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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported) November 25, 1997
TRANSMONTAIGNE OIL COMPANY
Commission File Number 1-11763
A Delaware Corporation IRS Employer No. 06-1052062
370 Seventeenth Street
Suite 2750
Denver, CO 80202
Telephone Number (303) 626-8200
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On November 25, 1997 the Registrant, through a wholly owned subsidiary, acquired
the common stock of seventeen corporations, known as the "ITAPCO Terminal
Corporations", from a common shareholder group and certain related property and
property interests from Independent Terminal and Pipeline Company, a Texas joint
venture, from certain individuals in the same group. The acquisition included
seventeen bulk liquid storage and distribution terminals located in eight states
having total tankage capacity in excess of 3.3 million barrels, handling
primarily petroleum products and chemicals together with the related operations
of the terminals; seven contracts for providing management consulting services
to non-owned bulk liquid storage and distribution terminals, pipelines and
related facilities for third parties; and certain other assets including rights,
contracts, agreements, manuals, files, charts, receivables, leases, leasehold
improvements, vehicles, furniture, fixtures, computers, software and other items
directly related to the business and operations of the acquired terminals,
contracts and assets. The purchase price of the common stock of the ITAPCO
Terminal Corporations and all the related property and property interests
acquired was $32,000,000 cash less assumption by the Registrant of an
outstanding bank loan of $541,686 and accrued interest of $631. The purchase
price was established in arms-length negotiation between the Registrant and the
selling group. The purchase price was funded by an advance of $22,000,000 from
the Registrant's credit facility at BankBoston and the balance from the
Registrant's cash reserves. The Registrant intends to continue the prior use of
the terminals and other assets acquired. The seventeen ITAPCO Terminal
Corporations will be merged into a wholly owned subsidiary of the Registrant.
The Offer to Purchase Stock and Certain Assets dated October 20, 1997 is
included herein as Exhibit 2.1.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
a. As of the date of this Form 8-K, it is impractical for the Registrant
to provide the financial statements for the ITAPCO Corporations,
required pursuant to Article 3 of Regulation S-X. In accordance with
Item 7.a. of Form 8-K, such financial statements will be filed by
Amendment to this Form 8-K on or before February 6, 1998.
b. As of the date of this Form 8-K, it is impractical for the Registrant
to provide the pro forma financial information required pursuant to
Article 11 of Regulation S-X. In accordance with Item 7.b. of Form 8-K,
such pro forma financial statements will be filed by Amendment to this
Form 8-K on or before February 6, 1998.
c. Exhibits
Exhibit No. Description
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2.1 Offer to Purchase Stock and Certain Assets of the ITAPCO
Corporations as listed therein and the Independent
Terminal and Pipeline Company as described therein dated
October 20, 1997, together with Exhibits A-E.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: 9 December 1997 TRANSMONTAIGNE OIL COMPANY
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By: /s/ Richard E. Gathright
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Richard E. Gathright
President
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October 20, 1997
Independent Terminal and Pipeline Company
530 Wells Fargo Drive, No. 108
Houston, TX 77090
Attention: Mr. Herman Luffman, Chairman & CEO
Re: Offer to Purchase Stock and Certain Assets
Gentlemen:
TransMontaigne Oil Company acting through its wholly owned subsidiary,
TransMontaigne Terminaling Inc. ("Buyer"), offers to purchase, as provided
below, all right, title and interest in and to all shares of stock in the
following corporations:
ITAPCO-Border Terminal, Inc., a Texas corporation
ITAPCO-Brownsville Terminal, Inc., a Texas corporation
ITAPCO-Evansville Terminal, Inc., an Indiana corporation
ITAPCO-Greater Cincinnati Terminal, Inc., a Kentucky corporation
ITAPCO-Greenville Terminal, Inc., a Mississippi corporation
ITAPCO-Henderson Terminal, Inc., a Kentucky corporation
ITAPCO-Kentuckiana Terminal, Inc., an Indiana corporation
ITAPCO-Louisville Terminal, Inc., a Kentucky corporation
ITAPCO-MidSouth Terminal, Inc., an Arkansas corporation
ITAPCO-Mississippi Terminal, Inc., a Mississippi corporation
ITAPCO-Missouri Terminal, Inc., a Missouri corporation
ITAPCO-Ohio Terminal, Inc., an Ohio corporation
ITAPCO-Owensboro Terminal, Inc., a Kentucky corporation
ITAPCO-Paducah Terminal, Inc., a Kentucky corporation
ITAPCO-Riverway Terminal, Inc., a Kentucky corporation
ITAPCO-Tejano Terminal, Inc., a Texas corporation
ITAPCO-Wisconsin Terminal, Inc., a Wisconsin corporation
(the aforesaid corporations collectively hereinafter referred to as the "ITAPCO
Corporations", and the sellers of the stock hereinafter referred to as the
"Selling Shareholders).
