- 3 -- 3 -
B. Activewear
Petitioner met J. Douglas Waddell (Waddell) in 1976 when
they worked together at a sewing plant in Athens, Georgia.
Around 1984, petitioner asked Waddell to join him in starting a
sewing business. Waddell agreed.
Petitioner and Waddell formed a sewing business called
Activewear in 1985. Petitioner and Waddell each owned 50 percent
of Activewear. Activewear manufactured pants, skirts, and
shorts. Petitioner was Activewear's secretary/treasurer and was
primarily responsible for its financial and business activities.
Petitioner wrote most of the checks from the Activewear account
from 1985 to 1991. He also handled most of the correspondence
for Activewear. Waddell was Activewear's president and was
primarily responsible for personnel and production. Petitioner
and Waddell received equal salaries and bonuses. Waddell could
use the checkbook and inspect the accounting records at anytime.
He occasionally wrote Activewear checks when petitioner was not
available.
For the first 5 or 6 years Activewear was in business,
petitioner and Waddell each had salaries of more than $100,000
per year. In 1990 and 1991, Activewear was financially
successful.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011