- 8 - above. Also, before the merger, Stephen Siegele was president of ADCS, and after the merger Stephen Siegele was president of petitioner. Also, the other officers and directors of petitioner were essentially the same as the officers and directors of ADCS before the merger.1 As a result of ADCS’ 1996 merger into petitioner, petitioner acquired ADCS’ 99-percent membership interests in Holdings LLC and in Operating LLC, ADCS’ 70-percent stock interest in ADCS- Korea, ADCS’ licensor rights under the license agreement with ADCS-Korea, and the patents, intangibles, and stock interests that were retained by ADCS in the January reorganization. ADCS-Limited was managed by the same individuals who had managed ADCS and who continued to manage petitioner. The same business activities that had been conducted by ADCS before ADCS’ merger into petitioner were conducted by petitioner after ADCS’ merger into petitioner. In 1997, ADCS-Limited purchased for $65,860 4.383 acres of land adjacent to its chemical manufacturing plant in Burnet, Texas, for the purpose of constructing thereon a 22,500-square- foot chemical manufacturing plant at a projected cost of $6 million. 1 Robert Jackson, a vice president of ADCS, became a shareholder in petitioner, but the record is unclear as to whether he became a vice president of petitioner.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