Eugene M. Lynn, Jr., Acquired Insurance
Group Last Summer, It Is Disclosed.
J. J. LYNN WILL IN TODAY
Proceeds of Sale, but Not Companies Themselves, Are In His Estate.
Principal Beneficiaries Are His Nephew, Widow and Self Realization Fellowship.
Ownership of the James J. Lynn insurance group, the Lynn Underwriting company, the U.S. Epperson Underwriting company and the Universal Underwriters Insurance company, passed late last summer to Eugene M. Lynn, jr., who is actively in charge as first vice-president.
Those corporations, the instrumentalities through which James J. Lynn ascended to the status of multi-millionaire, were revealed yesterday as not in their corporate entities a part of the Lynn estate, which will be brought into the probate court today. Proceeds of the sale from James J. Lynn to his nephew and protege, notes and other items, will be included in the estate.
Several Million Dollars.
The James J. Lynn estate will total several million dollars; just how much is a matter of conjecture in the financial district. Several million would attach to the extensive Texas oil holdings. Then there are the proceeds of the insurance corporation sales, and extensive investments, including a large block of stock in the Union National bank.
James J. Lynn held virtually all the stock in the three underwriting companies. He was the largest individual stockholder in the Union National bank. The nephew Eugene M. Lynn, Jr., became a director of the bank January 19, 1954. The James J. Lynn will places virtually all the Lynn property in trust with the bank for the benefit of his wife, Mrs. Freda J. Lynn, who is to receive the income.
The will, drafted July 23, 1948, sets two equal trusts for Mrs. Lynn's benefit and designates the Union National as trustee and executor.
Sister Gets Farm.
A sister, Mrs. Mamie Lynn Ellington, is to receive outright a farm in Richland Parish at Mangahm in Louisiana. A codicil in July 18, 1949, bequeaths Lynn's somewhat depleated oil leases in Southern Illinois, a minor property compared to the rich holdings in Texas, to the Self-Realization Fellowship church of Los Angeles.
A later codicil makes provision for voting the Lynn stock in the Union National bank in the annual choice of directors. The stock is to be voted by Eugene M. Lynn, Jr., or, should he be unavailable, by George R. Hicks and Roland B. Hewitt, chairman and president of the bank, respectively.
James J. Lynn last spring gave a million dollars in Kansas City Southern stock to the Self Realization Fellowship, a religious organization based on Yoga principles. Under the name Rajasi Janakanada (Soul Realization Through Wisdom), Lynn had been president of the Self Realization group.
The residue of the estate is to be divided among relatives after Mrs. Lynn's death, except that securities worth perhaps a million dollars are earmarked for the Self Realization Fellowship.
Recipients Are Listed.
Otherwise the final distribution of the estate is on the basis of 500 fractional parts. Eugene M. Lynn, Jr., is allotted 245 parts. Other participants in the final residue of the estate:
Fifty parts, Mrs. Ellington.
Fifty part, Mrs. Joseph Logan of Archibald. La.
Five parts, Susan Lynn, widow of Robert L. Lynn, a brother.
Two parts, Mrs. Kate Preston of Shereveport, daughter of Robert H. Lynn.
Eight parts, Robert H. Lynn, Jr., of Archibald, La.
Ten parts, Mrs. Jessie Bell of Vicksburg, Miss., a daughter of Robert H. Lynn.
Ten parts, Erline Lynn, Washington, a daughter of Robert H Lynn.
Forty parts, Mrs. Maude Reid of Kansas City, daughter of Robert H. Lynn.
Twenty parts, Mary Anne Parker of Kansas City, daughter of a niece, Mrs. Maude Reid.
Twenty parts, Francis Lynn Parker of Kansas City, a daughter of Mrs. Reid.
Forty parts, Mrs. Freda Lynn Fray, 6235 Reinhardt drive, daughter of a brother, the late Eugene M. Lynn.
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