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Coggin Honda
Coggin Honda began its operations in 1982; initially, its
operations were conducted through Coggin Pontiac, Inc. Before June
21, 1993, Coggin Pontiac, Inc., owned the assets of its dealership,
including the franchise rights.
Coggin Nissan
Petitioner acquired Coggin Nissan in 1976; initially, its
operations were conducted through Coggin Nissan, Inc. From its
inception until July 8, 1987, Coggin Nissan, Inc., owned the assets
of its dealership, including the franchise rights.
On or about July 9, 1987, Michael Andrews, the then-acting
general manager of the dealership, acquired a 5-percent stock
interest in Coggin Nissan, Inc., for $99,442. Between 1990 and
1997, Todd Seth was the general manager of Coggin Nissan. On or
about April 1, 1992, Mr. Seth acquired a 5-percent stock interest
in Coggin Nissan, Inc., for $118,581. The prices paid by Messrs.
Andrews and Seth for their respective interests were determined by
reference to the corporation’s book value (with little or no value
being assigned to the franchise rights), as reflected on the
General Motors Operating Report (GMOR).2
2 The General Motors Operating Report is a report
customarily used by General Motors and other automotive dealers
that provides a uniform method of determining certain financial
information for a dealership, including book value for the
dealership.
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Last modified: May 25, 2011