When co-owner Smith died in July 1950, O'Malley convinced his widow to turn over control of the shares to the Brooklyn Trust Company, which O'Malley controlled as chief legal counsel. Rickey's contract as general manager was set to expire on October 28, 1950. Rickey's Dodgers stock was held on margin and he had fully levered life insurance policy. O'Malley lowballed Rickey with an offer of $346,000 (the purchase price). Rickey demanded $1 million ($ today). O'Malley eventually pursued a complicated buyout of Rickey, who had received an outside offer from William Zeckendorf of $1 million for his interests. There were varying accounts about the sincerity of the offer because Zeckendorf and Pittsburgh Pirates owner John Galbreath were fraternity brothers, but there is a lot of evidence that he had a sincere interest in acquiring the team. The outside offer triggered a clause in the partnership agreement whereby the asking price of a had to be matched if a current owner wanted to retain control and the third party would be compensated $50,000. The canceled $50,000 check would later include Rickey's signature showing that Zeckendorf turned over the $50,000 to Rickey.