shareholders BLP Shareholders
- -------------------------------------------------------- ----------------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- --------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 4,113.18 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 4,407.82 All Other Outsiders
--------- ------------ ------- -------------
22.1177% $ 8,521.00 0.0000% $ -
--------- ------------ ------- -------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $ 10,937.19 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.06 Mariea Best
--------- ------------ ------- -------------
28.3895% $ 10,937.26 0.0000% $ -
--------- ------------ ------- -------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 19,067.41 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
--------- ------------ ------- -------------
Total 100.0000% $ 38,525.67 Total 0.0000% $ -
========= ============ ======== ============
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------------
BLP's Ending Basis in FEB & BUL 0.00
=============
129
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 5 Distribution
BLC Distribution Received BUL Distribution Received
- -------------------------------------------- -------------------------------------------
Cash Received from BUL $ 6,008.51 Cash Received from BLC $ 19,861.62
Cash Received from FEB 19,067.41 Tax Basis -
Cash Received from BLP - ------------
------------ Gain on Sale $ 19,861.62
Total Cash Received $ 25,075.91 Tax Rate 40%
Tax Basis 25,075.91 ------------
------------ Tax Due $ 7,944.65
Gain on Sale $ - ------------
Last Round BLP Income $ - Cash Distributed $ 11,916.97
------------ ============
Total Income $ -
Tax Rate 40%
------------
Tax Due $ -
Cash Distributed $ 25,075.91
============
BLC Shareholders BUL Shareholders
- ------------------------------------------------------------------- --------------------------------------------------------
Percent Dividend Percent Dividend
---------------------------- ----------------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $ 209.62
Cede & Co. 3.6181% $ 907.28 Cede & Co. 1.4674% $ 174.87
Della & Co. 2.0027% $ 502.20 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 20.79 Martin Nelson & Assoc. 0.0259% $ 3.08
All Other Outsiders 4.9577% $ 1,243.20 All Other Outsiders 4.2531% $ 506.84
------------------------------- ----------------------------
10.6615% $ 2,673.47 7.5054% $ 894.42
------------------------------- ----------------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 350.44 RCB/Webco 0.5504% $ 65.59
Mariea Best 0.0008% $ 0.21 Mariea Best 0.0003% $ 0.03
------------------------------- ----------------------------
1.3983% $ 350.65 0.5506% $ 65.62
------------------------------- ----------------------------
Stock Bonus Plan 8.7342% $ 2,190.18 Stock Bonus Plan 7.0541% $ 840.64
BLC BLC 7.2640% $ 865.65
BUL 79.2060% $ 19,861.62 BUL
FEB FEB 77.6259% $ 9,250.66
BLP BLP 0.0000% $ -
------------------------------- ----------------------------
Total 100.0000% $ 25,075.91 Total 100.0000% $ 11,916.97
=============================== ============================
Total Taxes Paid $ 11,644.91
BLC's Beginning Basis in FEB, BUL, & BLP 794,677.61
Basis Used This Round (25,075.91)
Basis Allocated From BLP This Round 0.00
------------
BLC's Ending Basis This Round 769,601.70
============
FEB Distribution Received BLP Distribution Received
- ------------------------------------------------ --------------------------------------------
Cash Received from BUL $ 9,250.66 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
---------------- -------------
Gain from Distribution $ 9,250.66 Total Cash Received $ -
Tax Rate 40% Tax Basis -
---------------- -------------
Tax Due $ 3,700.26 Gain from Distribution $ -
---------------- =============
Cash Distributed $ 5,550.39
================
Gain/Basis Alloc. to BLC $ -
=============
Cash Distributed $ -
=============
FEB Shareholders BLP Shareholders
- ------------------------------------------------------------ --------------------------------------------------------
Percent Dividend Percent Dividend
------------------------- ---------------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 592.59 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 635.04 All Other Outsiders
--------------------- --------------------------
22.1177% $1,227.62 0.0000% $ -
--------------------- --------------------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $1,575.72 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.01 Mariea Best
--------------------- -------------------------
28.3895% $1,575.73 0.0000% $ -
--------------------- -------------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $2,747.04 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
--------------------- -------------------------
Total 100.0000% $5,550.39 Total 0.0000% $ -
===================== =========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
130
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 6 Distribution
BLC Distribution Received BUL Distribution Received
- ---------------------------------------------- ----------------------------------------
Cash Received from BUL $ 865.65 Cash Received from BLC $2,861.46
Cash Received from FEB 2,747.04 Tax Basis -
Cash Received from BLP - ---------
--------- Gain on Sale $2,861.46
Total Cash Received $3,612.69 Tax Rate 40%
Tax Basis 3,612.69 ---------
--------- Tax Due $1,144.59
Gain on Sale $ - ---------
Last Round BLP Income $ - Cash Distributed $1,716.88
--------- =========
Total Income $ -
Tax Rate 40%
---------
Tax Due $ -
Cash Distributed $3,612.69
=========
BLC Shareholders BUL Shareholders
- -------------------------------------------------- ---------------------------------------------------------
Percent Dividend Percent Dividend
--------- ---------- --------- -----------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $ 30.20
Cede & Co. 3.6181% $ 130.71 Cede & Co. 1.4674% $ 25.19
Della & Co. 2.0027% $ 72.35 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 2.99 Martin Nelson & Assoc. 0.0259% $ 0.44
All Other Outsiders 4.9577% $ 179.11 All Other Outsiders 4.2531% $ 73.02
------------------------ -----------------------
10.6615% $ 385.17 7.5054% $ 128.86
------------------------ -----------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 50.49 RCB/Webco 0.5504% $ 9.45
Mariea Best 0.0008% $ 0.03 Mariea Best 0.0003% $ 0.00
------------------------- -------------------------
1.3983% $ 50.52 0.5506% $ 9.45
------------------------- -------------------------
Stock Bonus Plan 8.7342% $ 315.54 Stock Bonus Plan 7.0541% $ 121.11
BLC BLC 7.2640% $ 124.71
BUL 79.2060% $ 2,861.46 BUL
FEB FEB 77.6259% $ 1,332.74
BLP BLP 0.0000% $ -
------------------------- -------------------------
Total 100.0000% $ 3,612.69 Total 100.0000% $ 1,716.88
========================= =========================
Total Taxes Paid $ 1,677.68
BLC's Beginning Basis in FEB, BUL, & BLP 769,601.70
Basis Used This Round (3,612.69)
Basis Allocated From BLP This Round 0.00
---------------
BLC's Ending Basis This Round 765,989.01
===============
FEB Distribution Received BLP Distribution Received
- ------------------------------------- --------------------------------------------
Cash Received from BUL $1,332.74 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
--------- -------------
Gain from Distribution $1,332.74 Total Cash Received $ -
Tax Rate 40% Tax Basis -
--------- -------------
Tax Due $ 533.10 Gain from Distribution $ -
--------- =============
Cash Distributed $ 799.65
========= Gain/Basis Alloc. to BLC $ -
=============
Cash Distributed $ -
=============
FEB Shareholders BLP Shareholders
- ---------------------------------------------------------- -------------------------------------------------------
Percent Dividend Percent Dividend
-------- --------- -------- ----------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 85.37 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 91.49 All Other Outsiders
--------------------- -----------------------
22.1177% $ 176.86 0.0000% $ -
--------------------- -----------------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $ 227.01 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
--------------------- -----------------------
28.3895% $ 227.02 0.0000% $ -
-----------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 395.77 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
---------------------- ------------------------
Total 100.0000% $ 799.65 Total 0.0000% $ -
====================== ------------------------
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----
BLP's Ending Basis in FEB & BUL 0.00
====
131
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL SALE OF BLC STOCK - ROUND 7 DISTRIBUTION
BLC Distribution Received BUL Distribution Received
- --------------------------------------- -------------------------------
Cash Received from BUL $124.71 Cash Received from BLC $412.25
Cash Received from FEB 395.77 Tax Basis -
-------
Cash Received from BLP - Gain on Sale $412.25
------- Tax Rate 40%
Total Cash Received $520.48 -------
Tax Due $164.90
Tax Basis 520.48 -------
------- Cash Distributed $247.35
=======
Gain on Sale $ -
Last Round BLP Income $ -
-------
Total Income $ -
Tax Rate 40%
-------
Tax Due $ -
Cash Distributed $520.48
=======
FEB Distribution Received BLP Distribution Received
- ----------------------------------- --------------------------------------
Cash Received from BUL $192.01 Cash Received from BUL $ --
Tax Basis $ - Cash Received from FEB ------------
-------
Gain from Distribution $192.01 Total Cash Received $ --
Tax Rate 40% Tax Basis ------------
-------
Tax Due $ 76.80 Gain from Distribution $ --
------- ============
Cash Distributed $115.20 Gain/Basis Alloc. to BLC $ --
======= ============
Cash Distributed $ --
============
BLC Shareholders BUL Shareholders
- ---------------------------------------------------- --------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- --------
Outsiders Outsiders
Edward McLaughlin Edward McLaughlin 1.7590% $ 4.35
Cede & Co. 3.6181% $ 18.83 Cede & Co. 1.4674% $ 3.63
Della & Co. 2.0027% $ 10.42 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.43 Martin Nelson & Assoc. 0.0259% $ 0.06
All Other Outsiders 4.9577% $ 25.80 All Other Outsiders 4.2531% $ 10.52
---------------------- ------------------
10.6615% $ 55.49 7.5054% $ 18.56
---------------------- ------------------
Insiders Insiders
RCB/Webco 1.3975% $ 7.27 RCB/Webco 0.5504% $ 1.36
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
---------------------- ------------------
1.3983% $ 7.28 0.5506% $ 1.36
---------------------- ------------------
Stock Bonus Plan 8.7342% $ 45.46 Stock Bonus Plan 7.0541% $ 17.45
BLC BLC 7.2640% $ 17.97
BUL 79.2060% $ 412.25 BUL
FEB FEB 77.6259% $192.01
BLP BLP 0.0000% $ -
----------------------- --------------------
Total 100.0000% $ 520.48 Total 100.0000% $247.35
======================= ====================
Total Taxes Paid $ 241.70
BLC's Beginning Basis in FEB,
BUL, & BLP 765,989.01
Basis Used This Round (520.48)
Basis Allocated From BLP 0.00
This Round ----------
BLC's Ending Basis This Round 765,468.53
==========
FEB Shareholders BLP Shareholders
- ----------------------------------------------------------- ---------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- --------
Outsiders Outsiders
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 12.30 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 13.18 All Other Outsiders
--------------------- -----------------------
22.1177% $ 25.48 0.0000% $ -
--------------------- -----------------------
Insiders Insiders
RCB/Webco 28.3894% $ 32.71 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
--------------------- -----------------------
28.3895% $ 32.71 0.0000% $ -
--------------------- -----------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 57.02 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
---------------------- -----------------------
Total 100.0000% $ 115.20 Total 0.0000% $ -
====================== =======================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----
BLP's Ending Basis in FEB & BUL 0.00
====
132
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 8 Distribution
BLC Distribution Received BUL Distribution Received
- ---------------------------------------------------- ---------------------------------------------
Cash Received from BUL $ 17.97 Cash Received from BLC $ 59.39
Cash Received from FEB 57.02 Tax Basis -
--------------
Cash Received from BLP - Gain on Sale $ 59.39
-------------------- --------------
Total Cash Received $ 74.99 Tax Rate 40%
--------------
Tax Basis 74.99 Tax Due $ 23.76
-------------------- --------------
Gain on Sale $ - Cash Distributed $ 35.64
Last Round BLP Income $ - ==============
--------------------
Total Income $ -
Tax Rate 40%
--------------------
Tax Due $ -
Cash Distributed $ 74.99
====================
BLC Shareholders BUL Shareholders
- ----------------------------------------------------------------- ---------------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- --------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $ 0.63
Cede & Co. 3.6181% $ 2.71 Cede & Co. 1.4674% $ 0.52
Della & Co. 2.0027% $ 1.50 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.06 Martin Nelson & Assoc. 0.0259% $ 0.01
All Other Outsiders 4.9577% $ 3.72 All Other Outsiders 4.2531% $ 1.52
-------------------------- -----------------------
10.6615% $ 7.99 7.5054% $ 2.67
-------------------------- -----------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 1.05 RCB/Webco 0.5504% $ 0.20
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
-------------------------- -----------------------
1.3983% $ 1.05 0.5506% $ 0.20
-------------------------- -----------------------
Stock Bonus Plan 8.7342% $ 6.55 Stock Bonus Plan 7.0541% $ 2.51
BLC BLC 7.2640% $ 2.59
BUL 79.2060% $ 59.39 BUL
FEB FEB 77.6259% $ 27.66
BLP BLP 0.0000% $ -
-------------------------- -----------------------
Total 100.0000% $ 74.99 Total 100.0000% $ 35.64
========================== =======================
Total Taxes Paid $ 34.82
BLC's Beginning Basis in FEB, BUL, & BLP 765,468.53
Basis Used This Round (74.99)
Basis Allocated From BLP This Round 0.00
---------------
BLC's Ending Basis This Round 765,393.54
===============
FEB Distribution Received BLP Distribution Received
- -------------------------------------------- -----------------------------------------------
Cash Received from BUL $ 27.66 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
---------------- ------------------
Gain from Distribution $ 27.66 Total Cash Received $ -
Tax Rate 40% Tax Basis -
---------------- ------------------
Tax Due $ 11.07 Gain from Distribution $ -
---------------- ==================
Cash Distributed $ 16.60
================ $ -
==================
Gain/Basis Alloc. to BLC
$ -
==================
Cash Distributed
FEB Shareholders BLP Shareholders
- -------------------------------------------------------- ---------------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- --------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 1.77 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 1.90 All Other Outsiders
-------------------------- -----------------------
22.1177% $ 3.67 0.0000% $ -
-------------------------- -----------------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $ 4.71 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
-------------------------- -----------------------
28.3895% $ 4.71 0.0000% $ -
-------------------------- -----------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 8.21 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
-------------------------- -----------------------
Total 100.0000% $ 16.60 Total 0.0000% $ -
========================== =======================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
--------
BLP's Ending Basis in FEB & BUL 0.00
========
133
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 9 Distribution
BLC Distribution Received BUL Distribution Received
- ----------------------------------------- -----------------------------------------------
Cash Received from BUL $ 2.59 Cash Received from BLC $ 8.56
Cash Received from FEB 8.21 Tax Basis -
Cash Received from BLP - Gain on Sale $ 8.56
--------- -----------
Total Cash Received $ 10.80 Tax Rate 40%
Tax Basis 10.80 Tax Due $ 3.42
Gain on Sale $ - Cash Distributed $ 5.13
===========
Last Round BLP Income $ -
---------
Total Income $ -
Tax Rate 40%
---------
Tax Due $ -
Cash Distributed $ 10.80
=========
BLC Shareholders BUL Shareholders
