- 7 -
Purchase Agreement) to purchase, as of June 1, 1987, certain
assets of SSI, Efird's Pest Control Co. of Charleston, Inc.,
Efird's Exterminating Co., Inc., of South Carolina, and Efird's
Pest Control Co. of Greenville, Inc. (collectively referred to as
SSI), in exchange for $1,170,000 (sometimes referred to herein as
the Carolina transaction).3 The SSI entities engaged in the pest
control business in and around Summerville, Spartanburg, and
Greenville, South Carolina. With the exception of the South
Carolina National Bank (SCNB) loan documents, discussed infra,
Mr. Spencer drafted all of the documents relating to the Carolina
transaction.
Pursuant to the Carolina Purchase Agreement, Mr. Spencer and
Mr. Boozer assumed liabilities in the amount of $54,625.78, and
acquired (1) tangible assets in the amount of $70,768.81, and (2)
intangible assets in the amount of $1,153,856.97.4 The
intangible assets acquired included (1) all of SSI's right,
title, and interest in its pest control, lawn care, termite
treatment, renewal bond accounts, and contract rights, as well as
(2) the sole and exclusive right to use the names "Efird's"
3 The Efird's entities were operating subsidiaries of SSI.
4 For such intangible assets, Mr. Spencer and Mr. Boozer
agreed to pay SSI $1,170,000, less the difference between the
tangible assets and liabilities assumed. We note that respondent
does not contest the value of the intangible contract rights in
issue in the instant case.
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