- 3 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011