- -------------------------------------------------------------------- ---------------------------------------------------------
Percent Dividend Percent Dividend
----------------------- -------------------------
Outsiders Outsiders
- -------------------- ---------------------
Edward McLaughlin Edward McLaughlin 1.7590% $ 0.09
Cede & Co. 3.6181% $ 0.39 Cede & Co. 1.4674% $ 0.08
Della & Co. 2.0027% $ 0.22 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.01 Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.9577% $ 0.54 All Other Outsiders 4.2531% $ 0.22
----------------------- ----------------------
10.6615% $ 1.15 7.5054% $ 0.39
----------------------- ----------------------
Insiders Insiders
- -------------------- ---------------------
RCB/Webco 1.3975% $ 0.15 RCB/Webco 0.5504% $ 0.03
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
---------------------- ----------------------
1.3983% $ 0.15 0.5506% $ 0.03
---------------------- ----------------------
Stock Bonus Plan 8.7342% $ 0.94 Stock Bonus Plan 7.0541% $ 0.36
BLC BLC 7.2640% $ 0.37
BUL 79.2060% $ 8.56 BUL
FEB FEB 77.6259% $ 3.99
BLP BLP 0.0000% $ -
------------------------ -----------------------
Total 100.0000% $ 10.80 Total 100.0000% $ 5.13
======================== =======================
Total Taxes Paid $ 5.02
BLC's Beginning Basis in FEB, BUL, & BLP 765,393.54
Basis Used This Round (10.80)
Basis Allocated From BLP This Round 0.00
BLC's Ending Basis This Round 765,382.74
FEB Distribution Received BLP Distribution Received
- ----------------------------------------------- --------------------------------------------
Cash Received from BUL $ 3.99 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
-------- -----------
Gain from Distribution $ 3.99 Total Cash Received $ -
Tax Rate 40% Tax Basis -
-------- -----------
Tax Due $ 1.59 Gain from Distribution $ -
Cash Distributed $ 2.39
========
Gain/Basis Alloc. to BLC $ -
===========
Cash Distributed $ -
===========
FEB Shareholders BLP Shareholders
- -------------------------------------------------------- ------------------------------------------------------------
Percent Dividend Percent Dividend
------------------------- ------------------------
Outsiders Outsiders
- --------------------- ------------------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 0.26 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.27 All Other Outsiders
------------------------ --------------------
22.1177% $ 0.53 0.0000% $ -
------------------------ --------------------
Insiders Insiders
- --------------------- ------------------
RCB/Webco 28.3894% $ 0.68 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
------------------------ --------------------
28.3895% $ 0.68 0.0000% $ -
------------------------ --------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 1.18 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
-------------------- --------------------
Total 100.0000% $ 2.39 Total 0.0000% $ -
-------------------- --------------------
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
--------
BLP's Ending Basis in FEB & BUL 0.00
========
134
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 10 Distribution
BLC Distribution Received BUL Distribution Received FEB Distribution Received
- ------------------------------------- ----------------------------------- --------------------------------
Cash Received from BUL $ 0.37 Cash Received from BLC $ 1.23 Cash Received from BUL $ 0.57
Cash Received from FEB 1.18 Tax Basis - Tax Basis $ -
Cash Received from BLP - --------- --------
--------- Gain on Sale $ 1.23 Gain from Distribution $ 0.57
Total Cash Received $ 1.56 Tax Rate 40% Tax Rate 40%
Tax Basis 1.56 --------- --------
--------- Tax Due $ 0.49 Tax Due $ 0.23
Gain on Sale $ - --------- --------
Last Round BLP Income $ - Cash Distributed $ 0.74 Cash Distributed $ 0.34
--------- ========= ========
Total Income $ -
Tax Rate 40%
---------
Tax Due $ -
Cash Distributed $ 1.56
=========
BLP Distribution Received
- -----------------------------------
Cash Received from BUL $ -
Cash Received from FEB -
------
Total Cash Received $ -
Tax Basis -
------
Gain from Distribution $ -
======
Gain/Basis Alloc. to BLC $ -
======
Cash Distributed $ -
======
BLC Shareholders BUL Shareholders
- ---------------------------------------------------- -------------------------------------------------------
Percent Dividend Percent Dividend
------- -------- ------- ---------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $ 0.01
Cede & Co. 3.6181% $ 0.06 Cede & Co. 1.4674% $ 0.01
Della & Co. 2.0027% $ 0.03 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.00 Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.9577% $ 0.08 All Other Outsiders 4.2531% $ 0.03
------------------------ ------------------------
10.6615% $ 0.17 7.5054% $ 0.06
------------------------ ------------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 0.02 RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
------------------------ ------------------------
1.3983% $ 0.02 0.5506% $ 0.00
------------------------ ------------------------
Stock Bonus Plan 8.7342% $ 0.14 Stock Bonus Plan 7.0541% $ 0.05
BLC BLC 7.2640% $ 0.05
BUL 79.2060% $ 1.23 BUL
FEB FEB 77.6259% $ 0.57
BLP BLP 0.0000% $ -
------------------------ ------------------------
Total 100.0000% $ 1.56 Total 100.0000% $ 0.74
======================== ========================
Total Taxes Paid $ 0.72
BLC's Beginning Basis in FEB, BUL, & BLP 765,382.74
Basis Used This Round (1.56)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 765,381.18
===========
FEB Shareholders BLP Shareholders
- --------------------------------------------------- -----------------------------------------------
Percent Dividend Percent Dividend
----------------------- ---------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 0.04 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% $ 0.04 All Other Outsiders
---------------------- -------------------
22.1177% $ 0.08 0.0000% $ -
---------------------- -------------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $ 0.10 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% $ 0.00 Mariea Best
----------------------- -------------------
28.3895% $ 0.10 0.0000% $ -
----------------------- -------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 0.17 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
----------------------- ---------------------
Total 100.0000% $ 0.34 Total 0.0000% $ -
======================= =====================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------
BLP's Ending Basis in FEB & BUL 0.00
=======
135
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 11 Distribution
BLC Distribution Received BUL Distribution Received
- ----------------------------------------- ----------------------------------
Cash Received from BUL $ 0.05 Cash Received from BLC $ 0.18
Cash Received from FEB 0.17 Tax Basis -
Cash Received from BLP - --------
------------- Gain on Sale $ 0.18
Total Cash Received $ 0.22 Tax Rate 40%
Tax Basis 0.22 --------
------------- Tax Due $ 0.07
Gain on Sale $ - --------
Last Round BLP Income $ - Cash Distributed $ 0.11
------------- ========
Total Income $ -
Tax Rate 40%
-------------
Tax Due $ -
Cash Distributed $ 0.22
=============
BLC Shareholders BUL Shareholders
- -------------------------------------------------------- ------------------------------------------------
Percent Dividend Percent Dividend
----------------------- ----------------------
Outsiders Outsiders
- ----------------------- -----------------
Edward McLaughlin Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 3.6181% $ 0.01 Cede & Co. 1.4674% $ 0.00
Della & Co. 2.0027% $ 0.00 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.00 Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.9577% $ 0.01 All Other Outsiders 4.2531% $ 0.00
----------------------- --------------------
10.6615% $ 0.02 7.5054% $ 0.01
----------------------- --------------------
Insiders Insiders
- ----------------------- -----------------
RCB/Webco 1.3975% $ 0.00 RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
----------------------- --------------------
1.3983% $ 0.00 0.5506% $ 0.00
----------------------- --------------------
Stock Bonus Plan 8.7342% $ 0.02 Stock Bonus Plan 7.0541% $ 0.01
BLC BLC 7.2640% $ 0.01
BUL 79.2060% $ 0.18 BUL
FEB FEB 77.6259% $ 0.08
BLP BLP 0.0000% $ -
----------------------- --------------------
Total 100.0000% $ 0.22 Total 100.0000% $ 0.11
======================= ====================
Total Taxes Paid $ 0.10
BLC's Beginning Basis in FEB, BUL, & BLP 765,381.18
Basis Used This Round (0.22)
Basis Allocated From BLP This Round 0.00
-------------
BLC's Ending Basis This Round 765,380.96
=============
FEB Distribution Received BLP Distribution Received
- --------------------------------- ---------------------------------------
>
Cash Received from BUL $ 0.08 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
-------- ----------
Gain from Distribution $ 0.08 Total Cash Received $ -
Tax Rate 40% Tax Basis -
-------- ----------
Tax Due $ 0.03 Gain from Distribution $ -
-------- ==========
Cash Distributed $ 0.05
========
Gain/Basis Alloc. to BLC $ -
==========
Cash Distributed $ -
==========
FEB Shareholders BLP Shareholders
- ------------------------------------------- --------------------------------------------------
Percent Dividend Percent Dividend
------------------ --------------------
Outsiders Outsiders
- --------------------- ----------------------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 0.01 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.01 All Other Outsiders
----------------- --------------------
22.1177% $ 0.01 0.0000% $ -
----------------- --------------------
Insiders Insiders
- --------------------- ----------------------
RCB/Webco 28.3894% $ 0.01 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
----------------- --------------------
28.3895% $ 0.01 0.0000% $ -
----------------- --------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 0.02 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
----------------- --------------------
Total 100.0000% $ 0.05 Total 0.0000% $ -
================= ====================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
--------
BLP's Ending Basis in FEB & BUL 0.00
========
136
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 12 Distribution
BLC Distribution Received BUL Distribution Received
- -------------------------------------- ---------------------------------------
Cash Received from BUL $ 0.01 Cash Received from BLC $ 0.03
Cash Received from FEB 0.02 Tax Basis -
Cash Received from BLP - -----------
--------- Gain on Sale $ 0.03
Total Cash Received $ 0.03 Tax Rate 40%
Tax Basis 0.03 -----------
--------- Tax Due $ 0.01
Gain on Sale $ - -----------
Last Round BLP Income $ - Cash Distributed $ 0.02
--------- ===========
Total Income $ -
Tax Rate 40%
---------
Tax Due $ -
Cash Distributed $ 0.03
=========
BLC Shareholders BUL Shareholders
- ----------------------------------------------- -------------------------------------------------
Percent Dividend Percent Dividend
------------------------ ----------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 3.6181% $ 0.00 Cede & Co. 1.4674% $ 0.00
Della & Co. 2.0027% $ 0.00 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.00 Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.9577% $ 0.00 All Other Outsiders 4.2531% $ 0.00
-------------------- ----------------------
10.6615% $ 0.00 7.5054% $ 0.00
-------------------- ----------------------
Insiders Insiders
-------- --------
RCB/Webco 1.3975% $ 0.00 RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
---------------------- ----------------------
1.3983% $ 0.00 0.5506% $ 0.00
---------------------- ----------------------
Stock Bonus Plan 8.7342% $ 0.00 Stock Bonus Plan 7.0541% $ 0.00
BLC BLC 7.2640% $ 0.00
BUL 79.2060% $ 0.03 BUL
FEB FEB 77.6259% $ 0.01
BLP BLP 0.0000% $ -
---------------------- ----------------------
Total 100.0000% $ 0.03 Total 100.0000% $ 0.02
====================== ======================
Total Taxes Paid $ 0.02
BLC's Beginning Basis in FEB, BUL, & BL 765,380.96
Basis Used This Round (0.03)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 765,380.93
===========
FEB Distribution Received BLP Distribution Received
- ----------------------------------- ---------------------------------
Cash Received from BUL $ 0.01 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
--------- -------
Gain from Distribution $ 0.01 Total Cash Received $ -
Tax Rate 40% Tax Basis -
--------- -------
Tax Due $ 0.00 Gain from Distribution $ -
--------- -------
Cash Distributed $ 0.01
Gain/Basis Alloc. to BLC $ -
Cash Distributed $ -
FEB Shareholders BLP Shareholders
- --------------------------------------------- -------------------------------------------
Percent Dividend Percent Dividend
------------------- --------------------
Outsiders Outsiders
--------- ---------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 0.00 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.00 All Other Outsiders
------------------- -----------------
22.1177% $ 0.00 0.0000% $ -
------------------- -----------------
Insiders Insiders
-------- --------
RCB/Webco 28.3894% $ 0.00 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
------------------- -----------------
28.3895% $ 0.00 0.0000% $ -
------------------- -----------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 0.00 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
------------------- -----------------
Total 100.0000% $ 0.01 Total 0.0000% $ -
=================== =================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
---------
BLP's Ending Basis in FEB & BUL 0.00
=========
137
PROJECT COLT (AT $56M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 13 Distribution
BLC Distribution Received BUL Distribution Received
- ------------------------------------- --------------------------------------
Cash Received from BUL $ 0.00 Cash Received from BLC $ 0.00
Cash Received from FEB 0.00 Tax Basis -
Cash Received from BLP - -----------
-------- Gain on Sale $ 0.00
Total Cash Received $ 0.00 Tax Rate 40%
Tax Basis 0.00 -----------
-------- Tax Due $ 0.00
Gain on Sale $ - -----------
Last Round BLP Income $ - Cash Distributed $ 0.00
-------- ===========
Total Income $ -
Tax Rate 40%
--------
Tax Due $ -
Cash Distributed $ 0.00
========
BLC Shareholders BUL Shareholders
- ------------------------------------------------ ---------------------------------------------------
Percent Dividend Percent Dividend
-------- -------- -------- --------
Outsiders Outsiders
- ----------------- -----------------
Edward McLaughlin Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 3.6181% $ 0.00 Cede & Co. 1.4674% $ 0.00
Della & Co. 2.0027% $ 0.00 Della & Co.
Martin Nelson & Assoc. 0.0829% $ 0.00 Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.9577% $ 0.00 All Other Outsiders 4.2531% $ 0.00
----------------------- -----------------------
10.6615% $ 0.00 7.5054% $ 0.00
----------------------- -----------------------
Insiders Insiders
- ----------------- -----------------
RCB/Webco 1.3975% $ 0.00 RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0008% $ 0.00 Mariea Best 0.0003% $ 0.00
----------------------- -----------------------
1.3983% $ 0.00 0.5506% $ 0.00
======================= =======================
Stock Bonus Plan 8.7342% $ 0.00 Stock Bonus Plan 7.0541% $ 0.00
BLC BLC 7.2640% $ 0.00
BUL 79.2060% $ 0.00 BUL
FEB FEB 77.6259% $ 0.00
BLP BLP 0.0000% $ -
----------------------- -----------------------
Total 100.0000% $ 0.00 Total 100.0000% $ 0.00
----------------------- -----------------------
Total Taxes Paid $ 0.00
BLC's Beginning Basis in FEB, BUL, & B 765,380.93
Basis Used This Round (0.00)
Basis Allocated From BLP This Round 0.00
------------
BLC's Ending Basis This Round 765,380.92
============
FEB Distribution Received BLP Distribution Received
- ----------------------------------- ---------------------------------
Cash Received from BUL $ 0.00 Cash Received from BUL $ -
Tax Basis $ - Cash Received from FEB -
--------- -------
Gain from Distribution $ 0.00 Total Cash Received $ -
Tax Rate 40% Tax Basis -
--------- -------
Tax Due $ 0.00 Gain from Distribution $ -
--------- =======
Cash Distributed $ 0.00 Gain/Basis Alloc. to B $ -
========= =======
Cash Distributed $ -
=======
FEB Shareholders BLP Shareholders
- ---------------------------------------------- -------------------------------------------
Percent Dividend Percent Dividend
-------- -------- -------- --------
Outsiders Outsiders
- ----------------- -----------------
Edward McLaughlin Edward McLaughlin
Cede & Co. 10.6765% $ 0.00 Cede & Co.
