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allegedly unknown to petitioner. A-Alpha was a holding company
which owned both U.S. and Hong Kong corporations.6
In the United States, A-Alpha had direct and indirect
subsidiaries capable of performing research and development work,
ESC and Ferrite Manufacturing Co. (Ferrite). ESC, Ferrite, or
6 Alphatronics Mfg. Ltd. (Alpha Mfg.), a Hong Kong
corporation, was a wholly owned subsidiary of A-Alphatronics (A-
Alpha). Petitioner was a director of Alpha Mfg. from Apr. 4,
1976. Alphanetics Co. Ltd. (Alphanet), a Hong Kong limited
liability company, was a wholly owned subsidiary of A-Alpha.
Petitioner was a director of Alphanet from Jan. 25, 1975. On
Mar. 31, 1981, Alphanet was sold to Atlas Indus. Ltd. (Atlas).
Alphanet had three subsidiaries, Alphanetics Mfg. Co. Ltd.
(Alphanet Co.), a Hong Kong limited liability corporation,
Alphanetics Mfg. (Alphanet Mfg.), a California corporation, and
Ferrite Mfg. Corp. (Ferrite), a California corporation.
Petitioner was a director of Alphanet Co., and a secretary of
Ferrite. Data Magnetics Ltd. (Data), a Hong Kong limited
liability company, was a wholly owned subsidiary of A-Alpha; on
Nov. 28, 1978, Hong Kong Shanghai Bank sold assets of Data to A-
Alpha. Ferromagnetics Corp. (Ferro), a Nevada corporation, was a
wholly owned subsidiary of Data acquired on Apr. 23, 1979. Data
Magnetics Corp. (Data Corp.), a California corporation, was a
wholly owned subsidiary of Data. Petitioner was Data Corp.'s
secretary. Administronics, Inc. (Admin), a California
corporation, was wholly owned by A-Alpha; it was never active.
Intermart International, Inc. (Intermart), a California
corporation, was wholly owned by Data. On June 28, 1979, it
changed its name to A-Alphatronics International, Inc. (A-Alpha
Intl.). Petitioner was a director for all relevant periods.
National Elec. Corp., a California corporation, was a wholly
owned subsidiary of A-Alpha, which was merged into Intermart on
Dec. 31, 1977. Atlas Indus. (Atlas) was a publicly traded Hong
Kong limited liability company. After reorganization, A-Alpha
owned 49.85 percent of Atlas. Petitioner was chairman of the
board of Atlas after 1980. Atlas Electronics International, Inc.
(Atlas Intl.), a California corporation, was a wholly owned
subsidiary of Atlas; it was formed on Apr., 19, 1980, and was
inactive during the years in issue. Atlas Elec. Corp. (Atlas
Elec.) was a wholly owned subsidiary of Atlas and was inactive in
the years in issue (no statements or allegations were made as to
where Atlas Elec. was incorporated).
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