Pabst Brewing Company - Page 4

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          petitioned the Court.  At all relevant times, petitioner was                
          principally engaged in the brewing and sale of malt beverages               
          (beer).  Its brands of beer were:  (1) Pabst Blue Ribbon,                   
          (2) Andeker, Pabst Extra Light, (3) Red, White & Blue,                      
          (4) Burgermeister, (5) Blitz-Weinhard, (6) Henry Weinhard Private           
          Reserve and Bohemian beers, and (7) Olde English 800 Malt Liquor.           
          Its brewing facilities (with annual capacity) were situated in:             
          (1) Milwaukee, Wisconsin (5.5 million barrels), (2) Newark, New             
          Jersey (2.5 million barrels), (3) Perry, Georgia (5.0 million               
          barrels), and (4) Portland, Oregon (2.0 million barrels).1                  
               During the 1970's and 1980's, the brewing industry was                 
          dominated by Miller Brewing Co. (Miller) and Anheuser Busch, Inc.           
          (Anheuser Busch), two large brewers that continued to expand                
          their operations and grow rapidly during these years.  Smaller              
          breweries generally became obsolete because they were unable to             
          compete with Anheuser Busch, Miller, and other large brewers from           
          a cost-effective or profitability point of view.  Many of the               
          smaller breweries were forced to liquidate, selling their                   
          brewing-related assets to other breweries at fire-sale prices, or           

               1 The parties in their stipulation of facts sometimes refer            
          to the brewery in Georgia as situated in the City of Pabst.  We             
          have looked at a map of Georgia, and we are unable to find any              
          city in Georgia named Pabst.  We believe that the parties have              
          mistakenly referred to the City of Perry as "Pabst", and we                 
          proceed on that belief.  We note, however, that our belief has no           
          bearing on our holdings herein.                                             

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