- 25 -
TBPC, TPC, and TPTC each prepared separate financial statements.
Beginning in 1990 and continuing through 1993, PK Ventures, SLPC,
TBPC, TPC, and TPTC prepared consolidated financial statements.
These consolidated financial statements will be referred to as
PKV&S’s consolidated financial statements. Any references to
PK Ventures in this Opinion should not be construed to include
its subsidiaries.
Rose’s Initial Receipt of an Equity Interest in PK Ventures
On or about August 19, 1987, PK Ventures adopted a
resolution to amend its Certificate of Incorporation to increase
the number of shares of stock that it was authorized to issue
from 1,000 to 20,000. In connection with this amendment, the
150 shares of PK Ventures stock owned by Parker and the 36 shares
of PK Ventures stock owned by Cerosky were redeemed by
PK Ventures at a price of $0.50 per share. Also in connection
with this amendment, Rose and the PK Ventures shareholders were
given the opportunity to purchase 9,186 shares of PK Ventures
stock at a price of $0.05 per share. As a result of these
transactions, the stock of PK Ventures was owned in the following
proportions as of August 19, 1987:
Page: Previous 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 NextLast modified: May 25, 2011