- 3 -
in exchange for all the stock of UBI. During 1992, UNB still
was a wholly owned subsidiary of UBI.
Scharlin and Katcher were UBI’s principal shareholders--each
owned approximately 35 percent of the total issued and
outstanding shares of UBI stock. From the creation of UBI until
January 1991, Mr. Friedland owned approximately 3 percent of the
issued and outstanding shares of UBI stock. From 1985 through
1992, Mr. Friedland sat on the board of directors of UNB and UBI
along with Katcher, Scharlin, and other individuals.
B. UNB’s Loans to Mark Friedland’s Corporations
Centrum Corporation (CC) was a Florida corporation organized
in 1984 to develop retail shopping centers. Petitioners’ adult
son, Mark Friedland (Mark), was the majority shareholder--owning
50 percent of the outstanding stock--and president of CC.
During the mid-1980's, Mark was a successful real estate
developer, having developed a number of shopping centers for
Publix, a large grocery store chain. CC formed separate wholly
owned subsidiaries for each shopping center it developed. CC
organized Centrum Hillsboro Corporation (CHC) to take ownership
of real estate located at the intersection of Hillsboro Boulevard
and Lyons Road in Broward County, Florida (the Hillsboro
property). Mark was the president of CHC. Petitioners were not
officers, directors, shareholders, or employees of CC or CHC.
As evidenced by a promissory note dated April 19, 1985, CC
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011