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 2
Buyer further offers to purchase from Independent Terminal and Pipeline Company,
a Texas Joint Venture, ("ITAPCO Venture"), the following property and property
interests:
A. All ITAPCO Venture rights, contracts, management contracts,
agreements, manuals, files, charts, plats, reports, receivables,
inventory, other assets, leases, vehicles and future revenues,
associated in any way with the ITAPCO Corporations.
B. All other ITAPCO Venture property and assets not listed in A above,
including, but not limited to, all rights to the name Independent
Terminal and Pipeline Company and ITAPCO, all offices, fixtures,
furniture, leasehold improvements, computers, software, management
contracts, operating contracts, and all other contracts and
agreements, including contracts and agreements relating to terminals
and pipelines which have non-affiliated ITAPCO ownership.
A and B above are hereinafter referred to collectively as the "ITAPCO
Assets".
"Sellers" shall refer to all persons, corporations, trusts and/or any other
entities selling, conveying or assigning any stock, assets or rights hereunder,
including the Selling Shareholders and ITAPCO Venture.
The purchase of the ITAPCO Corporations and the ITAPCO Assets shall be effective
as of November 1, 1997 (the "Effective Date").
This Offer to Purchase is made pursuant and subject to the following terms and
conditions:
1. The principal assets of each of the ITAPCO Corporations include, but are
not limited to, those items shown on Exhibit A.
The principal ITAPCO Assets include, but are not limited to, those items
shown on Exhibit B.
2. The total purchase price to be paid by Buyer for all the ITAPCO
Corporations stock and ITAPCO Assets shall be Thirty-two Million Dollars
($32,000,000) cash, less any deductions as hereinafter set forth, which
amount shall be the net purchase price. The net purchase price shall be
allocated to the ITAPCO Corporations and ITAPCO Assets as shown on Exhibit
C.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 3
Sellers direct that Buyer shall remit the net purchase price paid to
Sellers for all the ITAPCO Corporations stock and ITAPCO Assets purchased
by depositing a lump sum amount with the ITAPCO Venture which amount shall
be the net purchase price attributable to each ITAPCO Corporation and
ITAPCO Venture shown on Exhibit C. ITAPCO Venture agrees that on behalf of
the Buyer, it will timely and properly distribute such net purchase price
among the Sellers based upon their respective stock ownership shown on
Exhibit E, and shall indemnify and hold Buyer harmless with respect to such
distribution.
3. All of the stock of the ITAPCO Corporations shall be conveyed to Buyer free
and clear of any and all liabilities, liens, mortgages, debts,
restrictions, encumbrances, security interests, rights or offers of first
refusal, and all other restrictions, actual and contingent. Each of the
ITAPCO Corporations and the ITAPCO Assets to be conveyed pursuant hereto
shall be free and clear of any and all outstanding trade payables, accrued
liabilities, bank debts, shareholder loans, liens, mortgages, restrictions,
encumbrances, security interests, rights or offers of first refusal and all
other restrictions, actual and contingent, except for trade payables and
operating liabilities that arise after the Effective Date, in the ordinary
course of business, to the extent income in the ordinary course of business
is not sufficient to cover the same. If any of the aforesaid are not paid
in full on or before Closing or are not fully covered, in the aggregate, by
cash balances and trade accounts receivables owned by the ITAPCO
Corporations and/or included in the ITAPCO Assets on Closing or are not
otherwise released, removed, extinguished or waived to the satisfaction of
Buyer, and Buyer and Sellers cannot mutually agree on an adjustment to the
total purchase price, the Buyer shall have the right, but not the
obligation, to rescind this agreement.
