Laidlaw Transportation, Inc. and Subsidiaries - Page 28

                                        - 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´┐Żao) 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.                               











Page:  Previous  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  37  Next

Last modified: May 25, 2011