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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the exhibits submitted therewith are
incorporated herein by this reference. Petitioner and Therese
Grojean are husband and wife, and they resided in Anderson,
Indiana, when they filed their petition in this case.
Petitioner graduated from the University of Notre Dame in
1960 with a B.S. in accounting. After college, he worked at
Price Waterhouse as a certified public accountant. From 1968
through 1984, he was employed by Flying Tigers, an all-cargo
airline, where he was the chief financial officer and later the
chief operating officer. In 1984, he left Flying Tigers to
acquire interests in several trucking companies. American
National Bank and Trust Company of Chicago (American) financed
the acquisitions.
As of 1989, Transamerica Leasing Company (Transamerica)
owned all the stock of Schanno Transportation, Inc. (Schanno), a
trucking company. Sometime prior to July 13, 1989, petitioner
and Transamerica entered negotiations for petitioner’s possible
purchase of Schanno. During these negotiations, petitioner
contacted American to discuss financing for the purchase. In
August 1989, petitioner formed and became the sole shareholder of
Schanno Acquisition, Inc. (Schanno Acquisition), which he formed
for the purpose of acquiring Schanno. The plan was for Schanno
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