4. To the extent that the ITAPCO Corporations and the ITAPCO Assets are
burdened by environmental obligations and liabilities, actual or
contingent, which collectively do not exceed $100,000, and are not paid in
full on or before Closing, or are not covered by cash balances and trade
accounts receivables owned by the ITAPCO Corporations and/or included in
the ITAPCO Assets at Closing, the total purchase price shall be adjusted.
If such environmental obligations and liabilities exceed $100,000, and are
not paid in full on or before Closing, or are not covered by cash balances
and trade accounts receivable balances owned by the ITAPCO Corporations
and/or included in the ITAPCO Assets at Closing, and Buyer and Seller
cannot mutually agree on an adjustment to the total purchase price, Buyer
shall have the right, but not the obligation, to rescind this agreement.
5. If (a) Buyer determines that the Combined EBITDA from the operations of
the ITAPCO Corporations and ITAPCO Venture is projected to be less than
$4.6 million for each of the twelve month periods ended December 31, 1997
and 1998 based upon operating and
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 4
financial information (the "Information") provided to Buyer by Sellers,
which information shall be made available for review by Buyer together with
all underlying data and documentation; (b) the Buyer and Seller cannot
mutually agree on the amount by which the projected $4.6 million Combined
EBITDA for each twelve month period is not achieved, and (c) the Buyer and
Seller cannot mutually agree on a reduction in the total purchase price to
reflect the Combined EBITDA deficiency; then the Buyer shall have the
right, but not the obligation, to rescind this agreement. Combined EBITDA
of the ITAPCO Corporations and ITAPCO Venture shall be defined as total
earnings before income taxes, interest expense, depreciation, amortization
and noncash charges.
6. Any obligation which the ITAPCO Corporations or ITAPCO Venture has or may
have to pay to any current employee, officer or director (a) a compensatory
bonus under any existing employee benefit program or other arrangement, or
(b) any severance payment or bonus in lieu of a severance payment as to any
such individual who Buyer and Seller mutually agree would reasonably be
expected to be terminated by Buyer within twelve (12) months from Closing,
shall be assumed and paid by the Sellers from the total purchase price to
be paid to Sellers by Buyer, and there shall be no liability, obligation,
or assumption on the part of Buyer to make such payment.
7. The assets owned by the ITAPCO Corporations and the ITAPCO Assets shall
include all related rights, title and interests, land, tools, drawings,
plats, equipment, buildings, loading racks, tanks, blending facilities,
structures, connections, lines (including connections and lines to
pipelines in the area), spare parts, related motor vehicles, regulatory
manuals, files, procedures guides, additive injection equipment, permits,
licenses, rights-of-way, easements, access agreements, leases, equipment
manuals, training materials for handling products, improvements and all
related or associated items; and all other property, equipment and supplies
of every kind and nature whatsoever located at the terminals, pipelines and
offices, and/or used in connection with the terminals, pipelines or
offices; and all future revenues associated therewith; except for those
items listed on the attached Exhibit D. All such assets are held and
accepted "as is, where is" with no representations or warranties
whatsoever, express or implied, of merchantability, fitness for a
particular purpose, condition, design, operations or capacity.
