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In 1970, petitioner was incorporated by several individuals
to operate a small independent retail store selling motorcycle
parts and accessories.
In 1975, two employees of petitioner, Tyrone A. Cruze, Sr.
(Cruze) and Ignatius J. Panzica (Panzica) purchased the stock of
petitioner. In December of 1976, Cruze became sole owner of the
stock of petitioner,1 and Panzica stayed on as an employee.
From 1976 until 1991, under Cruze's direction as sole
stockholder, president, and chief executive officer of
petitioner, petitioner's business thrived, and petitioner became
the largest independent worldwide supplier of Harley-Davidson
motorcycle parts and accessories. Petitioner’s employees also
designed and manufactured many of the accessories that it sold
for Harley-Davidson motorcycles.
Petitioner maintained warehouse facilities in California and
Kentucky. In 1989, petitioner's combined domestic and foreign
sales exceeded $28 million.
From 1976 until 1991, Cruze was involved in and maintained
final decision-making authority over all aspects of petitioner's
business operations. Cruze established significant business
contacts with bankers, suppliers, and vendors who were important
to the business operations and success of petitioner. Cruze was
1 Cruze’s wife also purchased some of the stock in
petitioner. For convenience, we treat Cruze as sole owner of the
stock in petitioner.
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