Della & Co. Della & Co.
Martin Nelson & Assoc. Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.00 All Other Outsiders
-------------------- -------------------
22.1177% $ 0.00 0.0000% $ -
-------------------- -------------------
Insiders Insiders
- ----------------- -----------------
RCB/Webco 28.3894% $ 0.00 RCB/Webco 0.0000% $ -
Mariea Best 0.0002% 0.00 Mariea Best
-------------------- -------------------
28.3895% $ 0.00 0.0000% $ -
-------------------- -------------------
Stock Bonus Plan Stock Bonus Plan
BLC 49.4927% $ 0.00 BLC 0.0000% $ -
BUL BUL
FEB FEB
BLP 0.0000% $ - BLP
-------------------- -------------------
Total 100.0000% $ 0.00 Total 0.0000% $ -
==================== ===================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
--------
BLP's Ending Basis in FEB & BUL 0.00
========
138
PROJECT COLT (AFTER WEBCO PURCHASE)
BUL Sale of BLC Stock -- Summary
Cash Received From Stock Sale $ 58,000,000.00
Shareholder Distribution Received % Total Distribution
----------- --------------------- --------------------
Outsiders
---------
Edward McLaughlin 588,761.82 1.015%
Cede & Co. 4,306,417.98 7.425%
Della & Co. 1,190,562.61 2.053%
Martin Nelson & Assoc. 57,936.00 0.100%
All Other Outsiders 6,154,441.51 10.611%
Insiders
--------
RCB/Webco 5,440,743.85 9.381%
Mariea Best 605.40 0.001%
Stock Bonus Plan 7,553,330.70 13.023%
---------------- -------
Subtotal $ 25,292,799.87 43.608%
Corporate Taxes Paid 32,707,200.11 56.392%
---------------- -------
Total $ 57,999,999.98 100.000%
================ =======
Entity Value Per Share
------ ---------------
BLC -- BUL $ 583.80
BLC -- All Other Shareholders $ 492.75
BUL $ 86.61
FEB $ 26.04
BLP #DIV/0!
139
PROJECT COLT (AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock -- Proof of Value Per Share
BLC
--------------------------------------------------------------
Shareholder Cash Received Shares Value Per Share
- ----------- ------------- ------ ---------------
Outsiders
- ---------
Edward McLaughlin
Cede & Co. $ 2,150,862.23 4,365.00 $ 492.75
Della & Co. $ 1,190,562.61 2,416.15 492.75
Martin Nelson & Assoc. $ 49,275.19 100.00 492.75
All Other Outsiders $ 2,947,233.14 5,981.17 492.75
----------------- ----------- --------------
$ 6,337,933.18 12,862.32 $ 492.75
----------------- ----------- --------------
Insiders
- --------
RCB/Webco $ 830,779.78 1,686.00 $ 492.75
Mariea Best $ 492.75 1.00 492.75
----------------- ----------- --------------
$ 831,272.53 1,687.00 $ 492.75
----------------- ----------- --------------
Stock Bonus Plan $ 5,192,220.85 10,537.19 $ 492.75
BLC
BUL $ 55,785,572.23 95,556.34 $ 583.80
FEB
BLP
----------------- ----------- --------------
Total $ 68,146,998.79 120,642.85 $ 564.87
================= =========== ==============
BUL
----------------------------------------------------------
Shareholder Cash Received Shares Value Per Share
- ----------- ------------- ------ ---------------
Outsiders
- ---------
Edward McLaughlin $ 588,761.82 6,798.00 $86.61
Cede & Co. $ 491,154.50 5,671.00 86.61
Della & Co.
Martin Nelson & Assoc. $ 8,660.81 100.00 86.61
----------------- ----------- -------
All Other Outsiders $ 1,423,577.24 16,437.00 86.61
----------------- ----------- -------
$ 2,512,154.36 29,006.00 $86.61
Insiders
- --------
RCB/Webco $ 184,215.42 2,127.00 $86.61
Mariea Best $ 86.61 1.00 86.61
----------------- ----------- -------
$ 184,302.02 2,128.00 $86.61
----------------- ----------- -------
Stock Bonus Plan $ 2,361,109.85 27,262.00 $86.61
BLC $ 2,431,349.01 28,073.00 $86.61
BUL
FEB $ 25,982,428.09 300,000.00 $86.61
BLP $ - - #DIV/0!
----------------- ----------- -------
Total $ 33,471,343.34 386,469.00 $86.61
================= =========== =======
FEB
------------------------------------------------------------
Shareholder Cash Received Shares Value Per Share
- ----------- ------------- ------ ---------------
Outsiders
- ---------
Edward McLaughlin
Cede & Co. $ 1,664,401.25 63,921.00 $ 26.04
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders $ 1,783,631.13 68,500.00 26.04
----------------- ----------- --------
$ 3,448,032.38 132,421.00 $ 26.04
----------------- ----------- --------
Insiders
- --------
RCB/Webco $ 4,425,748.66 169,970.00 $ 26.04
Mariea Best $ 26.04 1.00 26.04
----------------- ----------- --------
$ 4,425,774.70 169,971.00 $ 26.04
----------------- ----------- --------
Stock Bonus Plan
BLC $ 7,715,649.77 296,318.00 $ 26.04
BUL
FEB
BLP $ - - #DIV/0!
----------------- ----------- --------
Total $ 15,589,456.85 598,710.00 $ 26.04
================= =========== ========
BLP
--------------------------------------------------------------
Shareholder Cash Received Shares Value Per Share
- ----------- ------------- ------ ---------------
Outsiders
- ---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
----------------- ----------- --------------
$ - - #DIV/0!
----------------- ----------- --------------
Insiders
- --------
RCB/Webco
Mariea Best - - #DIV/0!
----------------- ----------- --------------
$ - - #DIV/0!
----------------- ----------- --------------
Stock Bonus Plan
BLC $ -
----------------- ----------- --------------
BUL
FEB
BLP -
----------------- ----------- --------------
Total $ - - #DIV/0!
================= =========== ==============
140
PROJECT COLT (AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
Current Ownership Structure
BLC BUL FEB
--------------------- -------------------- ------------------
Shares Percent Shares Percent Shares Percent
------ ------- ------ ------- ------ -------
Outsiders
- ---------
Edward McLaughlin 6,798.00 1.7590%
Cede & Co. 4,365.00 3.6181% 5,671.00 1.4674% 63,921.00 10.6765%
Della & Co. 2,416.15 2.0027%
Martin Nelson & Assoc. 100.00 0.0829% 100.00 0.0259%
All Other Outsiders 5,981.17 4.9577% 16,437.00 4.2531% 68,500.00 11.4413%
----------- -------- ---------- -------- ---------- --------
12,862.32 10.6615% 29,006.00 7.5054% 132,421.00 22.1177%
----------- -------- ---------- -------- ---------- --------
Insiders
- --------
RCB/Webco 1,686.00 1.3975% 2,127.00 0.5504% 169,970.00 28.3894%
Mariea Best 1.00 0.0008% 1.00 0.0003% 1.00 0.0002%
----------- -------- ---------- -------- ---------- --------
1,687.00 1.3983% 2,128.00 0.5506% 169,971.00 28.3895%
----------- -------- ---------- -------- ---------- --------
Stock Bonus Plan 10,537.19 8.7342% 27,262.00 7.0541%
BLC 28,073.00 7.2640% 296,318.00 49.4927%
BUL 95,556.34 79.2060%
FEB 300,000.00 77.6259%
BLP - 0.0000% - 0.0000%
----------- -------- ---------- -------- ---------- --------
Total 120,642.85 100.0000% 386,469.00 100.0000% 598,710.00 100.0000%
=========== ======== ========== ======== ========== ========
BLP
-----------------------
Shares Percent
------ -------
Outsiders
- ---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
------------ ------
- 0.0000%
------------ ------
Insiders
- --------
RCB/Webco - 0.0000%
Mariea Best
------------ ------
- 0.0000%
------------ ------
Stock Bonus Plan
BLC - 0.0000%
BUL
FEB
BLP
------------ ------
Total - 0.0000%
============ ======
141
PROJECT COLT (AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 1 Distribution
BUL Sale of BLC Stock FEB Distribution Received
- ------------------------------------------ -----------------------------------------------------
Cash Received from
Sale $ 47,748,543.38 Cash Received from BUL $ 22,239,139.00
Tax Basis - Tax Basis -
-------------------- -----------------------
Gain on Sale $ 47,748,543.38 Gain from Distribution $ 22,239,139.00
Tax Rate 40% Tax Rate 40%
-------------------- -----------------------
Tax Due $ 19,099,417.35 Tax Due $ 8,895,655.60
-------------------- -----------------------
Cash Distributed $ 28,649,126.03 Cash Distributed $ 13,343,483.40
==================== =======================
BLP Distribution Received
- --------------------------------------------
Cash Received from BUL $ -
Cash Received from FEB -
---------------
Total Cash Received $ -
Tax Basis -
---------------
Gain from Distribution $ -
===============
Gain/Basis Alloc. to BLC $ -
===============
Cash Distributed $ -
===============
BUL Shareholders FEB Shareholders
- ------------------------------------------------------------ -----------------------------------------------------------
Percent Dividend Percent Dividend
------- --------- ------- --------
Outsiders Outsiders
--------- ---------
Edward McLaughlin 1.7590% $ 503,938.89 Edward McLaughlin
Cede & Co. 1.4674% $ 420,393.86 Cede & Co. 10.6765% $ 1,424,610.92
Della & Co. Della & Co.
Martin Nelson & Assoc 0.0259% $ 7,413.05 Martin Nelson & Assoc.
All Other Outsiders 4.2531% $ 1,218,482.43 All Other Outsiders 11.4413% 1,526,663.35
--------------------------- ---------------------------
7.5054% $ 2,150,228.22 22.1177% $ 2,951,274.26
--------------------------- ---------------------------
Insiders Insiders
-------- --------
RCB/Webco 0.5504% $ 157,675.50 RCB/Webco 28.3894% $ 3,788,130.94
Mariea Best 0.0003% $ 74.13 Mariea Best 0.0002% 22.29
--------------------------- ---------------------------
0.5506% $ 157,749.63 28.3895% $ 3,788,153.22
--------------------------- ---------------------------
Stock Bonus Plan 7.0541% $ 2,020,944.69 Stock Bonus Plan
BLC 7.2640% $ 2,081,064.50 BLC 49.4927% $ 6,604,055.91
BUL BUL
FEB 77.6259% $22,239,139.00 FEB
BLP 0.0000% $ - BLP 0.0000% $ -
--------------------------- ---------------------------
Total 100.0000% $28,649,126.03 Total 100.0000% $13,343,483.40
Total Taxes Paid $27,995,072.95
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20
Basis Used This Round 0.00
Basis Allocated From BLP This Round 0.00
-----------------
BLC's Ending Basis This Round 10,562,483.20
=================
BLP Shareholders
- ------------------------------------------------------------
Percent Dividend
------- --------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
-----------------------
0.0000% $ -
-----------------------
Insiders
--------
RCB/Webco 0.0000% $ -
Mariea Best
-----------------------
0.0000% $ -
-----------------------
Stock Bonus Plan
BLC 0.0000% $ -
BUL
FEB
BLP
-----------------------
Total 0.0000% $ -
=======================
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20 BLP's Beginning Basis in FEB & BUL -
Basis Used This Round 0.00 Basis Used This Round -
-------------
Basis Allocated From BLP This Round 0.00 BLP's Ending Basis This Round -
------------- =============
BLC's Ending Basis This Round 10,562,483.20
=============
142
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 2 Distribution
BLC DISTRIBUTION RECEIVED
- ----------------------------------------------------------------------------------
Cash Received from BUL $ 2,081,064.50
Cash Received from FEB 6,604,055.91
Cash Received from BLP --
----------------
Total Cash Received $ 8,685,120.41
Tax Basis 8,685,120.41
----------------
Gain on Sale $ --
Last Round BLP Income $ --
----------------
Total Income $ --
Tax Rate 40%
----------------
Tax Due $ --
----------------
Cash Distributed $ 8,685,120.41
================
BLC SHAREHOLDERS
- -----------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 314,237.86
Della & Co. 2.0027% $ 173,939.47
Martin Nelson & Assoc. 0.0829% $ 7,199.03
All Other Outsiders 4.9577% $ 430,586.49
-------------------------------
10.6615% $ 925,962.86
-------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 121,375.72
Mariea Best 0.0008% $ 71.99
-------------------------------
1.3983% $ 121,447.71
-------------------------------
Stock Bonus Plan 8.7342% $ 758,575.94
BLC
BUL 79.2060% $ 6,879,133.89
FEB
BLP
-------------------------------
Total 100.0000% $ 8,685,120.41
===============================
Total Taxes Paid $ 4,033,250.89
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20
Basis Used This Round (8,685,120.41)
Basis Allocated From BLP This Round 0.00
--------------
BLC's Ending Basis This Round 1,877,362.79
==============
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------
Cash Received from BLC $6,879,133.89
Tax Basis --
-------------
Gain on Sale $6,879,133.89
Tax Rate 40%
-------------
Tax Due $2,751,653.56
-------------
Cash Distributed $4,127,480.34
=============
BUL SHAREHOLDERS
- -----------------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------------
Outsiders
- ----------------
Edward McLaughlin 1.7590% $ 72,602.49
Cede & Co. 1.4674% $ 60,566.15
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 1,068.00
All Other Outsiders 4.2531% $ 175,546.79
-------------------------------------------
7.5054% $ 309,783.44
-------------------------------------------
Insiders
- -------------
RCB/Webco 0.5504% $ 22,716.31
Mariea Best 0.0003% 10.68
-------------------------------------------
0.5506% $ 22,726.99
-------------------------------------------
Stock Bonus Plan 7.0541% $ 291,157.55
BLC 7.2640% $ 299,819.02
BUL
FEB 77.6259% $3,203,993.34
BLP 0.0000% $ --
-------------------------------------------
Total 100.0000% $4,127,480.34
===========================================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------
Cash Received from BUL $3,203,993.34
Tax Basis $ --
-------------
Gain from Distribution $3,203,993.34
Tax Rate 40%
-------------
Tax Due $1,281,597.33
-------------
Cash Distributed $1,922,396.00
=============
FEB SHAREHOLDERS
- -----------------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 205,243.73
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 219,946.43
-------------------------------------------
22.1177% $ 425,190.16
-------------------------------------------
Insiders
- -------------
RCB/Webco 28.3894% $ 545,756.12
Mariea Best 0.0002% 3.21
-------------------------------------------
28.3895% $ 545,759.33
-------------------------------------------
Stock Bonus Plan
BLC 49.4927% $ 951,446.51
BUL
FEB
BLP 0.0000% $ --
-------------------------------------------
Total 100.0000% $1,922,396.00
===========================================
BLP DISTRIBUTION RECEIVED
- -----------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
--------
Total Cash Received $ --
Tax Basis --
--------
Gain from Distribution $ --
========
Gain/Basis Alloc. to BLC $ --
========
Cash Distributed $ --
========
BLP SHAREHOLDERS
- ------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------
0.0000% $ --
---------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------
0.0000% $ --
---------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------
Total 0.0000% $ --
=================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-----------
BLP's Ending Basis in FEB & BUL 0.00
===========
143
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 4 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------
Cash Received from BUL $ 299,819.02
Cash Received from FEB 951,446.51
Cash Received from BLP --
-------------
Total Cash Received $1,251,265.52
Tax Basis 1,251,265.52
-------------
Gain on Sale $ --
Last Round BLP Income $ --
-------------
Total Income $ --
Tax Rate 40%
-------------
Tax Due $ --
-------------
Cash Distributed $1,251,265.52
=============
BLC SHAREHOLDERS
- ------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 45,272.26
Della & Co. 2.0027% $ 25,059.46
Martin Nelson & Assoc. 0.0829% $ 1,037.17
All Other Outsiders 4.9577% $ 62,034.61
-----------------------------------
10.6615% $ 133,403.49
-----------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 17,486.60
Mariea Best 0.0008% $ 10.37
-----------------------------------
1.3983% $ 17,496.98
-----------------------------------
Stock Bonus Plan 8.7342% $ 109,288.06
BLC
BUL 79.2060% $ 991,077.00
FEB
BLP
-----------------------------------
Total 100.0000% $ 1,251,265.52
====================================
Total Taxes Paid $ 581,070.56
BLC's Beginning Basis in FEB, BUL, & BLP 1,877,362.79
Basis Used This Round (1,251,265.52)
Basis Allocated From BLP This Round 0.00
--------------
BLC's Ending Basis This Round 626,097.27
==============
BUL DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BLC $991,077.00
Tax Basis --
-----------
Gain on Sale $991,077.00
Tax Rate 40%
-----------
Tax Due $396,430.80
-----------
Cash Distributed $594,646.20
===========
BUL SHAREHOLDERS
- ------------------------------------------------------------------
PERCENT DIVIDEND
-----------------------------------
Outsiders
- --------------------
Edward McLaughlin 1.7590% $ 10,459.84
Cede & Co. 1.4674% $ 8,725.77
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 153.87
All Other Outsiders 4.2531% $ 25,291.03
-----------------------------------
7.5054% $ 44,630.51
-----------------------------------
Insiders
- --------------------
RCB/Webco 0.5504% $ 3,272.74
Mariea Best 0.0003% $ 1.54
-----------------------------------
0.5506% $ 3,274.28
-----------------------------------
Stock Bonus Plan 7.0541% $ 41,947.08
BLC 7.2640% $ 43,194.93
BUL
FEB 77.6259% $461,599.40
BLP 0.0000% $ --
-----------------------------------
Total 100.0000% $594,646.20
===================================
FEB DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BUL $461,599.40
Tax Basis $ --
-----------
Gain from Distribution $461,599.40
Tax Rate 40%
-----------
Tax Due $184,639.76
-----------
Cash Distributed $276,959.64
===========
FEB SHAREHOLDERS
- -----------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 29,569.47
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 31,687.69
----------------------------------
22.1177% $ 61,257.16
----------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $ 78,627.10
Mariea Best 0.0002% 0.46
----------------------------------
28.3895% $ 78,627.56
----------------------------------
Stock Bonus Plan
BLC 49.4927% $137,074.92
BUL
FEB
BLP 0.0000% $ --
----------------------------------
Total 100.0000% $276,959.64
==================================
BLP DISTRIBUTION RECEIVED
- -----------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
------
Total Cash Received $ --
Tax Basis --
------
Gain from Distribution $ --
======
Gain/Basis Alloc. to BLC $ --
======
