CHAPTER 17 PROBLEM 11

Higgins Metal Company was established in 1980. Four years later the company went public. At that time, Henry Higgins, the original owner, decided to establish two classes 
of stock. The first represents Class A founders’ stock and is entitled to 10 votes per share. The normally traded common stock, designated as Class B, is entitled to one vote per share. In late 2004 Mr. Andrews was considering purchasing shares in Higgins Metal Company. While he knew the existence of founders’ shares were not prevalent in many companies, he decided to buy the shares anyway because of a new high-technology melting process the company had developed.
Of the 1.4 million total shares currently outstanding, the original founder- family owns 52,525 shares. What is the percentage of the founder- family votes to Class B votes?

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