- 10 -
C$1.5 million6 in 1969, which it used to repay bank debts and buy
more businesses. LTL stock was traded on stock exchanges in
Canada and the United States by August 31, 1988 (the end of LTL's
1988 tax year).
LTL and its subsidiaries grew rapidly before and during the
years in issue. DeGroote acquired businesses that provided
trucking, solid waste services, and passenger and school bus
services. These businesses used heavy vehicles to transport
materials or people and needed governmental licenses or permits
to operate. DeGroote believed that the fastest way to expand in
these businesses was to buy small privately-held businesses which
had existing licenses and permits.
4. LTL's Management Team
The core management team of the Laidlaw entities during the
years in issue consisted of DeGroote, Leslie W. Haworth
(Haworth), and Ivan R. Cairns (Cairns). Haworth became LTL's
senior financial officer in 1972 and later became senior vice
president for finance. Cairns became LTL's vice president,
general counsel, and secretary in 1981. He later became senior
vice president. Cairns and Haworth were DeGroote's two closest
advisors on acquisitions, financing, and other matters. They
were directors and officers of LTL and all of its subsidiaries
relevant to these cases before and during the years in issue.
6 All references to "C$" are to Canadian dollars. All
references to "$" are to U.S. dollars.
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