8. Title to the stock of the ITAPCO Corporations and title to all personal
property, rights and assets included in the ITAPCO Assets shall be conveyed
by appropriate Bill of Sale, stock transfer or assignment, so as to vest in
Buyer good and legal title and shall be evidenced by a title lien search
certificate issued by a reputable company, at Sellers expense, all to
Buyer's satisfaction.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 5
9. At Closing, Sellers shall deliver to Buyer in form and substance
satisfactory to Buyer, the following:
A. Stock certificate(s) representing the shares of stock conveyed to
Buyer, duly endorsed for transfer to Buyer or accompanied by a stock
power duly executed in blank;
B. If a Seller is a corporation, trust or legal entity other than a
person, a certificate dated as of the Closing date and signed by
Seller, Seller's Secretary, or Assistant Secretary (if Seller is an
entity that has a Secretary) or Seller's Trustee certifying to a stock
ledger for each corporation in which Buyer is purchasing stock,
reflecting all shareholders of each corporation and the number and
kind of each share held by each stockholder and certifying that Seller
has received all requisite approvals authorizing the execution,
delivery and performance of this agreement and the consummation of the
transactions contemplated herein, as well as certifying to the
incumbency of the officers executing this agreement on behalf of
Seller and any documents to be executed and delivered by Seller at
Closing;
C. The resignations, effective as of the Closing date, of all of the
members of the Board of Directors and all officers of the ITAPCO
Corporations;
D. If Seller is a corporation, trust or legal entity other than a person,
certificates of Good Standing of Sellers, dated within five days prior
to the Closing; and
E. All stock books, corporate minutes, Bylaws and Articles of
Incorporation of each corporation whose stock is being conveyed
pursuant hereto.
10. Sellers shall pay, pro-rata, any and all sales and/or transfer fees, taxes
and other such costs due as a result of the sale/conveyance of the stock of
the ITAPCO Corporations and the ITAPCO Assets to be conveyed pursuant
hereto.
11. ITAPCO Venture shall pay, pro-rata, as of the Effective Date, all ad
valorem taxes, assessments, other charges and assessments, and charges for
public service utilities associated with the ITAPCO Assets to be conveyed
pursuant hereto. After the Effective Date, any such items that become due
and payable shall be paid in the ordinary course of business.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 6
12. Sellers shall continue to maintain and operate all properties and assets
owned, operated and/or controlled by them in the ordinary course of
business, and continue with existing business plans, until Closing and will
use their best efforts to retain the business and goodwill of the ITAPCO
Corporations, the ITAPCO Assets and ITAPCO Venture.
13. Sellers shall not materially change, sell or encumber any asset associated
herewith, including contracts and agreements, after the acceptance hereof,
or enter into contracts to acquire material additional assets, except as
approved by Buyer in writing. The ITAPCO Corporations and ITAPCO Venture
shall not make any distributions of cash or other assets therefrom to the
Selling Shareholders, except for payments on currently existing loans from
such Selling Shareholders, between the Effective Date and Closing.
14. Sellers represent and warrant to Buyer as to each ITAPCO Corporation the
stock of which is to be conveyed to Buyer pursuant hereto, and ITAPCO
Venture represents and warrants as to the ITAPCO Assets to be conveyed to
Buyer pursuant hereto, that the following are correct and will be correct
at Closing:
A. The terminals, pipelines and businesses associated herewith are in
material compliance with all local, state, and federal laws, rules,
and regulations; that ITAPCO Venture is not aware of any pending or
threatened, asserted or unasserted, claims, assessments, lawsuits,
notices of violations, etc., directly or indirectly involving the
terminals, pipelines and associated businesses; and that all contracts
being conveyed to Buyer in association herewith, directly or
indirectly, are in full force and effect and are valid and legally
binding on the parties thereto, and enforceable in accordance with
their respective terms.
B. The corporation is duly incorporated, validly existing and in good
standing under the laws of the state of incorporation. The
corporation has all requisite corporate power and authority to own,
operate or lease the assets it owns and/or operates and to carry on
its business as presently conducted. Copies of the Certificate of
Incorporation and Bylaws of the corporation which will be promptly
provided to Buyer upon the execution of this agreement, and copies of
the corporations minutes, which will promptly be made available to
Buyer for review, are true and complete and in effect on the date of
this agreement is executed by Sellers, and will be at Closing.
