Galedrige Construction, Inc. - Page 3

               The relevant facts are taken from our opinion in Galedrige             
          I, the parties' submissions, and the existing record.   At the              
          time the petition in this case was filed, petitioner's principal            
          place of business was in Alviso, California.  For convenience, we           
          present a general background section and combine our findings of            
          fact with our opinion under each separate issue heading.                    
               Petitioner is a corporation engaged in the business of                 
          asphalt paving and related services.  In performing its                     
          contracts, petitioner took delivery of the materials directly               
          from the asphalt supplier.  Petitioner's driver picked up the               
          asphalt and took it directly to the job site.  The asphalt had to           
          be laid within 2 to 5 hours from the time it was picked up from             
          the plant, or it would become rock hard and have to be thrown               
          away.  Petitioner had no way to extend the time that asphalt is             
          in an emulsified condition.  Once the asphalt hardened, it could            
          not be melted and reused, nor could it be returned for credit to            
          the asphalt supplier.                                                       
               Petitioner generally worked on only one job at a time,                 
          lasting a week or less.  When the job was finished, petitioner              
          billed the customer and created an accounts receivable on its               
          books.  The asphalt company sent petitioner an invoice, usually             
          due within 30 days, which petitioner paid only after it received            
          payment from its customer.  Petitioner keeps its books and                  

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Last modified: May 25, 2011