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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 and
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