Cash Distributed $ --
======
BLP SHAREHOLDERS
- --------------------------------------------------------------
PERCENT DIVIDEND
-----------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
-----------------------
0.0000% $ --
-----------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
-----------------------
0.0000% $ --
-----------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
-----------------------
Total 0.0000% $ --
=======================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
------
BLP's Ending Basis in FEB & BUL 0.00
======
144
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 4 Distribution
BLC DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BUL $ 43,194.93
Cash Received from FEB 137,074.92
Cash Received from BLP --
-----------
Total Cash Received $180,269.86
Tax Basis 180,269.86
-----------
Gain on Sale $ --
Last Round BLP Income $ --
-----------
Total Income $ --
Tax Rate 40%
-----------
Tax Due $ --
Cash Distributed $180,269.86
===========
BLC SHAREHOLDERS
- ---------------------------------------------------------------------------------------
PERCENT DIVIDEND
------------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 6,522.38
Della & Co. 2.0027% $ 3,610.32
Martin Nelson & Assoc. 0.0829% $ 149.42
All Other Outsiders 4.9577% $ 8,937.33
------------------------------------------
10.6615% $ 19,219.44
------------------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 2,519.30
Mariea Best 0.0008% $ 1.49
------------------------------------------
1.3983% $ 2,520.79
------------------------------------------
Stock Bonus Plan 8.7342% $ 15,745.13
BLC
BUL 79.2060% $ 142,784.49
FEB
BLP
------------------------------------------
Total 100.0000% $ 180,269.86
==========================================
Total Taxes Paid $ 83,714.85
BLC's Beginning Basis in FEB, BUL, & BLP 626,097.27
Basis Used This Round (180,269.86)
Basis Allocated From BLP This Round 0.00
------------
BLC's Ending Basis This Round 445,827.41
============
BUL DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BLC $142,784.49
Tax Basis --
-----------
Gain on Sale $142,784.49
Tax Rate 40%
-----------
Tax Due $ 57,113.80
-----------
Cash Distributed $ 85,670.69
===========
BUL SHAREHOLDERS
- ------------------------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 1,506.95
Cede & Co. 1.4674% $ 1,257.12
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 22.17
All Other Outsiders 4.2531% $ 3,643.68
----------------------------------------
7.5054% $ 6,429.92
----------------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 471.50
Mariea Best 0.0003% $ 0.22
----------------------------------------
0.5506% $ 471.73
----------------------------------------
Stock Bonus Plan 7.0541% $ 6,043.32
BLC 7.2640% $ 6,223.10
BUL
FEB 77.6259% $66,502.64
BLP 0.0000% $ --
----------------------------------------
Total 100.0000% $85,670.69
========================================
FEB DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BUL $66,502.64
Tax Basis $ --
----------
Gain from Distribution $66,502.64
Tax Rate 40%
----------
Tax Due $26,601.06
----------
Cash Distributed $39,901.58
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------------
PERCENT DIVIDEND
-----------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 4,260.07
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 4,565.25
-----------------------------------------
22.1177% $ 8,825.32
-----------------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $11,327.81
Mariea Best 0.0002% 0.07
-----------------------------------------
28.3895% $11,327.87
-----------------------------------------
Stock Bonus Plan
BLC 49.4927% $19,748.39
BUL
FEB
BLP 0.0000% $ --
-----------------------------------------
Total 100.0000% $39,901.58
=========================================
BLP DISTRIBUTION RECEIVED
- ------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
------
Total Cash Received $ --
Tax Basis --
------
Gain from Distribution $ --
======
Gain/Basis Alloc. to BLC $ --
======
Cash Distributed $ --
======
BLP SHAREHOLDERS
- ------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
--------------------------------
0.0000% $ --
--------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
--------------------------------
0.0000% $ --
--------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
--------------------------------
Total 0.0000% $ --
================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
--------
BLP's Ending Basis in FEB & BUL 0.00
========
145
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 5 Distribution
BLC DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BUL $ 6,223.10
Cash Received from FEB 19,748.39
Cash Received from BLP --
----------
Total Cash Received $25,971.48
Tax Basis 25,971.48
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $25,971.48
==========
BLC SHAREHOLDERS
- ------------------------------------------------------------------------------------
PERCENT DIVIDEND
-----------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 939.68
Della & Co. 2.0027% $ 520.14
Martin Nelson & Assoc. 0.0829% $ 21.53
All Other Outsiders 4.9577% $ 1,287.60
------------------------------------------
10.6615% $ 2,768.95
------------------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 362.95
Mariea Best 0.0008% $ 0.22
------------------------------------------
1.3983% $ 363.17
------------------------------------------
Stock Bonus Plan 8.7342% $ 2,268.40
BLC
BUL 79.2060% $ 20,570.97
FEB
BLP
------------------------------------------
Total 100.0000% $ 25,971.48
==========================================
Total Taxes Paid $ 12,060.80
BLC's Beginning Basis in FEB, BUL, & BLP 445,827.41
Basis Used This Round (25,971.48)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 419,855.93
===========
BUL DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BLC $20,570.97
Tax Basis --
----------
Gain on Sale $20,570.97
Tax Rate 40%
----------
Tax Due $ 8,228.39
----------
Cash Distributed $12,342.58
==========
BUL SHAREHOLDERS
- ----------------------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 217.11
Cede & Co. 1.4674% $ 181.11
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 3.19
All Other Outsiders 4.2531% $ 524.95
----------------------------------------
7.5054% $ 926.36
----------------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 67.93
Mariea Best 0.0003% $ 0.03
----------------------------------------
0.5506% $ 67.96
----------------------------------------
Stock Bonus Plan 7.0541% $ 870.66
BLC 7.2640% $ 896.56
BUL
FEB 77.6259% $ 9,581.04
BLP 0.0000% $ --
----------------------------------------
Total 100.0000% $12,342.58
========================================
FEB DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BUL $9,581.04
Tax Basis $ --
---------
Gain from Distribution $9,581.04
Tax Rate 40%
---------
Tax Due $3,832.41
---------
Cash Distributed $5,748.62
=========
FEB SHAREHOLDERS
- -----------------------------------------------------------------------------------
PERCENT DIVIDEND
-----------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 613.75
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 657.72
-----------------------------------------
22.1177% $1,271.46
-----------------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $1,632.00
Mariea Best 0.0002% 0.01
-----------------------------------------
28.3895% $1,632.01
-----------------------------------------
Stock Bonus Plan
BLC 49.4927% $2,845.15
BUL
FEB
BLP 0.0000% $ --
-----------------------------------------
Total 100.0000% $5,748.62
=========================================
BLP DISTRIBUTION RECEIVED
- ------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
------
Total Cash Received $ --
Tax Basis --
------
Gain from Distribution $ --
======
Gain/Basis Alloc. to BLC $ --
======
Cash Distributed $ --
======
BLP SHAREHOLDERS
- ------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------
0.0000% $ --
---------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------
0.0000% $ --
---------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------
Total 0.0000% $ --
=================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------
BLP's Ending Basis in FEB & BUL 0.00
=======
146
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 6 Distribution
BLC DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BUL $ 896.56
Cash Received from FEB 2,845.15
Cash Received from BLP --
---------
Total Cash Received $3,741.71
Tax Basis 3,741.71
---------
Gain on Sale $ --
Last Round BLP Income $ --
---------
Total Income $ --
Tax Rate 40%
---------
Tax Due $ --
Cash Distributed $3,741.71
=========
BLC SHAREHOLDERS
- ----------------------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 135.38
Della & Co. 2.0027% $ 74.94
Martin Nelson & Assoc. 0.0829% $ 3.10
All Other Outsiders 4.9577% $ 185.50
----------------------------------------
10.6615% $ 398.92
----------------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 52.29
Mariea Best 0.0008% $ 0.03
----------------------------------------
1.3983% $ 52.32
----------------------------------------
Stock Bonus Plan 8.7342% $ 326.81
BLC
BUL 79.2060% $ 2,963.66
FEB
BLP
----------------------------------------
Total 100.0000% $ 3,741.71
========================================
Total Taxes Paid $ 1,737.60
BLC's Beginning Basis in FEB, BUL, & BLP 419,855.93
Basis Used This Round (3,741.71)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 416,114.22
===========
BUL DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BLC $2,963.66
Tax Basis --
---------
Gain on Sale $2,963.66
Tax Rate 40%
---------
Tax Due $1,185.46
---------
Cash Distributed $1,778.20
=========
BUL SHAREHOLDERS
- ---------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 31.28
Cede & Co. 1.4674% $ 26.09
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.46
All Other Outsiders 4.2531% $ 75.63
---------------------------------------
7.5054% $ 133.46
---------------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 9.79
Mariea Best 0.0003% $ 0.00
---------------------------------------
0.5506% $ 9.79
---------------------------------------
Stock Bonus Plan 7.0541% $ 125.44
BLC 7.2640% $ 129.17
BUL
FEB 77.6259% $1,380.34
BLP 0.0000% $ --
---------------------------------------
Total 100.0000% $1,778.20
=======================================
FEB DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BUL $1,380.34
Tax Basis $ --
---------
Gain from Distribution $1,380.34
Tax Rate 40%
---------
Tax Due $ 552.14
---------
Cash Distributed $ 828.20
=========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 88.42
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 94.76
--------------------------------------
22.1177% $183.18
--------------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $235.12
Mariea Best 0.0002% 0.00
--------------------------------------
28.3895% $235.12
--------------------------------------
Stock Bonus Plan
BLC 49.4927% $409.90
BUL
FEB
BLP 0.0000% $ --
--------------------------------------
Total 100.0000% $828.20
======================================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-------
Total Cash Received $ --
Tax Basis --
-------
Gain from Distribution $ --
=======
Gain/Basis Alloc. to BLC $ --
=======
Cash Distributed $ --
=======
BLP SHAREHOLDERS
- ------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------
0.0000% $ --
---------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------
0.0000% $ --
---------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------
Total 0.0000% $ --
=================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
--------
BLP's Ending Basis in FEB & BUL 0.00
========
147
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 7 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------
Cash Received from BUL $129.17
Cash Received from FEB 409.90
Cash Received from BLP --
-------
Total Cash Received $539.07
Tax Basis 539.07
-------
Gain on Sale $ --
Last Round BLP Income $ --
-------
Total Income $ --
Tax Rate 40%
-------
Tax Due $ --
Cash Distributed $539.07
=======
BLC SHAREHOLDERS
- -----------------------------------------------------------------------------------
PERCENT DIVIDEND
-----------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 19.50
Della & Co. 2.0027% $ 10.80
Martin Nelson & Assoc. 0.0829% $ 0.45
All Other Outsiders 4.9577% $ 26.73
-----------------------------------------
10.6615% $ 57.47
-----------------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 7.53
Mariea Best 0.0008% $ 0.00
-----------------------------------------
1.3983% $ 7.54
-----------------------------------------
Stock Bonus Plan 8.7342% $ 47.08
BLC
BUL 79.2060% $ 426.97
FEB
BLP
-----------------------------------------
Total 100.0000% $ 539.07
=========================================
Total Taxes Paid $ 250.34
BLC's Beginning Basis in FEB, BUL, & BLP 416,114.22
Basis Used This Round (539.07)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 415,575.15
===========
BUL DISTRIBUTION RECEIVED
- ---------------------------------------------------
Cash Received from BLC $426.97
Tax Basis --
-------
Gain on Sale $426.97
Tax Rate 40%
-------
Tax Due $170.79
-------
Cash Distributed $256.18
=======
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 4.51
Cede & Co. 1.4674% $ 3.76
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.07
All Other Outsiders 4.2531% $ 10.90
-------------------------------------
7.5054% $ 19.23
-------------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 1.41
Mariea Best 0.0003% $ 0.00
-------------------------------------
0.5506% $ 1.41
-------------------------------------
Stock Bonus Plan 7.0541% $ 18.07
BLC 7.2640% $ 18.61
BUL
FEB 77.6259% $198.87
BLP 0.0000% $ --
-------------------------------------
Total 100.0000% $256.18
=====================================
FEB DISTRIBUTION RECEIVED
- ---------------------------------------------------
Cash Received from BUL $198.87
Tax Basis $ --
-------
Gain from Distribution $198.87
Tax Rate 40%
-------
Tax Due $ 79.55
-------
Cash Distributed $119.32
=======
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 12.74
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 13.65
--------------------------------------
22.1177% $ 26.39
--------------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $ 33.87
Mariea Best 0.0002% 0.00
--------------------------------------
28.3895% $ 33.87
--------------------------------------
Stock Bonus Plan
BLC 49.4927% $ 59.05
BUL
FEB
BLP 0.0000% $ --
--------------------------------------
Total 100.0000% $119.32
======================================
BLP DISTRIBUTION RECEIVED
- ------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-------
Total Cash Received $ --
Tax Basis --
-------
Gain from Distribution $ --
=======
Gain/Basis Alloc. to BLC $ --
=======
Cash Distributed $ --
=======
BLP SHAREHOLDERS
- ------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
--------------------------------
0.0000% $ --
--------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
--------------------------------
0.0000% $ --
--------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
--------------------------------
Total 0.0000% $ --
================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------
BLP's Ending Basis in FEB & BUL 0.00
=======
148
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 8 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------
Cash Received from BUL $18.61
Cash Received from FEB 59.05
Cash Received from BLP --
------
Total Cash Received $77.66
Tax Basis 77.66
------
Gain on Sale $ --
Last Round BLP Income $ --
------
Total Income $ --
Tax Rate 40%
------
Tax Due $ --
Cash Distributed $77.66
======
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 2.81
Della & Co. 2.0027% $ 1.56
Martin Nelson & Assoc. 0.0829% $ 0.06
All Other Outsiders 4.9577% $ 3.85
--------------------------------
10.6615% $ 8.28
--------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 1.09
Mariea Best 0.0008% $ 0.00
--------------------------------
1.3983% $ 1.09
--------------------------------
Stock Bonus Plan 8.7342% $ 6.78
BLC
BUL 79.2060% $ 61.51
FEB
BLP
--------------------------------
Total 100.0000% $ 77.66
================================
Total Taxes Paid $ 36.07
BLC's Beginning Basis in FEB, BUL, & BLP 415,575.15
Basis Used This Round (77.66)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 415,497.49
===========
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------
Cash Received from BLC $61.51
Tax Basis --
------
Gain on Sale $61.51
Tax Rate 40%
------
Tax Due $24.61
------
Cash Distributed $36.91
======
BUL SHAREHOLDERS
- ------------------------------------------------------------------------------
PERCENT DIVIDEND
------------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 0.65
Cede & Co. 1.4674% $ 0.54
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.01
All Other Outsiders 4.2531% $ 1.57
------------------------------------
7.5054% $ 2.77
------------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 0.20
Mariea Best 0.0003% $ 0.00
------------------------------------
0.5506% $ 0.20
------------------------------------
Stock Bonus Plan 7.0541% $ 2.60
BLC 7.2640% $ 2.68
BUL
FEB 77.6259% $28.65
BLP 0.0000% $ --
------------------------------------
Total 100.0000% $36.91
====================================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------
Cash Received from BUL $28.65
Tax Basis $ --
------
Gain from Distribution $28.65
Tax Rate 40%
------
Tax Due $11.46
------
Cash Distributed $17.19
======
FEB SHAREHOLDERS
- ------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 1.84
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 1.97
-------------------------------------
22.1177% $ 3.80
