- 10 - at least during 1984, Ms. Gaw was vice chairman and secretary of BOT. During the years at issue, the net worth of BOT (including all loan liabilities) was not less than $4,130,695. Pempire was dissolved on December 29, 1986, and its assets, including its stock in BOT, were distributed to petitioner. BOT was liquidated on December 30, 1986, and all of BOT's corporate assets, which had a net value in excess of liabilities of at least $1,000,000, were transferred to petitioner as its sole shareholder. C. Certain Foreign Corporations That Pledged Cash Collateral in the Transactions at Issue 1. Pioneer Industries (Holdings) Ltd. and Its Subsidiaries Multi-Credit Finance Co. Ltd. and Mandalay Investments Ltd. Pioneer Industries (Holdings) Ltd. (Pioneer) was incor- porated in Hong Kong, and its stock was publicly traded on the Hong Kong stock exchange from 1970 until at least the time of the trial of these cases. The annual report of Pioneer for its fiscal year ended March 31, 1986, indicated that petitioner, his wife Ms. Gaw, and family trusts of which they and their family were among the beneficiar- ies held an aggregate of 2,415,092 shares of Pioneer, or 19.2 percent of the 12,566,202 shares issued and outstanding at that time. As of December 1985, an officer of Union Bank believed that petitioner was a major shareholder of Pioneer. During at least a portion of the years at issue, petitioner's mother andPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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