C. The corporation is an S Corporation as defined under Section 1361 of
the Internal Revenue Code of 1986 and all federal income tax returns
have been filed as an S Corporation since inception.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 7
D. The shareholders, the authorized shares and the issued and outstanding
shares, of each corporation whose shares are to be conveyed pursuant
hereto are as shown on Exhibit E. Such shares of stock are validly
issued and outstanding, are fully paid and nonassessable. There are
no agreements outstanding granting any third party a preferential
right to purchase the stock and there are no outstanding
subscriptions, options, convertible securities, warrants, calls or
other securities granting liens on or rights to purchase, or otherwise
acquire, any securities of the corporation. The corporation has no
subsidiaries.
E. Selling Shareholders are the record and beneficial owners of all the
stock to be conveyed pursuant hereto, and said stock shall be conveyed
free and clear of any and all restrictions, liens, options, charges or
encumbrances.
F. To the knowledge of Sellers the execution and delivery of this
agreement and the consummation of the transactions contemplated herein
will not:
(1) conflict with or result in a breach or violation of the Articles
of Incorporation, charter, creating instrument or Bylaws of any
Seller that has a legal form of existence other than a person, or
of any corporation whose stock is to be conveyed pursuant hereto;
(2) conflict with or result in a breach or violation of, or require
any third party consent with respect to any agreement, document,
instrument, judgment, decree, order, governmental permit,
certificate, or license to which Sellers or the corporations
whose stock is being conveyed pursuant hereto, is a party or to
which either is subject or by which the assets being sold
hereunder are bound;
(3) result in the creation of any lien, charge or other encumbrance
upon the stock of the ITAPCO Corporations and ITAPCO Assets to be
conveyed pursuant hereto; or
(4) require a Seller or the corporations whose stock is to be
conveyed pursuant hereto to obtain or make any waiver, consent,
action, approval, clearance or authorization of, or registration,
declaration or filing with, any governmental department,
commission, agency or other governmental or regulatory authority
or instrumentality.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 8
G. To the knowledge of Sellers:
(1) all contracts of the corporations whose stock is to be conveyed
pursuant hereto are in full force and effect and are valid and
legally binding obligations of the parties thereto, enforceable
in accordance with their respective terms.
(2) the Sellers and the corporations whose stock is to be conveyed
pursuant hereto have not received any notification that any of
the corporations whose stock is to be conveyed pursuant hereto
are in material default or in material breach with respect to any
of their respective obligations under any contracts or
obligations.
(3) there are no asserted or unasserted proceedings, actions, claims,
suits or investigations or actions threatened before any federal,
state or other governmental court, board, agency or similar
entity or any arbitrator, involving the assets or the
corporations whose stock is to be conveyed pursuant hereto.
(4) the corporations whose stock is to be conveyed pursuant hereto
have (i) properly and timely filed or will cause to be filed with
the appropriate federal, state, and local governmental
authorities all income tax and property tax returns required by
the laws of the states in which the corporations are qualified on
the Closing date; (ii) paid all material taxes indicated as being
due and owed by either such returns or any assessment, deficiency
notice, 30-day letter, or similar notice received by it; and
(iii) made sufficient provision for all material accrued but
unpaid taxes, whether or not disputed.
(5) the corporations are not currently under examination or audit by
any income or property taxing authority, are not a party to any
pending action or proceeding by any governmental authority for
assessment or collection of taxes, and no claim for assessment or
collection of taxes has been asserted again them.
(6) no order, writ, injunction or decree has been entered and is in
effect by any court of competent jurisdiction or any governmental
or regulatory instrumentality or authority, and no statute, rule,
regulation or other requirement has been promulgated or enacted
or is in effect, that restrains, enjoins or invalidates the
transactions contemplated hereby.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 9
(7) no suit or other proceeding is pending or has been threatened by
any third party before any court or governmental agency, or
otherwise, seeking to restrain or prohibit or declare illegal, or
seeking substantial damages in or prohibit or declare illegal, or
seeking substantial damages in connection with, the transactions
contemplated by this agreement or any corporation or asset
associated herewith.
