Cordy, J. Jeffrey D. Chokel owned shares of Genzyme Corporation’s biosurgery division tracking stock (biosurgery stock). On May 8, 2003, Genzyme announced the decision of its board of directors to exercise an exchange provision of Genzyme’s articles of organization (articles), thereby triggering an exchange of the company’s biosurgery stock for Genzyme general division stock. For purposes of the exchange, the fair market value a…
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