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J. Dissolution of Bartolo
On March 20, 1991, Clavicor paid a dividend of $494 to
Jasper and Rocky.
On June 21, 1991, ABN-Willemstad released all of its right,
title, and interest in and to the collateral assigned to it under
the June 25, 1990, pledge agreements between ABN, Jasper, and
Clavicor and between ABN, Rocky, and Clavicor.
Effective July 26, 1991, ABN exercised its options under the
June 25, 1990, option agreements with Rocky and Jasper to buy
their holdings in Clavicor. On July 26, 1991, Clavicor paid ABN
$859,917 representing Clavicor's total stockholder's equity.
On July 29, 1991, Jasper and Rocky repurchased the 6,000
shares of Clavicor from ABN for $1. Clavicor was dissolved on
the same date. Curab, N.V., an entity controlled by ABN Trust,
was appointed liquidator.
On July 29, 1991, Bartolo declared a dividend of $4,795,973,
even though its net assets only consisted of $287,404. Bartolo
had previously paid $4,514,569 to Clavicor in multiple payments;
Clavicor had then paid the $4,514,569 to ABN in multiple
payments. Bartolo was dissolved on July 29, 1991. Curab, N.V.
was appointed liquidator.
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