-------------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $ 4.88
Mariea Best 0.0002% 0.00
-------------------------------------
28.3895% $ 4.88
-------------------------------------
Stock Bonus Plan
BLC 49.4927% $ 8.51
BUL
FEB
BLP 0.0000% $ --
-------------------------------------
Total 100.0000% $17.19
=====================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-----
Total Cash Received $ --
Tax Basis --
-----
Gain from Distribution $ --
=====
Gain/Basis Alloc. to BLC $ --
=====
Cash Distributed $ --
=====
BLP SHAREHOLDERS
- --------------------------------------------------------------------------
PERCENT DIVIDEND
-----------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
-----------------------------------
0.0000% $ --
-----------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
-----------------------------------
0.0000% $ --
-----------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
-----------------------------------
Total 0.0000% $ --
===================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-----
BLP's Ending Basis in FEB & BUL 0.00
=====
149
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 9 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------
Cash Received from BUL $ 2.68
Cash Received from FEB 8.51
Cash Received from BLP --
------
Total Cash Received $11.19
Tax Basis 11.19
------
Gain on Sale $ --
Last Round BLP Income $ --
------
Total Income $ --
Tax Rate 40%
------
Tax Due $ --
Cash Distributed $11.19
======
BLC Shareholders
- --------------------------------------------------------------------------
Percent Dividend
-------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.40
Della & Co. 2.0027% $ 0.22
Martin Nelson & Assoc. 0.0829% $ 0.01
All Other Outsiders 4.9577% $ 0.55
-------------------------
10.6615% $ 1.19
-------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 0.16
Mariea Best 0.0008% $ 0.00
-------------------------
1.3983% $ 0.16
-------------------------
Stock Bonus Plan 8.7342% $ 0.98
BLC
BUL 79.2060% $ 8.86
FEB
BLP
-------------------------
Total 100.0000% $ 11.19
=========================
Total Taxes Paid $ 5.20
BLC's Beginning Basis in FEB, BUL, & BLP 415,497.49
Basis Used This Round (11.19)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 415,486.30
===========
BUL DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BLC $ 8.86
Tax Basis --
---------
Gain on Sale $ 8.86
Tax Rate 40%
---------
Tax Due $ 3.54
---------
Cash Distributed $ 5.32
=========
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 0.09
Cede & Co. 1.4674% $ 0.08
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.23
--------------------------------------
7.5054% $ 0.40
--------------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 0.03
Mariea Best 0.0003% $ 0.00
--------------------------------------
0.5506% $ 0.03
--------------------------------------
Stock Bonus Plan 7.0541% $ 0.38
BLC 7.2640% $ 0.39
BUL
FEB 77.6259% $ 4.13
BLP 0.0000% $ --
--------------------------------------
Total 100.0000% $ 5.32
======================================
FEB DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BUL $ 4.13
Tax Basis $ --
---------
Gain from Distribution $ 4.13
Tax Rate 40%
---------
Tax Due $ 1.65
---------
Cash Distributed $ 2.48
=========
FEB SHAREHOLDERS
- ------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.26
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.28
---------------------------------------
22.1177% $ 0.55
---------------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $ 0.70
Mariea Best 0.0002% 0.00
---------------------------------------
28.3895% $ 0.70
---------------------------------------
Stock Bonus Plan
BLC 49.4927% $ 1.23
BUL
FEB
BLP 0.0000% $ --
---------------------------------------
Total 100.0000% $ 2.48
=======================================
BLP DISTRIBUTION RECEIVED
- ---------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
------
Total Cash Received $ --
Tax Basis --
------
Gain from Distribution $ --
======
Gain/Basis Alloc. to BLC $ --
======
Cash Distributed $ --
======
BLP SHAREHOLDERS
- ---------------------------------------------------------------------------
PERCENT DIVIDEND
------------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
------------------------------------
0.0000% $ --
------------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
------------------------------------
0.0000% $ --
------------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
------------------------------------
Total 0.0000% $ --
====================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
------
BLP's Ending Basis in FEB & BUL 0.00
======
150
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 10 Distribution
BLC DISTRIBUTION RECEIVED
- -----------------------------------------------------
Cash Received from BUL $ 0.39
Cash Received from FEB 1.23
Cash Received from BLP --
---------
Total Cash Received $ 1.61
Tax Basis 1.61
---------
Gain on Sale $ --
Last Round BLP Income $ --
---------
Total Income $ --
Tax Rate 40%
---------
Tax Due $ --
Cash Distributed $ 1.61
=========
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.06
Della & Co. 2.0027% $ 0.03
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.08
------------------------------------
10.6615% $ 0.17
------------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 0.02
Mariea Best 0.0008% $ 0.00
------------------------------------
1.3983% $ 0.02
------------------------------------
Stock Bonus Plan 8.7342% $ 0.14
BLC
BUL 79.2060% $ 1.28
FEB
BLP
------------------------------------
Total 100.0000% $ 1.61
====================================
Total Taxes Paid $ 0.75
BLC's Beginning Basis in FEB, BUL, & BLP 415,486.30
Basis Used This Round (1.61)
Basis Allocated From BLP This Round 0.00
---------------
BLC's Ending Basis This Round 415,484.69
===============
BUL DISTRIBUTION RECEIVED
- ------------------------------------------------------
Cash Received from BLC $ 1.28
Tax Basis --
----------
Gain on Sale $ 1.28
Tax Rate 40%
----------
Tax Due $ 0.51
----------
Cash Distributed $ 0.77
==========
BUL SHAREHOLDERS
- --------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 0.01
Cede & Co. 1.4674% $ 0.01
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.03
--------------------------------
7.5054% $ 0.06
--------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
--------------------------------
0.5506% $ 0.00
--------------------------------
Stock Bonus Plan 7.0541% $ 0.05
BLC 7.2640% $ 0.06
BUL
FEB 77.6259% $ 0.59
BLP 0.0000% $ --
--------------------------------
Total 100.0000% $ 0.77
================================
FEB DISTRIBUTION RECEIVED
- ----------------------------------------------------
Cash Received from BUL $ 0.59
Tax Basis $ --
---------
Gain from Distribution $ 0.59
Tax Rate 40%
---------
Tax Due $ 0.24
---------
Cash Distributed $ 0.36
=========
FEB SHAREHOLDERS
- ----------------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.04
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.04
----------------------------------
22.1177% $ 0.08
----------------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $ 0.10
Mariea Best 0.0002% 0.00
----------------------------------
28.3895% $ 0.10
----------------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.18
BUL
FEB
BLP 0.0000% $ --
----------------------------------
Total 100.0000% $ 0.36
==================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- ------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------------
Outsiders
- ---------------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------------
0.0000% $ --
---------------------------------------
Insiders
- ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------------
0.0000% $ --
---------------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------------
Total 0.0000% $ --
=======================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
---------
BLP's Ending Basis in FEB & BUL 0.00
=========
151
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 11 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 0.06
Cash Received from FEB 0.18
Cash Received from BLP --
-----------
Total Cash Received $ 0.23
Tax Basis 0.23
-----------
Gain on Sale $ --
Last Round BLP Income $ --
-----------
Total Income $ --
Tax Rate 40%
-----------
Tax Due $ --
Cash Distributed $ 0.23
===========
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.01
Della & Co. 2.0027% $ 0.00
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.01
--------------------------
10.6615% $ 0.02
--------------------------
Insiders
---------
RCB/Webco 1.3975% $ 0.00
Mariea Best 0.0008% $ 0.00
--------------------------
1.3983% $ 0.00
--------------------------
Stock Bonus Plan 8.7342% $ 0.02
BLC
BUL 79.2060% $ 0.18
FEB
BLP
--------------------------
Total 100.0000% $ 0.23
==========================
Total Taxes Paid $ 0.11
BLC's Beginning Basis in FEB, BUL, & BLP 415,484.69
Basis Used This Round (0.23)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 415,484.45
===========
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $ 0.18
Tax Basis --
-----------
Gain on Sale $ 0.18
Tax Rate 40%
-----------
Tax Due $ 0.07
-----------
Cash Distributed $ 0.11
============
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 1.4674% $ 0.00
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.00
----------------------------------
7.5054% $ 0.01
----------------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
----------------------------------
0.5506% $ 0.00
----------------------------------
Stock Bonus Plan 7.0541% $ 0.01
BLC 7.2640% $ 0.01
BUL
FEB 77.6259% $ 0.09
BLP 0.0000% $ --
----------------------------------
Total 100.0000% $ 0.11
==================================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 0.09
Tax Basis $ --
-----------
Gain from Distribution $ 0.09
Tax Rate 40%
-----------
Tax Due $ 0.03
-----------
Cash Distributed $ 0.05
===========
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.01
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.01
---------------------------
22.1177% $ 0.01
---------------------------
Insiders
- ----------------
RCB/Webco 28.3894% $ 0.01
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.01
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.03
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.05
===========================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-----------
Total Cash Received $ --
Tax Basis --
-----------
Gain from Distribution $ --
===========
Gain/Basis Alloc. to BLC $ --
===========
Cash Distributed $ --
===========
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
------------------------------
Outsiders
- --------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
------------------------------
0.0000% $ --
------------------------------
Insiders
- --------------------
RCB/Webco 0.0000% $ --
Mariea Best
------------------------------
0.0000% $ --
------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
------------------------------
Total 0.0000% $ --
==============================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
152
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 12 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 0.01
Cash Received from FEB 0.03
Cash Received from BLP --
-----------
Total Cash Received $ 0.03
Tax Basis 0.03
-----------
Gain on Sale $ --
Last Round BLP Income $ --
-----------
Total Income $ --
Tax Rate 40%
-----------
Tax Due $ --
Cash Distributed $ 0.03
===========
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.00
Della & Co. 2.0027% $ 0.00
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.00
---------------------------
10.6615% $ 0.00
---------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 0.00
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.00
---------------------------
Stock Bonus Plan 8.7342% $ 0.00
BLC
BUL 79.2060% $ 0.03
FEB
BLP
---------------------------
Total 100.0000% $ 0.03
===========================
Total Taxes Paid $ 0.02
BLC's Beginning Basis in FEB, BUL, & BLP 415,484.45
Basis Used This Round (0.03)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 415,484.42
===========
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $ 0.03
Tax Basis --
-----------
Gain on Sale $ 0.03
Tax Rate 40%
-----------
Tax Due $ 0.01
-----------
Cash Distributed $ 0.02
===========
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
----------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 1.4674% $ 0.00
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.00
---------------------------
7.5054% $ 0.00
---------------------------
Insiders
- ------------------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.00
---------------------------
Stock Bonus Plan 7.0541% $ 0.00
BLC 7.2640% $ 0.00
BUL
FEB 77.6259% $ 0.01
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.02
===========================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 0.01
Tax Basis $ --
-----------
Gain from Distribution $ 0.01
Tax Rate 40%
-----------
Tax Due $ 0.00
-----------
Cash Distributed $ 0.01
===========
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.00
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.00
---------------------------
22.1177% $ 0.00
---------------------------
Insiders
- -----------------
RCB/Webco 28.3894% $ 0.00
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.00
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.00
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.01
===========================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-----------
Total Cash Received $ --
Tax Basis --
-----------
Gain from Distribution $ --
===========
Gain/Basis Alloc. to BLC $ --
===========
Cash Distributed $ --
===========
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
------------------------------
Outsiders
- ------------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
- ------------------ ---------------------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
153
PROJECT COLT (AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 13 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 0.00
Cash Received from FEB 0.00
Cash Received from BLP --
------
Total Cash Received $ 0.00
Tax Basis 0.00
------
Gain on Sale $ --
Last Round BLP Income $ --
------
Total Income $ --
Tax Rate 40%
------
Tax Due $ --
Cash Distributed $ 0.00
======
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.00
Della & Co. 2.0027% $ 0.00
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.00
---------------------------
10.6615% $ 0.00
---------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 0.00
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.00
---------------------------
Stock Bonus Plan 8.7342% $ 0.00
BLC
BUL 79.2060% $ 0.00
FEB
BLP
---------------------------
Total 100.0000% $ 0.00
===========================
Total Taxes Paid $ 0.00
BLC's Beginning Basis in FEB, BUL, & BLP 415,484.42
Basis Used This Round (0.00)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 415,484.41
===========
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $ 0.00
Tax Basis --
-----------
Gain on Sale $ 0.00
Tax Rate 40%
-----------
Tax Due $ 0.00
-----------
Cash Distributed $ 0.00
===========
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 1.4674% $ 0.00
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.00
---------------------------
7.5054% $ 0.00
---------------------------
Insiders
- -----------------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.00
---------------------------
Stock Bonus Plan 7.0541% $ 0.00
BLC 7.2640% $ 0.00
BUL
FEB 77.6259% $ 0.00
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.00
===========================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 0.00
Tax Basis $ --
-----------
Gain from Distribution $ 0.00
Tax Rate 40%
-----------
Tax Due $ 0.00
-----------
Cash Distributed $ 0.00
===========
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.00
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.00
---------------------------
22.1177% $ 0.00
---------------------------
Insiders
- -----------------
RCB/Webco 28.3894% $ 0.00
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.00
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.00
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.00
===========================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-----------
Total Cash Received $ --
Tax Basis --
-----------
Gain from Distribution $ --
===========
Gain/Basis Alloc. to BLC $ --
===========
Cash Distributed $ --
===========
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
- -----------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-----------
BLP's Ending Basis in FEB & BUL 0.00
===========
154
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE)
BUL SALE OF BLC STOCK -- SUMMARY
Cash Received From Stock Sale $ 60,000,000.00
SHAREHOLDER DISTRIBUTION RECEIVED % TOTAL DISTRIBUTION
- ----------------------------------------------------------------------------------
Outsiders
- -----------------
Edward McLaughlin 609,063.95 1.015%
Cede & Co. 4,454,915.15 7.425%
Della & Co. 1,231,616.49 2.053%
Martin Nelson & Assoc. 59,933.80 0.100%
All Other Outsiders 6,366,663.63 10.611%
Insiders
- -----------------
RCB/Webco 5,628,355.71 9.381%
Mariea Best 626.27 0.001%
Stock Bonus Plan 7,813,790.38 13.023%
-----------------------------------
Subtotal $ 26,164,965.38 43.608%
Corporate Taxes Paid 33,835,034.60 56.392%
-----------------------------------
Total $ 59,999,999.98 100.000%
===================================
ENTITY VALUE PER SHARE
- --------------------------------------------------------------------------------
BLC -- BUL $603.93
BLC -- All Other Shareholders $509.74
BUL $89.59
FEB $26.94
BLP #DIV/0!
