- 7 -
Coggin Acura
Coggin Acura began its operations in 1986; initially, its
operations were conducted through Coggin Imports, Inc. At all
relevant times, Jack Hanania was the general manager of the
dealership. From its inception until April 30, 1991, Coggin
Imports, Inc. (a subsidiary of petitioner), owned the assets of the
dealership, including the franchise rights.
On or about May 1, 1991, Mr. Hanania acquired a 20-percent
interest in Coggin Imports, Inc., for $35,000. The price paid by
Mr. Hanania for his interest was determined by reference to the
corporation’s book value (with little or no value being assigned to
the franchise rights), as reflected on the GMOR.
Coggin Motor Mall
Petitioner acquired Coggin Motor Mall in 1982; initially its
operations were conducted through Coggin-O’Steen Motors, Inc.
Since 1990, the general manager of the dealership has been Robert
Caracello. Mr. Andrews was the director of operations for the
dealership from 1993 through 1997. Since 1982, Coggin-O’Steen
Motors, Inc., has owned the assets of the dealership, including the
franchise rights.
On or about April 1, 1988, Mr. Caracello acquired 750 shares
of stock in Coggin-O’Steen Motors, Inc.; he subsequently sold 250
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