Anthony Teong-Chan Gaw as Transferee of Radcliffe Investment LTD. - Page 10

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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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