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reference. When the petition was filed, petitioner’s principal
place of business was in Nebraska.
1. Background
Petitioner is a manufacturer that was established in 1954.
Its principal founder, V. Eihusen, was closely involved with
petitioner’s business operations for several decades. Under his
leadership, petitioner grew from a small construction company
with two employees into a large conglomerate which, during each
of the subject years, had over $200 million in gross sales and
over 1,200 employees. Petitioner’s growth was attributable, in
part, to its addition of key employees and its strategic
acquisitions.
In 1987, V. Eihusen voluntarily relinquished his position as
petitioner’s president to his son, Robert G. Eihusen (R.
Eihusen). V. Eihusen retained his positions as chairman of
petitioner’s board of directors (board) and its chief executive
officer (CEO). In these capacities, V. Eihusen continued to play
a leading role on special projects, one of which was petitioner’s
1990 acquisition of an ethanol plant in Hastings, Nebraska.
Because of its need for expansion of the ethanol facility,
petitioner required additional financing. After extensive
negotiations with several financial institutions, petitioner
entered into a $35 million loan agreement (loan agreement) with
the Boatmen’s National Bank of St. Louis (bank) on November 4,
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