- 3 - The deficiencies stem from Griffin's sale of certain stock to GNN. We must determine whether this sale occurred in 1981 or 1989. GNN argues that the sale occurred in 1981. Griffin and respondent argue that the sale occurred in 1989. We hold that the sale occurred in 1989. FINDINGS OF FACT Some of the facts have been stipulated and are so found. The stipulations and exhibits submitted therewith are incorporated herein by this reference. Griffin and GNN are corporations whose principal places of business were in New York, New York, and Atlanta, Georgia, respectively, when they petitioned the Court. Griffin is the successor to Leaf River Paper Co. (LRPC). LRPC was organized in 1971 under the laws of Delaware, and it changed its name to Griffin in 1982 (hereinafter we refer to LRPC as Griffin.) Griffin's sole shareholder is a Finnish company named Kymi Kymmene Oy (KKO). KKO is one of the largest forest product companies in Finland; it produces and sells in Europe forest products such as pulp and paper products. KKO organized Griffin as a nonoperating holding company to manage KKO's interests in the United States. Until December 31, 1981, Griffin had a wholly owned subsidiary named Leaf River Forest Products, Inc. (LRFP), which was formed in 1975 to own and operate a sawmill in New Augusta, Mississippi.Page: 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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