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International Airport. As of December 10, 1986, TBPC and TPTC
owned two of the four existing anhydrous ammonia pipelines in the
United States. Also as of that date, TBPC had leased the use of
its pipeline to W.R. Grace & Co. and Royster Co. (Royster), and
TPTC had leased the use of its pipeline to International
Minerals & Chemical Corp.
Under the terms of the Stock Purchase Agreements,
PK Ventures agreed to pay the following base purchase prices for
the stock of SLPC, TBPC, TPC, and TPTC:
Corporation Base Purchase Price
SLPC $150,000
TBPC 1,000,000
TPC 50,000
TPTC 1,300,000
The parties agreed that these base purchase prices would be
adjusted to reflect the amount by which each corporation’s
current assets differed from its current liabilities as of the
closing date.
On December 30, 1986, PK Ventures agreed to pay to Joyce
Western the following portions of the base purchase prices for
the stock of SLPC, TBPC, and TPC on the transaction’s closing
date:
Corporation Amount Paid
SLPC $40,000
TBPC 350,000
TPC 10,000
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