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In March of 1963, Defiance Industries entered into a transaction with Roy Cohn, which amounted to a deferred sale of 3% of outstanding shares of Lionel Corporation. Cohn was a director of Lionel Corporation and six other directors resigned and were filled by nominees of Defiance. Defiance then sold its interest to A.M. Sonnabend who replaced the Defiance directors and Cohn himself. Caplan is a minority stockholder of Lionel.

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