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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.
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Last modified: May 25, 2011