Compact Equipment Company - Page 4

                                        - 4 -                                         
          Atkinson as its general manager.2  By 1975, due to severe                   
          financial losses, Trafco began closing many of its operations and           
          liquidating its subsidiaries.  Seeing an opportunity for                    
          financial independence and success, Atkinson purchased Compact              
          Equipment Co.’s assets, incorporated petitioner as BJ Atkinson              
          Co., and contributed the assets to petitioner.3  Shortly                    
          thereafter, petitioner, which was owned 100 percent by Atkinson,            
          was renamed Compact Equipment Co.  Petitioner, however, conducts            
          its business under the name “Family Wagon”.                                 
          Petitioner’s Business Activities                                            
               Like Trafco, petitioner manufactures recreational vehicles,            
          a process commonly known as van conversions.  Petitioner obtains            
          raw chassis and vans and, through customization, turns them into            
          recreational vehicles.4  Atkinson, as president and sole                    
          shareholder, guided petitioner with skill and adeptness in a very           
          competitive industry.  By the mid 1980's, petitioner achieved               
          considerable success, generating significant revenues and                   
          profits.  During that time, petitioner was the number one van               

               2  Compact Equipment Co., Trafco’s subsidiary, is a distinct           
          company unrelated to petitioner.                                            
               3  Because the “Compact Equipment Company” name was still              
          being used by Trafco’s subsidiary at the time Atkinson formed               
          petitioner, Atkinson did not initially name petitioner “Compact             
          Equipment Company”.                                                         
               4  Raw chassis and vans are simple, operational vehicles               
          lacking any amenities such as sophisticated stereo systems, small           
          kitchens, sofas, etc.                                                       

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