- 28 -
3. Typical Advances From LTL to LIIBV and From LIIBV to
Petitioners
a. Typical Advance From LTL to LIIBV to Transit
LIIBV's February 18, 1986, advance to Transit typified how
LIIBV received funds from LIL and immediately advanced the funds
to one of the petitioners. The steps for the February 18, 1986,
advance were as follows:
Steps for the February 18, 1986, Transfers
1. LTL received $18 million from its August 1985 issue of
preferred shares.
2. LTL transferred $18 million to LIL. LIL issued stock to
LTL.
3. LIL transferred $18 million to LIIBV.
4. LIIBV transferred $18 million to Transit.
b. Transfers Between U.S. Subsidiaries and LIIBV
The following descriptions show in greater detail how
petitioners and LIIBV (including LIIBV Cura�ao) transferred funds
during the years in issue:
August 28, 1986, Transfers
U.S. Subsidiaries to LIIBV LIIBV to U.S. Subsidiaries
LII for LWSI $573,958 LWSI -0-
Transit 1,630,716 Transit $2,204,674
Total 2,204,674 Total 2,204,674
Steps for the August 28, 1986, Transfers
1. LII borrowed $573,958 from RBC for LWSI.
2. LII transferred $573,958 to LIIBV for LWSI.
3. Transit transferred $1,630,716 to LIIBV.
4. LIIBV transferred $2,204,674 to Transit.
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