155
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock -- Proof of Value Per Share
BLC BUL
-------------------------------------------------- --------------------------------------------------
SHAREHOLDER CASH RECEIVED SHARES VALUE PER SHARE CASH RECEIVED SHARES VALUE PER SHARE
- --------------------- -------------- -------------- --------------- -------------- -------------- ---------------
Outsiders
---------
Edward McLaughlin $ 609,063.95 6,798.00 $ 89.59
Cede & Co. $ 2,225,029.90 4,365.00 $ 509.74 $ 508,090.86 5,671.00 89.59
Della & Co. $ 1,231,616.49 2,416.15 509.74
Martin Nelson & Assoc. $ 50,974.34 100.00 509.74 $ 8,959.46 100.00 89.59
All Other Outsiders $ 3,048,861.87 5,981.17 509.74 $ 1,472,666.11 16,437.00 89.59
-------------- -------------- -------------- -------------- -------------- --------------
$ 6,556,482.60 12,862.32 $ 509.74 $ 2,598,780.38 29,006.00 $ 89.59
-------------- -------------- -------------- -------------- -------------- --------------
Insiders
--------
RCB/Webco $ 859,427.35 1,686.00 $ 509.74 $ 190,567.67 2,127.00 $ 89.59
Mariea Best $ 509.74 1.00 509.74 $ 89.59 1.00 89.59
-------------- -------------- -------------- -------------- -------------- --------------
$ 859,937.10 1,687.00 $ 509.74 $ 190,657.27 2,128.00 $ 89.59
-------------- -------------- -------------- -------------- -------------- --------------
Stock Bonus Plan $ 5,371,262.95 10,537.19 $ 509.74 $ 2,442,527.43 27,262.00 $ 89.59
BLC $ 2,515,188.63 28,073.00 $ 89.59
BUL $57,709,212.65 95,556.34 $ 603.93
FEB $26,878,373.89 300,000.00 $ 89.59
BLP $ -- -- #DIV/0!
-------------- -------------- -------------- -------------- -------------- --------------
Total $70,496,895.30 120,642.85 $ 584.34 $34,625,527.59 386,469.00 $ 89.59
============== ============== ============== ============== ============== ==============
FEB BLP
-------------------------------------------------- --------------------------------------------------
SHAREHOLDER CASH RECEIVED SHARES VALUE PER SHARE CASH RECEIVED SHARES VALUE PER SHARE
- --------------------- -------------- -------------- --------------- -------------- -------------- ---------------
Outsiders
---------
Edward McLaughlin
Cede & Co. $ 1,721,794.40 63,921.00 $ 26.94
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders $ 1,845,135.65 68,500.00 26.94
-------------- -------------- -------------- -------------- -------------- --------------
$ 3,566,930.05 132,421.00 $ 26.94 $ -- -- #DIV/0!
-------------- -------------- -------------- -------------- -------------- --------------
Insiders
--------
RCB/Webco $ 4,578,360.69 169,970.00 $ 26.94 $ -- -- #DIV/0!
Mariea Best $ 26.94 1.00 26.94
-------------- -------------- -------------- -------------- -------------- --------------
$ 4,578,387.62 169,971.00 $ 26.94 $ -- -- #DIV/0!
-------------- -------------- -------------- -------------- -------------- --------------
Stock Bonus Plan
BLC $ 7,981,706.66 $ 296,318.00 $ 26.94 $ -- -- #DIV/0!
BUL
FEB
BLP $ -- -- #DIV/0!
-------------- -------------- -------------- -------------- -------------- --------------
Total $16,127,021.33 598,710.00 $ 26.94 $ -- -- #DIV/0!
============== ============== ============== ============== ============== ==============
156
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
Current Ownership Structure
BLC BUL
------------------------------------------------------------------------------------
SHARES PERCENT SHARES PERCENT
------------------------------------------------------------------------------------
Outsiders
- -----------------
Edward McLaughlin 6,798.00 1.7590%
Cede & Co. 4,365.00 3.6181% 5,671.00 1.4674%
Della & Co. 2,416.15 2.0027%
Martin Nelson & Assoc. 100.00 0.0829% 100.00 0.0259%
All Other Outsiders 5,981.17 4.9577% 16,437.00 4.2531%
------------------------------------------------------------------------------------
12,862.32 10.6615% 29,006.00 7.5054%
------------------------------------------------------------------------------------
Insiders
- -----------------
RCB/Webco 1,686.00 1.3975% 2,127.00 0.5504%
Mariea Best 1.00 0.0008% 1.00 0.0003%
------------------------------------------------------------------------------------
1,687.00 1.3983% 2,128.00 0.5506%
------------------------------------------------------------------------------------
Stock Bonus Plan 10,537.19 8.7342% 27,262.00 7.0541%
BLC 28,073.00 7.2640%
BUL 95,556.34 79.2060%
FEB 300,000.00 77.6259%
BLP -- 0.0000%
------------------------------------------------------------------------------------
Total 120,642.85 100.0000% 386,469.00 100.0000%
====================================================================================
FEB BLP
------------------------------------------------------------------------------------
Shares Percent Shares Percent
------------------------------------------------------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 63,921.00 10.6765%
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 68,500.00 11.4413%
------------------------------------------------------------------------------------
132,421.00 22.1177% -- 0.0000%
------------------------------------------------------------------------------------
Insiders
- -----------------
RCB/Webco 169,970.00 28.3894% -- 0.0000%
Mariea Best 1.00 0.0002%
------------------------------------------------------------------------------------
169,971.00 28.3895% -- 0.0000%
------------------------------------------------------------------------------------
Stock Bonus Plan
BLC 296,318.00 49.4927% -- 0.0000%
BUL
FEB
BLP -- 0.0000%
------------------------------------------------------------------------------------
Total 598,710.00 100.0000% -- 0.0000%
====================================================================================
157
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM
BUL Sale of BLC Stock-Round 1 Distribution
BUL SALE OF BLC STOCK
- --------------------------------------------------------------------------------
Cash Received from Sale $ 49,395,044.88
Tax Basis --
---------------
Gain on Sale $ 49,395,044.88
Tax Rate 40%
---------------
Tax Due $ 19,758,017.95
---------------
Cash Distributed $ 29,637,026.93
===============
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- -----------------
Edward McLaughlin 1.7590% $ 521,316.09
Cede & Co. 1.4674% $ 434,890.20
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 7,668.67
All Other Outsiders 4.2531% $ 1,260,499.06
-------------------------------------
7.5054% $ 2,224,374.02
-------------------------------------
Insiders
- -----------------
RCB/Webco 0.5504% $ 163,112.58
Mariea Best 0.0003% $ 76.69
-------------------------------------
0.5506% $ 163,189.27
-------------------------------------
Stock Bonus Plan 7.0541% $ 2,090,632.44
BLC 7.2640% $ 2,152,825.34
BUL
FEB 77.6259% $ 23,006,005.86
BLP 0.0000% $ --
-------------------------------------
Total 100.0000% $ 29,637,026.93
=====================================
Total Taxes Paid $ 28,960,420.30
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20
Basis Used This Round 0.00
Basis Allocated From BLP This Round 0.00
---------------
BLC's Ending Basis This Round 10,562,483.20
===============
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $23,006,005.86
Tax Basis --
--------------
Gain from Distribution $23,006,005.86
Tax Rate 40%
--------------
Tax Due $ 9,202,402.34
--------------
Cash Distributed $13,803,603.52
==============
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------------------
Outsiders
- ---------------
Edward McLaughlin
Cede & Co. 10.6765% $ 1,473,735.43
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 1,579,306.91
-------------------------------------
22.1177% $ 3,053,042.34
-------------------------------------
Insiders
- ---------------
RCB/Webco 28.3894% $ 3,918,756.14
Mariea Best 0.0002% 23.06
-------------------------------------
28.3895% $ 3,918,779.20
-------------------------------------
Stock Bonus Plan
BLC 49.4927% $ 6,831,781.98
BUL
FEB
BLP 0.0000% $ --
-------------------------------------
Total 100.0000% $ 13,803,603.52
=====================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
---------------
Total Cash Received $ --
Tax Basis --
---------------
Gain from Distribution $ --
===============
Gain/Basis Alloc. to BLC $ --
===============
Cash Distributed $ --
===============
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
-------------------------------------
0.0000% $ --
-------------------------------------
Insiders
- -----------------
RCB/Webco 0.0000% $ --
Mariea Best
-------------------------------------
0.0000% $ --
-------------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
-------------------------------------
Total 0.0000% $ --
=====================================
BLP's Beginning Basis in FEB & BUL --
Basis Used This Round --
---------------
BLP's Ending Basis This Round --
===============
158
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 2 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $2,152,825.34
Cash Received from FEB 6,831,781.98
Cash Received from BLP --
-------------
Total Cash Received $8,984,607.32
Tax Basis 8,984,607.32
-------------
Gain on Sale $ --
Last Round BLP Income $ --
-------------
Total Income $ --
Tax Rate 40%
-------------
Tax Due $ --
-------------
Cash Distributed $8,984,607.32
=============
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 325,073.64
Della & Co. 2.0027% $ 179,937.39
Martin Nelson & Assoc. 0.0829% $ 7,447.28
All Other Outsiders 4.9577% $ 445,434.30
-------------------------------------
10.6615% $ 957,892.61
-------------------------------------
Insiders
- ---------------
RCB/Webco 1.3975% $ 125,561.09
Mariea Best 0.0008% $ 74.47
-------------------------------------
1.3983% $ 125,635.56
-------------------------------------
Stock Bonus Plan 8.7342% $ 784,733.74
BLC
BUL 79.2060% $7,116,345.41
FEB
BLP
-------------------------------------
Total 100.0000% $8,984,607.32
=====================================
Total Taxes Paid $4,172,328.51
BLC's Beginning Basis in FEB, BUL, & BLP 10,562,483.20
Basis Used This Round (8,984,607.32)
Basis Allocated From BLP This Round 0.00
-------------
BLC's Ending Basis This Round 1,577,875.88
=============
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $7,116,345.41
Tax Basis --
-------------
Gain on Sale $7,116,345.41
Tax Rate 40%
-------------
Tax Due $2,846,538.16
-------------
Cash Distributed $4,269,807.24
=============
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- -----------------
Edward McLaughlin 1.7590% $ 75,106.02
Cede & Co. 1.4674% $ 62,654.64
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 1,104.83
All Other Outsiders 4.2531% $ 181,600.13
-------------------------------------
7.5054% $ 320,465.62
-------------------------------------
Insiders
- -----------------
RCB/Webco 0.5504% $ 23,499.63
Mariea Best 0.0003% $ 11.05
-------------------------------------
0.5506% $ 23,510.68
-------------------------------------
Stock Bonus Plan 7.0541% $ 301,197.47
BLC 7.2640% $ 310,157.60
BUL
FEB 77.6259% $3,314,475.87
BLP 0.0000% $ --
-------------------------------------
Total 100.0000% $4,269,807.24
=====================================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $3,314,475.87
Tax Basis $ --
-------------
Gain from Distribution $3,314,475.87
Tax Rate 40%
-------------
Tax Due $1,325,790.35
-------------
Cash Distributed $1,988,685.52
=============
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 212,321.10
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 227,530.79
-------------------------------------
22.1177% $ 439,851.89
-------------------------------------
Insiders
- -----------------
RCB/Webco 28.3894% $ 564,575.30
Mariea Best 0.0002% 3.32
-------------------------------------
28.3895% $ 564,578.62
-------------------------------------
Stock Bonus Plan
BLC 49.4927% $ 984,255.01
BUL
FEB
BLP 0.0000% $ --
-------------------------------------
Total 100.0000% $1,988,685.52
=====================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-------------
Total Cash Received $ --
Tax Basis --
-------------
Gain from Distribution $ --
=============
Gain/Basis Alloc. to BLC $ --
=============
Cash Distributed $ --
=============
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
-------------------------------------
0.0000% $ --
-------------------------------------
Insiders
- -----------------
RCB/Webco 0.0000% $ --
Mariea Best
-------------------------------------
0.0000% $ --
-------------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
-------------------------------------
Total 0.0000% $ --
=====================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------------
BLP's Ending Basis in FEB & BUL 0.00
=============
159
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 3 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 310,157.60
Cash Received from FEB 984,255.01
Cash Received from BLP --
-------------
Total Cash Received $1,294,412.61
Tax Basis 1,294,412.61
-------------
Gain on Sale $ --
Last Round BLP Income $ --
-------------
Total Income $ --
Tax Rate 40%
-------------
Tax Due $ --
-------------
Cash Distributed $1,294,412.61
=============
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 46,833.37
Della & Co. 2.0027% $ 25,923.58
Martin Nelson & Assoc. 0.0829% $ 1,072.93
All Other Outsiders 4.9577% $ 64,173.73
---------------------------------
10.6615% $ 138,003.61
---------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 18,089.59
Mariea Best 0.0008% $ 10.73
---------------------------------
1.3983% $ 18,100.32
---------------------------------
Stock Bonus Plan 8.7342% $ 113,056.61
BLC
BUL 79.2060% $1,025,252.07
FEB
BLP
---------------------------------
Total 100.0000% $1,294,412.61
=================================
Total Taxes Paid $ 601,107.48
BLC's Beginning Basis in FEB, BUL, & BLP 1,577,875.88
Basis Used This Round (1,294,412.61)
Basis Allocated From BLP This Round 0.00
-------------
BLC's Ending Basis This Round 283,463.27
=============
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $1,025,252.07
Tax Basis --
-------------
Gain on Sale $1,025,252.07
Tax Rate 40%
-------------
Tax Due $ 410,100.83
-------------
Cash Distributed $ 615,151.24
=============
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin 1.7590% $ 10,820.53
Cede & Co. 1.4674% $ 9,026.66
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 159.17
All Other Outsiders 4.2531% $ 26,163.14
---------------------------------
7.5054% $ 46,169.49
---------------------------------
Insiders
- -----------------
RCB/Webco 0.5504% $ 3,385.59
Mariea Best 0.0003% $ 1.59
---------------------------------
0.5506% $ 3,387.18
---------------------------------
Stock Bonus Plan 7.0541% $ 43,393.53
BLC 7.2640% $ 44,684.41
BUL
FEB 77.6259% $ 477,516.62
BLP 0.0000% $ --
---------------------------------
Total 100.0000% $ 615,151.24
=================================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 477,516.62
Tax Basis $ --
-------------
Gain from Distribution $ 477,516.62
Tax Rate 40%
-------------
Tax Due $ 191,006.65
-------------
Cash Distributed $ 286,509.97
=============
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 30,589.11
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 32,780.37
---------------------------------
22.1177% $ 63,369.47
---------------------------------
Insiders
- -----------------
RCB/Webco 28.3894% $ 81,338.38
