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Pipeline Transport Co. (TPTC)–-included handling cash management
functions, payroll, insurance and risk management functions,
customer relations, and marketing.
During 1990, 1991, 1992, and 1993, PK Ventures operated as a
C corporation, used the accrual method of accounting, and was the
holding company for SLPC, TBPC, TPC, and TPTC. During 1991,
1992, and 1993, PK Ventures and its subsidiaries employed
approximately 20 people. Neither PK Ventures nor any of its
subsidiaries paid any dividends to their shareholders from 1986
through 1993.
D. PKVI LP
On September 15, 1986, Rose, as sole director of
PK Ventures, adopted a resolution that PK Ventures, Rose, and
Herbert Patrick (Patrick), as general partners, would form
PKVI LP for the purposes of acquiring, owning, leasing, holding,
operating, maintaining, mortgaging, and disposing of
hydroelectric, cogeneration, and other energy projects. PKVI LP
was subsequently organized as a Delaware limited partnership.
Rose was responsible for organizing PKVI LP as part of his duties
to develop investment opportunities for Printon Kane. Sometime
before Rose organized PKVI LP, Rose and Printon Kane’s management
had agreed that he would receive an equity interest in PKVI LP as
part of his compensation for arranging this investment
opportunity for the firm.
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