- 3 - officer, Maffit was production manager, Strand was head of sales and marketing, and Rakhshan was plant manager. In October of 1987, Schweigert and TeSelle sold their respective stock interests in Santa Fe to Kerr Glass Manufacturing Corp. In connection with the stock sale, both Schweigert and TeSelle entered into covenants not to compete with Santa Fe. The covenants not to compete had a duration of 5 years and apparently encompassed the entire United States. During 1991 and 1992, Maffit and Strand used their understanding and knowledge of the plastics manufacturing business to put together a business plan for petitioner that projected an early likelihood of success and purported to improve upon the model used to start and develop Santa Fe. Prior to the startup of petitioner’s operations in August of 1993, TeSelle, Maffit, and Strand contacted and received commitments from former customers of Santa Fe, signed contracts with suppliers and equipment manufacturers, and otherwise prepared for petitioner to begin operations. The record is unclear as to Schweigert’s participation in planning for the startup of petitioner. Prior to August of 1993, petitioner received as initial capital a total of $183,500 in equity contributions from its seven original shareholders. The amount of each shareholder’s initial equity contribution and the number and percentage ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011