Mariea Best 0.0002% 0.48
---------------------------------
28.3895% $ 81,338.86
---------------------------------
Stock Bonus Plan
BLC 49.4927% $ 141,801.64
BUL
FEB
BLP 0.0000% $ --
---------------------------------
Total 100.0000% $ 286,509.97
=================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
-------------
Total Cash Received $ --
Tax Basis --
-------------
Gain from Distribution $ --
=============
Gain/Basis Alloc. to BLC $ --
=============
Cash Distributed $ --
=============
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------
0.0000% $ --
---------------------------------
Insiders
- -----------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------
0.0000% $ --
---------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------
Total 0.0000% $ --
=================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-------------
BLP's Ending Basis in FEB & BUL 0.00
=============
160
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock-Round 4 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 44,684.41
Cash Received from FEB 141,801.64
Cash Received from BLP --
------------
Total Cash Received $ 186,486.06
Tax Basis 186,486.06
------------
Gain on Sale $ --
Last Round BLP Income $ --
------------
Total Income $ --
Tax Rate 40%
------------
Tax Due $ --
Cash Distributed $ 186,486.06
============
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 6,747.28
Della & Co. 2.0027% $ 3,734.81
Martin Nelson & Assoc. 0.0829% $ 154.58
All Other Outsiders 4.9577% $ 9,245.51
---------------------------------
10.6615% $ 19,882.18
---------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 2,606.17
Mariea Best 0.0008% $ 1.55
---------------------------------
1.3983% $ 2,607.71
---------------------------------
Stock Bonus Plan 8.7342% $ 16,288.07
BLC
BUL 79.2060% $ 147,708.09
FEB
BLP
---------------------------------
Total 100.0000% $ 186,486.06
=================================
Total Taxes Paid $ 86,601.57
BLC's Beginning Basis in FEB, BUL, & BLP 283,463.27
Basis Used This Round (186,486.06)
Basis Allocated From BLP This Round 0.00
-------------
BLC's Ending Basis This Round 96,977.21
=============
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $ 147,708.09
Tax Basis --
------------
Gain on Sale $ 147,708.09
Tax Rate 40%
------------
Tax Due $ 59,083.24
------------
Cash Distributed $ 88,624.86
============
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 1,558.91
Cede & Co. 1.4674% $ 1,300.47
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 22.93
All Other Outsiders 4.2531% $ 3,769.32
---------------------------------
7.5054% $ 6,651.64
---------------------------------
Insiders
- -----------------
RCB/Webco 0.5504% $ 487.76
Mariea Best 0.0003% $ 0.23
---------------------------------
0.5506% $ 487.99
---------------------------------
Stock Bonus Plan 7.0541% $ 6,251.71
BLC 7.2640% $ 6,437.68
BUL
FEB 77.6259% $ 68,795.83
BLP 0.0000% $ --
---------------------------------
Total 100.0000% $ 88,624.86
=================================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 68,795.83
Tax Basis $ --
------------
Gain from Distribution $ 68,795.83
Tax Rate 40%
------------
Tax Due $ 27,518.33
------------
Cash Distributed $ 41,277.50
============
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 4,406.97
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 4,722.67
---------------------------------
22.1177% $ 9,129.64
---------------------------------
Insiders
- -----------------
RCB/Webco 28.3894% $ 11,718.42
Mariea Best 0.0002% 0.07
---------------------------------
28.3895% $ 11,718.49
---------------------------------
Stock Bonus Plan
BLC 49.4927% $ 20,429.37
BUL
FEB
BLP 0.0000% $ --
---------------------------------
Total 100.0000% $ 41,277.50
=================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
------------
Total Cash Received $ --
Tax Basis --
------------
Gain from Distribution $ --
============
Gain/Basis Alloc. to BLC $ --
============
Cash Distributed $ --
============
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------
0.0000% $ --
---------------------------------
Insiders
- -----------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------
0.0000% $ --
---------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------
Total 0.0000% $ --
=================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
------------
BLP's Ending Basis in FEB & BUL 0.00
============
161
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE-ADJUSTED FOR CONTROL PREMIUM
BUL Sale of BLC Stock-Round 5 Distribution
BLC DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 6,437.68
Cash Received from FEB 20,429.37
Cash Received from BLP --
----------
Total Cash Received $26,867.05
Tax Basis 26,867.05
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $26,867.05
==========
BLC SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 972.08
Della & Co. 2.0027% $ 538.07
Martin Nelson & Assoc. 0.0829% $ 22.27
All Other Outsiders 4.9577% $ 1,332.00
---------------------------------
10.6615% $ 2,864.43
---------------------------------
Insiders
- -----------------
RCB/Webco 1.3975% $ 375.47
Mariea Best 0.0008% $ 0.22
---------------------------------
1.3983% $ 375.69
---------------------------------
Stock Bonus Plan 8.7342% $ 2,346.62
BLC
BUL 79.2060% $ 21,280.31
FEB
BLP
---------------------------------
Total 100.0000% $ 26,867.05
=================================
Total Taxes Paid $ 12,476.69
BLC's Beginning Basis in FEB, BUL, & BLP 96,977.21
Basis Used This Round (26,867.05)
Basis Allocated From BLP This Round 0.00
-----------
BLC's Ending Basis This Round 70,110.16
===========
BUL DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BLC $ 21,280.31
Tax Basis --
------------
Gain on Sale $ 21,280.31
Tax Rate 40%
------------
Tax Due $ 8,512.12
------------
Cash Distributed $ 12,768.19
============
BUL SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ------------------
Edward McLaughlin 1.7590% $ 224.59
Cede & Co. 1.4674% $ 187.36
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 3.30
All Other Outsiders 4.2531% $ 543.05
---------------------------------
7.5054% $ 958.30
---------------------------------
Insiders
- -----------------
RCB/Webco 0.5504% $ 70.27
Mariea Best 0.0003% $ 0.03
---------------------------------
0.5506% $ 70.30
---------------------------------
Stock Bonus Plan 7.0541% $ 900.68
BLC 7.2640% $ 927.48
BUL
FEB 77.6259% $ 9,911.42
BLP 0.0000% $ --
---------------------------------
Total 100.0000% $ 12,768.19
=================================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 9,911.42
Tax Basis $ --
------------
Gain from Distribution $ 9,911.42
Tax Rate 40%
------------
Tax Due $ 3,964.57
------------
Cash Distributed $ 5,946.85
============
FEB SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- ----------------
Edward McLaughlin
Cede & Co. 10.6765% $ 634.91
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 680.39
---------------------------------
22.1177% $ 1,315.31
---------------------------------
Insiders
- -----------------
RCB/Webco 28.3894% $ 1,688.27
Mariea Best 0.0002% 0.01
---------------------------------
28.3895% $ 1,688.28
---------------------------------
Stock Bonus Plan
BLC 49.4927% $ 2,943.26
BUL
FEB
BLP 0.0000% $ --
---------------------------------
Total 100.0000% $ 5,946.85
=================================
BLP DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
------------
Total Cash Received $ --
Tax Basis --
------------
Gain from Distribution $ --
============
Gain/Basis Alloc. to BLC $ --
============
Cash Distributed $ --
============
BLP SHAREHOLDERS
- --------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------------
0.0000% $ --
---------------------------------
Insiders
- -----------------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------------
0.0000% $ --
---------------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------------
Total 0.0000% $ --
=================================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
-----------
BLP's Ending Basis in FEB & BUL 0.00
===========
162
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 6 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 927.48
Cash Received from FEB 2,943.26
Cash Received from BLP --
----------
Total Cash Received $ 3,870.74
Tax Basis 3,870.74
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 3,870.74
==========
BLC SHAREHOLDERS
- -----------------------------------------------------------------------------
PERCENT DIVIDEND
-------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 140.05
Della & Co. 2.0027% $ 77.52
Martin Nelson & Assoc. 0.0829% $ 3.21
All Other Outsiders 4.9577% $ 191.90
-------------------------
10.6615% $ 412.68
-------------------------
Insiders
--------
RCB/Webco 1.3975% $ 54.09
Mariea Best 0.0008% $ 0.03
-------------------------
1.3983% $ 54.13
-------------------------
Stock Bonus Plan 8.7342% $ 338.08
BLC
BUL 79.2060% $ 3,065.85
FEB
BLP
-------------------------
Total 100.0000% $ 3,870.74
=========================
Total Taxes Paid $ 1,797.52
BLC's Beginning Basis in FEB, BUL, & BLP 70,110.16
Basis Used This Round (3,870.74)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 66,239.42
==========
BUL DISTRIBUTION RECEIVED
- ------------------------------------------------------------------------------
Cash Received from BLC $ 3,065.85
Tax Basis --
----------
Gain on Sale $ 3,065.85
Tax Rate 40%
----------
Tax Due $ 1,226.34
----------
Cash Distributed $ 1,839.51
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 32.36
Cede & Co. 1.4674% $ 26.99
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.48
All Other Outsiders 4.2531% $ 78.24
--------------------------
7.5054% $ 138.06
--------------------------
Insiders
--------
RCB/Webco 0.5504% $ 10.12
Mariea Best 0.0003% $ 0.00
--------------------------
0.5506% $ 10.13
--------------------------
Stock Bonus Plan 7.0541% $ 129.76
BLC 7.2640% $ 133.62
BUL
FEB 77.6259% $1,427.94
BLP 0.0000% $ --
--------------------------
Total 100.0000% $1,839.51
==========================
FEB DISTRIBUTION RECEIVED
- --------------------------------------------------------------------------------
Cash Received from BUL $ 1,427.94
Tax Basis $ --
-----------
Gain from Distribution $ 1,427.94
Tax Rate 40%
-----------
Tax Due $ 571.18
-----------
Cash Distributed $ 856.76
===========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 91.47
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 98.02
--------------------------
22.1177% $ 189.50
--------------------------
Insiders
--------
RCB/Webco 28.3894% $ 243.23
Mariea Best 0.0002% 0.00
--------------------------
28.3895% $ 243.23
--------------------------
Stock Bonus Plan
BLC 49.4927% $ 424.04
BUL
FEB
BLP 0.0000% $ --
--------------------------
Total 100.0000% $ 856.76
==========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
--------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
--------------------------
0.0000% $ --
--------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
--------------------------
0.0000% $ --
--------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
--------------------------
Total 0.0000% $ --
==========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
---------
BLP's Ending Basis in FEB & BUL 0.00
=========
163
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 7 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 133.62
Cash Received from FEB 424.04
Cash Received from BLP --
----------
Total Cash Received $ 557.66
Tax Basis 557.66
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 557.66
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 20.18
Della & Co. 2.0027% $ 11.17
Martin Nelson & Assoc. 0.0829% $ 0.46
All Other Outsiders 4.9577% $ 27.65
---------------------------
10.6615% $ 59.45
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 7.79
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 7.80
---------------------------
Stock Bonus Plan 8.7342% $ 48.71
BLC
BUL 79.2060% $ 441.70
FEB
BLP
---------------------------
Total 100.0000% $ 557.66
===========================
Total Taxes Paid $ 258.97
BLC's Beginning Basis in FEB, BUL, & BLP 66,239.42
Basis Used This Round (557.66)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,681.77
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 441.70
Tax Basis --
----------
Gain on Sale $ 441.70
Tax Rate 40%
----------
Tax Due $ 176.68
----------
Cash Distributed $ 265.02
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 4.66
Cede & Co. 1.4674% $ 3.89
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.07
All Other Outsiders 4.2531% $ 11.27
---------------------------
7.5054% $ 19.89
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 1.46
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 1.46
---------------------------
Stock Bonus Plan 7.0541% $ 18.69
BLC 7.2640% $ 19.25
BUL
FEB 77.6259% $ 205.72
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 265.02
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 205.72
Tax Basis $ --
----------
Gain from Distribution $ 205.72
Tax Rate 40%
----------
Tax Due $ 82.29
----------
Cash Distributed $ 123.43
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 13.18
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 14.12
---------------------------
22.1177% $ 27.30
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 35.04
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 35.04
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 61.09
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 123.43
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
164
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 8 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 19.25
Cash Received from FEB 61.09
Cash Received from BLP --
----------
Total Cash Received $ 80.34
Tax Basis 80.34
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 80.34
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 2.91
Della & Co. 2.0027% $ 1.61
Martin Nelson & Assoc. 0.0829% $ 0.07
All Other Outsiders 4.9577% $ 3.98
---------------------------
10.6615% $ 8.57
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 1.12
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 1.12
---------------------------
Stock Bonus Plan 8.7342% $ 7.02
BLC
BUL 79.2060% $ 63.64
FEB
BLP
---------------------------
Total 100.0000% $ 80.34
===========================
Total Taxes Paid $ 37.31
BLC's Beginning Basis in FEB, BUL, & BLP 65,681.77
Basis Used This Round (80.34)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,601.43
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 63.64
Tax Basis --
----------
Gain on Sale $ 63.64
Tax Rate 40%
----------
Tax Due $ 25.45
----------
Cash Distributed $ 38.18
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 0.67
Cede & Co. 1.4674% $ 0.56
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.01
All Other Outsiders 4.2531% $ 1.62
---------------------------
7.5054% $ 2.87
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 0.21
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.21
---------------------------
Stock Bonus Plan 7.0541% $ 2.69
BLC 7.2640% $ 2.77
BUL
FEB 77.6259% $ 29.64
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 38.18
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 29.64
Tax Basis $ --
----------
Gain from Distribution $ 29.64
