Bouschor and the Defunct North Country Bank

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North Country Page 29
Tribal Issues

2002 Annual Report were disseminated, North Country’s stock price plunged more than seventeen percent (17% ) from the previous day’s close as a result of this news falling to $2.35 per share.84. In its Proxy Statement dated April 29, 2003, the Company disclosed for the first time the extent of the loans to its insiders. Among the insiders who directly, or through an affiliated entity, received these favorable loans were: defendant Ford; director Bernard A.Bouschor (in excess of $6 million); director Stanley J. Gerou II (in excess of $3 million);director John D . Lindroth ; director (until 2002 ) Michael Henrickson (who was bestowed: a working capital line of credit for the purchase of a hotel; a working capital line of credit for over $3 million; and, a five year term loan for over $3 million); director (until December 2002) GlenTolksdorf (in excess of $2.5 million); and, director ( until October 2002)
Wesley Hoffman(almost $1 million plus over $230 thousand in Company legal fees paid out to his law firm in 2000 and 2001).85. Subsequently, on May 23 , 2003, the Company announced the resignation................