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Western Media Group Corp. (WMG)
Western Media Group Corp. (WMG), formerly known as Ionic
Controls, Inc.,8 was incorporated in 1980. WMG was a publicly
held company, and its stock was traded in the over-the-counter
market. WMG owned a library of recordings, it was involved in
oil and gas activities, and it operated an iron and steel
company. WMG’s principal corporate office and records were also
located at 5101 IDS Center.
Petitioner was a shareholder, officer, and director of WMG.
Petitioner acquired an interest in WMG in 1981, and at all times
relevant, he held 2.5 percent of its issued and outstanding
shares. Petitioner’s personal financial statements report the
following number of shares petitioner owned and their value:
Date Number of shares Value
11/30/86 124,000 $12,400
08/31/88 124,000 12,400
10/31/89 124,000 23,250
10/31/90 124,000 23,250
09/30/91 124,000 23,250
01/31/92 124,000 12,400
03/31/93 124,000 23,250
02/28/94 124,000 23,250
05/31/95 124,000 23,250
Petitioner did not receive wages or other compensation for
services from WMG during 1987-95.
In 1987, WMG’s oil and gas assets were nearly exhausted, and
its iron and steel company commenced a bankruptcy proceeding. In
8At the annual meeting of its shareholders on Nov. 17, 1988,
Ionic Controls, Inc., changed its name to Western Media Group
Corp. (WMG).
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Last modified: May 25, 2011