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investments” as of the end of 1998: (1) $61,616,016 of “OTHER
INVESTMENTS” held by MB Parent; (2) $867,197,048 of “OTHER
INVESTMENTS” held by the LLC; and (3) $528,438,140 of “Marketable
securities” held by the LLC. MB Parent also reported the value
of its capital stock on this Schedule L. According to the
Schedule L, $68,750,000 of preferred stock comprised the total
value of MB Parent’s capital stock as of the end of 1998.
MB Parent did not report a value for its common stock on this
Schedule L. In addition, MB Parent reported its additional paid-
in capital on this Schedule L. According to the Schedule L, the
value of MB Parent’s additional paid-in capital was
$1.375 billion as of the end of 1998.
The Internal Revenue Service (IRS) began its audit of Times
Mirror’s Form 1120 for 1998 sometime during February 2000. On
March 15, 2000, Gastler signed the cover sheet to a packet of
documents that Times Mirror provided to the IRS as part of this
audit. Included in this packet of documents was Form 8275,
Disclosure Statement, for the period January 1, 1997, through
December 31, 1998, for Times Mirror and its subsidiaries.
Referenced in an attachment to the Form 8275 were “Statements
previously submitted on February 18, 2000, indicating
reorganization of Matthew Bender and Company, per IRC
Section 368.” These statements included the following:
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