Selling Chocolate

August 23, 2017 Hershey Trust Company Announces Sale of 4.5 million shares of the Hershey Company

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4.5 million shares sounds like a lot until you realize the trust will still have 60.6 million shares of the Hershey Company.  According to Penn Live 3 million of the shares are being purchased by Morgan Stanley and 1.5 million shares are being bought back by The Hershey Company.  The purchase price for the company buy-back is $106 per share. We don’t know what the price for Morgan Stanley’s purchase is… Read More

Milton Hershey, the Man

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Milton S. Hershey was born on September 13, 1857 to a German-Mennonite family in south-central Pennsylvania. As a young boy, Hershey was a poor student, and after transferring among seven different schools, he dropped out before reaching the fourth grade.  He was apprenticed to a Lancaster County confectioner and launched several candy businesses.  In 1886, he opened the Lancaster Caramel Company in Lancaster, Pennsylvania, which… Read More

What Is A Trust?

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A trust is a creature of English common law, originally devised to avoid the reversion of lands to the crown and the strictures of primogeniture. Legal scholars have struggled to give a definition. There is a famous definition from a law book that describes a trust negatively by listing all the things it is not. A trust is not a bailment, a trust is not… Read More