- 10 - From 1982 through 1997, all of Central’s stock was owned by Mr. and Mrs. Honbarrier and their children, Gary L. Honbarrier and Linda Embler. During the same period, Central had only four directors, consisting of Mr. and Mrs. Honbarrier and their two children. Merger of Colonial into Central On December 31, 1993, Colonial merged into Central in accordance with the laws of North Carolina. Central was the surviving corporation. Prior to the merger, Mr. Odom requested that Mr. Lynch research the income tax implications of a merger. On November 5, 1993, 7 weeks before the merger, Mr. Odom made the following handwritten notes: ALH Oks merger of Col. & Central, payout to Cen. shareholders - if tax free - need bus. purpose On November 11, 1993, after researching the matter, Mr. Lynch sent Mr. Odom a memorandum identifying the following possible business reasons for the merger: (1) Obtaining Colonial’s ICC operating rights to expand Central’s business; (2) reducing and simplifying operating procedures and expenses by utilizing Central’s existing staff and facilities; (3) reducing administrative expenses due to projected increased revenue without increasing overhead expenses; and (4) use of Colonial’sPage: 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