In re Bulova Fund, Inc.

Respondents are four of the five trustees, and appellant Louise Guilden the fifth trustee, under an indenture dated February 11, 1953, as amended, by which Arde Bulova created a trust consisting entirely of shares of common stock of Bulova Watch Company, Inc. The stock of the company is listed on the New York Stock Exchange, and 324,727 shares, more than 15% of the number outstanding, are presently held by the trustees. The indenture required the trustees, upon the death of the settlor, who was the life beneficiary, to divide the corpus into two equal parts. One part was to be held for the…