InterTAN, Inc. - Page 16

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          30, 1993 letter, Royal Bank deposited that check into peti-                 
          tioner’s Royal Bank account.                                                
               On July 2, 1993, Royal Bank received a letter (July 2, 1993            
          letter) from Mr. Neumann.  The July 2, 1993 letter stated in                
          pertinent part:                                                             
               Would you please accomplish the following on behalf of                 
               InterTAN Inc. [petitioner] and its wholly owned subsid-                
               iary InterTAN Canada Ltd. [ITC]:                                       
               1.   The enclosed cheque in the amount of                              
                    US$20,000,000.00 drawn on InterTAN Inc. account                   
                    number 302-0402-4 [petitioner’s Royal Bank ac-                    
                    count] is to be deposited in InterTAN Canada Ltd.                 
                    account number 302-8529-6 as a loan from InterTAN                 
                    Inc. to InterTAN Canada Ltd.                                      
               2.   Withdraw the sum of US$20,000,000.00 from the                     
                    account of InterTAN Canada Ltd. account number                    
                    302-8529-6 to satisfy an overdraft owing to Royal                 
                    Bank by InterTAN Canada Ltd.                                      
               On July 2, 1993, pursuant to the July 2, 1993 letter, the              
          following actions occurred:                                                 
               4.  The check enclosed with the July 2, 1993 letter that was           
          drawn upon petitioner’s Royal Bank account at Royal Bank and                
          payable to ITC in the amount of $20 million was presented to                
          Royal Bank.  Pursuant to the July 2, 1993 letter, Royal Bank                
          deposited that check into ITC’s Royal Bank account.                         
               5.  Royal Bank debited ITC’s Royal Bank account in the                 
          amount of $20 million, which ITC had received from petitioner on            
          July 2, 1993, as described above as action 4, in order to satisfy           
          ITC’s overdraft.                                                            






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