Tax Rate 40%
----------
Tax Due $ 11.86
----------
Cash Distributed $ 17.78
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 1.90
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 2.03
---------------------------
22.1177% $ 3.93
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 5.05
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 5.05
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 8.80
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 17.78
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
165
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 9 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 2.77
Cash Received from FEB 8.80
Cash Received from BLP --
----------
Total Cash Received $ 11.57
Tax Basis 11.57
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 11.57
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.42
Della & Co. 2.0027% $ 0.23
Martin Nelson & Assoc. 0.0829% $ 0.01
All Other Outsiders 4.9577% $ 0.57
---------------------------
10.6615% $ 1.23
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 0.16
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.16
---------------------------
Stock Bonus Plan 8.7342% $ 1.01
BLC
BUL 79.2060% $ 9.17
FEB
BLP
---------------------------
Total 100.0000% $ 11.57
===========================
Total Taxes Paid $ 5.38
BLC's Beginning Basis in FEB, BUL, & BLP 65,601.43
Basis Used This Round (11.57)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,589.85
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 9.17
Tax Basis --
----------
Gain on Sale $ 9.17
Tax Rate 40%
----------
Tax Due $ 3.67
----------
Cash Distributed $ 5.50
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 0.10
Cede & Co. 1.4674% $ 0.08
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.23
---------------------------
7.5054% $ 0.41
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 0.03
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.03
---------------------------
Stock Bonus Plan 7.0541% $ 0.39
BLC 7.2640% $ 0.40
BUL
FEB 77.6259% $ 4.27
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 5.50
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 4.27
Tax Basis $ --
----------
Gain from Distribution $ 4.27
Tax Rate 40%
----------
Tax Due $ 1.71
----------
Cash Distributed $ 2.56
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.27
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.29
---------------------------
22.1177% $ 0.57
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 0.73
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.73
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 1.27
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 2.56
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
166
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 10 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.40
Cash Received from FEB 1.27
Cash Received from BLP --
----------
Total Cash Received $ 1.67
Tax Basis 1.67
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 1.67
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.06
Della & Co. 2.0027% $ 0.03
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.08
---------------------------
10.6615% $ 0.18
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 0.02
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.02
---------------------------
Stock Bonus Plan 8.7342% $ 0.15
BLC
BUL 79.2060% $ 1.32
FEB
BLP
---------------------------
Total 100.0000% $ 1.67
===========================
Total Taxes Paid $ 0.77
BLC's Beginning Basis in FEB, BUL, & BLP 65,589.85
Basis Used This Round (1.67)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,588.18
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 1.32
Tax Basis --
----------
Gain on Sale $ 1.32
Tax Rate 40%
----------
Tax Due $ 0.53
----------
Cash Distributed $ 0.79
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 0.01
Cede & Co. 1.4674% $ 0.01
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.03
---------------------------
7.5054% $ 0.06
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.00
---------------------------
Stock Bonus Plan 7.0541% $ 0.06
BLC 7.2640% $ 0.06
BUL
FEB 77.6259% $ 0.62
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.79
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.62
Tax Basis $ --
----------
Gain from Distribution $ 0.62
Tax Rate 40%
----------
Tax Due $ 0.25
----------
Cash Distributed $ 0.37
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.04
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.04
---------------------------
22.1177% $ 0.08
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 0.10
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.10
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.18
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.37
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
167
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 11 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.06
Cash Received from FEB 0.18
Cash Received from BLP --
----------
Total Cash Received $ 0.24
Tax Basis 0.24
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 0.24
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.01
Della & Co. 2.0027% $ 0.00
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.01
---------------------------
10.6615% $ 0.03
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 0.00
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.00
---------------------------
Stock Bonus Plan 8.7342% $ 0.02
BLC
BUL 79.2060% $ 0.19
FEB
BLP
---------------------------
Total 100.0000% $ 0.24
===========================
Total Taxes Paid $ 0.11
BLC's Beginning Basis in FEB, BUL, & BLP 65,588.18
Basis Used This Round (0.24)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,587.94
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 0.19
Tax Basis --
----------
Gain on Sale $ 0.19
Tax Rate 40%
----------
Tax Due $ 0.08
----------
Cash Distributed $ 0.11
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 1.4674% $ 0.00
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.00
---------------------------
7.5054% $ 0.01
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.00
---------------------------
Stock Bonus Plan 7.0541% $ 0.01
BLC 7.2640% $ 0.01
BUL
FEB 77.6259% $ 0.09
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.11
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.09
Tax Basis $ --
----------
Gain from Distribution $ 0.09
Tax Rate 40%
----------
Tax Due $ 0.04
----------
Cash Distributed $ 0.05
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.01
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.01
---------------------------
22.1177% $ 0.01
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 0.02
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.02
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.03
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.05
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
168
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 12 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.01
Cash Received from FEB 0.03
Cash Received from BLP --
----------
Total Cash Received $ 0.03
Tax Basis 0.03
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 0.03
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.00
Della & Co. 2.0027% $ 0.00
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.00
---------------------------
10.6615% $ 0.00
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 0.00
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.00
---------------------------
Stock Bonus Plan 8.7342% $ 0.00
BLC
BUL 79.2060% $ 0.03
FEB
BLP
---------------------------
Total 100.0000% $ 0.03
===========================
Total Taxes Paid $ 0.02
BLC's Beginning Basis in FEB, BUL, & BLP 65,587.94
Basis Used This Round (0.03)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,587.91
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 0.03
Tax Basis --
----------
Gain on Sale $ 0.03
Tax Rate 40%
----------
Tax Due $ 0.01
----------
Cash Distributed $ 0.02
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 1.4674% $ 0.00
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.00
---------------------------
7.5054% $ 0.00
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.00
---------------------------
Stock Bonus Plan 7.0541% $ 0.00
BLC 7.2640% $ 0.00
BUL
FEB 77.6259% $ 0.01
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.02
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.01
Tax Basis $ --
----------
Gain from Distribution $ 0.01
Tax Rate 40%
----------
Tax Due $ 0.01
----------
Cash Distributed $ 0.01
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.00
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.00
---------------------------
22.1177% $ 0.00
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 0.00
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.00
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.00
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.01
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
----------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
169
PROJECT COLT (AT $60M, AFTER WEBCO PURCHASE - ADJUSTED FOR CONTROL PREMIUM)
BUL Sale of BLC Stock - Round 13 Distribution
BLC DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.00
Cash Received from FEB 0.00
Cash Received from BLP --
----------
Total Cash Received $ 0.00
Tax Basis 0.00
----------
Gain on Sale $ --
Last Round BLP Income $ --
----------
Total Income $ --
Tax Rate 40%
----------
Tax Due $ --
Cash Distributed $ 0.00
==========
BLC SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
- -----------------
Edward McLaughlin
Cede & Co. 3.6181% $ 0.00
Della & Co. 2.0027% $ 0.00
Martin Nelson & Assoc. 0.0829% $ 0.00
All Other Outsiders 4.9577% $ 0.00
---------------------------
10.6615% $ 0.00
---------------------------
Insiders
--------
RCB/Webco 1.3975% $ 0.00
Mariea Best 0.0008% $ 0.00
---------------------------
1.3983% $ 0.00
---------------------------
Stock Bonus Plan 8.7342% $ 0.00
BLC
BUL 79.2060% $ 0.00
FEB
BLP
---------------------------
Total 100.0000% $ 0.00
===========================
Total Taxes Paid $ 0.00
BLC's Beginning Basis in FEB, BUL, & BLP 65,587.91
Basis Used This Round (0.00)
Basis Allocated From BLP This Round 0.00
----------
BLC's Ending Basis This Round 65,587.90
==========
BUL DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BLC $ 0.00
Tax Basis --
----------
Gain on Sale $ 0.00
Tax Rate 40%
----------
Tax Due $ 0.00
----------
Cash Distributed $ 0.00
==========
BUL SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin 1.7590% $ 0.00
Cede & Co. 1.4674% $ 0.00
Della & Co.
Martin Nelson & Assoc. 0.0259% $ 0.00
All Other Outsiders 4.2531% $ 0.00
---------------------------
7.5054% $ 0.00
---------------------------
Insiders
--------
RCB/Webco 0.5504% $ 0.00
Mariea Best 0.0003% $ 0.00
---------------------------
0.5506% $ 0.00
---------------------------
Stock Bonus Plan 7.0541% $ 0.00
BLC 7.2640% $ 0.00
BUL
FEB 77.6259% $ 0.00
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.00
===========================
FEB DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ 0.00
Tax Basis $ --
----------
Gain from Distribution $ 0.00
Tax Rate 40%
----------
Tax Due $ 0.00
----------
Cash Distributed $ 0.00
==========
FEB SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co. 10.6765% $ 0.00
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders 11.4413% 0.00
---------------------------
22.1177% $ 0.00
---------------------------
Insiders
--------
RCB/Webco 28.3894% $ 0.00
Mariea Best 0.0002% 0.00
---------------------------
28.3895% $ 0.00
---------------------------
Stock Bonus Plan
BLC 49.4927% $ 0.00
BUL
FEB
BLP 0.0000% $ --
---------------------------
Total 100.0000% $ 0.00
===========================
BLP DISTRIBUTION RECEIVED
- -------------------------------------------------------------------------------
Cash Received from BUL $ --
Cash Received from FEB --
----------
Total Cash Received $ --
Tax Basis --
----------
Gain from Distribution $ --
==========
Gain/Basis Alloc. to BLC $ --
==========
Cash Distributed $ --
==========
BLP SHAREHOLDERS
- -------------------------------------------------------------------------------
PERCENT DIVIDEND
---------------------------
Outsiders
---------
Edward McLaughlin
Cede & Co.
Della & Co.
Martin Nelson & Assoc.
All Other Outsiders
---------------------------
0.0000% $ --
---------------------------
Insiders
--------
RCB/Webco 0.0000% $ --
Mariea Best
---------------------------
0.0000% $ --
---------------------------
Stock Bonus Plan
BLC 0.0000% $ --
BUL
FEB
BLP
---------------------------
Total 0.0000% $ --
===========================
BLP's Beginning Basis in FEB & BUL 0.00
Basis Used in This Round 0.00
----------
BLP's Ending Basis in FEB & BUL 0.00
==========
170
Project Thoroughbred
- --------------------------------------------------------------------------------
PREMIUM ANALYSIS
171
SELECTED GOING PRIVATE TRANSACTIONS
1/1/91 - 8/1/97, Equity Value $10MM - $800MM, Completed Deals
> 50% Ownership Prior to the Transaction
EQUITY VALUE
DATE DATE AT EFFECTIVE
ANNOUNCED UNCON. TARGET NAME ACQUIROR NAME TARGET BUSINESS DESCRIPTION DATE ($MIL)
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06/02/97 07/15/97 Acordia Inc(Anthem Inc) Anthem Inc Pvd insurance brokerage svcs $519.616
01/21/97 07/09/97 Mafco Consolidated Grp(Mafco) Mafco Holdings Inc Mnfr cosmetics,beauty products $778.451
11/27/96 03/27/97 Central Tractor Farm & Country JW Childs Equity Partners LP Own,op tractor,hardware stores $154.028
10/10/96 11/27/96 WCI Steel Inc(Renco Group Inc) Renco Group Inc Manufacture steel $364.014
05/27/96 02/16/97 SyStemix Inc(Novartis AG) Novartis AG Mnfr,dvlp cellular processes $389.723
03/29/96 04/26/96 Great American Mgmt & Invt Inc Equity Holdings,Chicago,IL Invt advice and financial svcs $459.810
09/26/95 12/21/95 SCOR US Corp(SCOR SA) SCOR Reinsurance holding company $276.986
03/15/95 06/16/95 Ropak Corp LinPac Mouldings Ltd Manufacture plastic containers $47.280
01/04/93 05/13/93 United Medical Corp Investor Group Whl medical supplies $24.605
07/25/91 11/13/91 Country Lake Foods Inc Land O' Lakes Inc Process dairy products $68.499
01/25/91 05/17/91 Medical Management of America Investor Group Operate eye diagnostic centers $54.464
% HELD PREMIUM PREMIUM
6 MOS. % 1 DAY 1 WEEK
PRIOR OWNED PRIOR TO PRIOR TO PREMIUM
TO % OF AFTER ANNOUNCE- ANNOUNCE- 4 WEEKS PREMIUM
DATE TRANS- SHARES TRANS- MENT MENT PRIOR TO TO 12 MO
ANNOUNCED ACTION ACQ. ACTION DATE DATE ANN. DATE AVERAGE
- ---------------------------------------------------------------------------------------
06/02/97 66.8% 33.2% 100% 12.7% 11.5% 26.0% 29.4%
01/21/97 85.0% 15.0% 100% 23.5% 23.5% 27.6% 87.8%
11/27/96 61.3% 38.8% 100% 17.5% 17.5% 18.8% 18.0%
10/10/96 84.5% 15.5% 100% 17.6% 29.0% 77.8% 95.9%
05/27/96 67.8% 26.8% 100% 4.7% 69.6% 59.2% 41.5%
03/29/96 84.3% 15.6% 100% 2.6% 4.2% 3.6% 25.6%
09/26/95 80.0% 20.0% 100% 37.1% 35.6% 38.6% NA
03/15/95 54.8% 45.2% 100% 4.8% 6.0% 4.8% 32.3%
01/04/93 52.0% 48.0% 100% 49.0% 52.0% 49.0% NA
07/25/91 65.5% 34.5% 100% 39.1% 45.7% 53.0% 75.1%
01/25/91 76.3% 23.7% 100% 65.0% 65.0% 65.0% 16.4%
Average: 24.9% 32.7% 38.5% 46.9%
Median: 17.6% 29.0% 38.6% 32.3%
Source: Securities Data Company, Inc. (201) 622-3100
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