Henry and Esther Misle - Page 6




                                                - 6 -                                                  
            indirectly by HJA, were incorporated in connection with the                                
            reorganization.  The subsidiary corporations owned the operating                           
            assets used in the Misle group.  The prereorganization                                     
            partnerships and corporations either were included in the new                              
            corporate structure or were dissolved and liquidated.                                      
                  1.    Dissolution of the Misle Brothers Partnership                                  
                  The Misle Brothers Partnership was one of the partnerships                           
            dissolved and liquidated as part of the reorganization.  Pursuant                          
            to and in furtherance of the reorganization, Henry, Abram, and                             
            Julius executed a dissolution of partnership agreement dated                               
            April 14, 1986.  In the dissolution of partnership agreement,                              
            Henry agreed to assume personal liability for $686,467 of                                  
            intercompany loans owed by the Misle group to Chevrolet and                                
            another company in the Misle group (the Chevrolet debt).5  Henry                           
            also agreed to hold Abram and Julius harmless and to indemnify                             
            them in the event they were ever required to pay any of the                                
            liabilities Henry agreed to assume.                                                        
                  2.    The Reorganization Documents                                                   
                  Various documents and agreements, described below, were                              
            entered into contemporaneously with the reorganization.                                    




                  5According to the dissolution of partnership agreement,                              
            Abram and Julius collectively assumed personal liability for                               
            $2,224,942 of intercompany loans owed to Park Place and other                              
            businesses in the Misle group.                                                             





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