- 3 -
In 1992, Quintron Corp. (Quintron), a Virginia corporation,
entered into negotiations with Loral Aerospace Corp. (Loral), a
Delaware corporation, for the sale to Loral of Quintron stock or
for the sale to Loral of Quintron’s assets.
Quintron was engaged in the design, manufacture, sale, and
service of aircraft flight simulators and other electronic
equipment. Loral was a major defense contractor and was engaged
in the design, manufacture, sale, and service of communications
and satellite equipment.
Representatives of Quintron wanted Loral to purchase from
Quintron’s shareholders their stock in Quintron. Representatives
of Loral wanted Loral to purchase the assets of Quintron.
In 1993, representatives of Intercontinental Pacific Group,
Inc. (IPG), a California corporation and the parent corporation
of QTN Acquisition, Inc. (QTN), suggested that, with IPG’s and
QTN’s participation as a type of intermediary or facilitator in
the transaction, the stock in Quintron could be sold, and Loral
could purchase Quintron’s assets. The controlling shareholder of
IPG was Douglas Wolf (Wolf).1
After further negotiations, in September of 1993, QTN, until
that point in time a dormant shell corporation and a subsidiary
of IPG, purchased from the shareholders of Quintron for
$23,369,125 in cash their stock in Quintron. QTN financed this
stock purchase through a bank loan.
1 Wolf was a lawyer and organized IPG to purchase and sell
leased equipment.
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