Brazoria County Stewart Food Markets, Inc. - Page 3




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                                  FINDINGS OF FACT2                                   
               Petitioner, Brazoria County Stewart Food Markets, Inc., was            
          incorporated in Texas on March 27, 1981.  Petitioner’s place of             
          business at the time the petition was filed was Brazoria, Texas.            
          Petitioner, a subchapter C corporation, operates grocery stores.            
          Vernon Stewart (Stewart) is petitioner’s chief executive officer            
          and sole shareholder.  Stewart founded petitioner as a sole                 
          proprietorship in 1975, after his purchase of a small grocery               
          store.  The first grocery store was successful, and within a year           
          two additional small grocery stores were acquired.  After a loss            
          of business due to competition, the first store was closed.                 
          Petitioner operated as many as five small grocery stores at one             
          time.  Ultimately, only the two most profitable stores were                 
          expanded into supermarkets and survived.                                    
               Grocers Supply Co. (Grocers), a large wholesale distributor            
          of grocery products to independent grocery stores in and around             
          Houston, Texas, was petitioner’s primary supplier of grocery                
          products.  In addition to its business as a distributor of                  
          grocery products, Grocers frequently made loans to its customers            
          for working capital, store renovation, expansion, and other                 
          purposes.  Grocers’ loans were made at competitive rates and were           
          normally secured by the borrower’s inventory, furniture,                    


               2 The parties’ stipulation of facts and exhibits is                    
          incorporated herein by this reference.                                      





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