Appellate argument spotlights family-business share issues and unclear buyout funding

Appellant counsel described complications arising from family-business holdings. Counsel said Firewater's bylaws "preclude non family members from being owners," yet the will's distributions contemplated shares to Serena and the record shows discussion of buyouts to keep ownership in family hands.

Saint Louis urged the panel to note that while heirs discussed buyout mechanics, questions remained about the source of funds used to accomplish transfers and whether estate funds or other mechanisms produced the buyouts. She said discovery showed deeds and transfers that raised concern about timing and whether assets were effectively diverted from the estate.

Responding counsel said the trial court's distribution choices (including in-kind distributions to Cole) were approved under the statute and that the PR had discretion, with court approval, to structure distributions in the manner later contested on appeal. The panel pressed both sides on the record evidence supporting who held title and when transfers occurred.

The panel took the matter under submission for decision.