H. All appropriate parties, including spouses if applicable, have
executed and/or shall execute and/or approve and ratify this agreement
and all documents delivered pursuant hereto shall convey complete
ownership to Buyer in the stock of the ITAPCO Corporations and the
ITAPCO Assets.
15. Buyer represents and warrants to Sellers as follows:
A. Buyer is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Arkansas. Buyer has all
requisite corporate power and authority to own, operate and lease its
properties and to carry on its business as presently conducted. Buyer
is duly qualified to do business and is in good standing as a
corporation in each of the states and other jurisdictions where
applicable law and the character of its properties or the nature of
its business requires it to be so qualified.
B. Buyer has all requisite corporate power to execute and deliver this
Agreement and to perform its obligations under this Agreement.
C. Neither the execution and delivery of this Agreement, nor the
consummation of the transactions contemplated herein will:
(1) conflict with or result in a breach or violation of the Articles
of Incorporation or Bylaws of Buyer; or
(2) conflict with or result in a breach or violation of any
agreement, document, instrument, judgment, decree, order,
governmental permit, certificate or license to which Buyer is a
party or to which Buyer is subject or by which its property is
bound.
D. Buyer is acquiring the stock in the ITAPCO Corporations for its own
account, for investment and not with a view to its resale or a
distribution thereof in violation of the Securities Act of 1933, as
amended, and the rules and regulations thereunder, or a distribution
thereof in violation of any applicable state securities laws.
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 10
E. To the knowledge of Buyer, no order, writ, injunction or decree has
been entered and is in effect by any court of competent jurisdiction
or any governmental or regulatory instrumentality or authority, and no
statue, rule, regulation or other requirement has been promulgated or
enacted and is in effect, that restrains, enjoins or invalidates the
transactions contemplated hereby.
16. The Closing of this transaction, at which time Buyer shall pay the net
purchase price in cash to Sellers and Sellers shall convey and transfer
possession of and legal title to the ITAPCO Corporations stock and the
ITAPCO Assets conveyed hereunder and execute other appropriate documents
("Closing"), shall take place as soon as reasonably possible after
acceptance by Sellers, and within ten (10) days after Buyer has completed
its due diligence associated herewith at a site and time mutually agreeable
to the parties, but in no event later than December 31, 1997.
17. Risk of loss with respect to the terminals, pipelines and other assets
shall be borne by the Sellers until Closing.
18. Upon acceptance of this Offer to Purchase by ITAPCO Venture and for thirty
(30) days thereafter, Buyer shall have the right to perform such due
diligence procedures it deems necessary and appropriate with respect to all
the business operations of the ITAPCO Corporations and ITAPCO Venture.
Buyer shall endeavor to perform such due diligence procedures in a
nondisruptive manner in order to not interfere with the day-to-day business
activities of the ITAPCO Corporations and ITAPCO Venture. If Buyer cannot
complete its due diligence within such thirty (30) day period due to
matters reasonably beyond its control, such as delays in receiving
documentation, assessments, reports, etc., from Sellers or third parities,
Buyer may extend its due diligence period until such matters are received
and reviewed, but in no event beyond December 31, 1997.
19. ITAPCO Venture shall promptly provide to Buyer copies of, and/or access to,
any and all business records, books, tax returns, reports, audits, etc. as
may be requested by Buyer, including all environmental and regulatory
assessments, reports, data, notices, leakage records, etc., in its
possession or control, or reasonably obtainable by it, involving or
associated with the terminals, pipelines, businesses or assets conveyed
hereunder.
20. ITAPCO Venture shall promptly permit Buyer to perform due diligence
inspections and location visits, including physical environmental site
assessments and examinations of the terminals and pipelines associated
herewith, and testing of storage tanks, connections and pipelines to
determine that they are leak free. ITAPCO Venture shall have the right to
observe any and all on-site environmental site assessments and testing
activity, and to timely receive any and all related reports and results.
ITAPCO Venture shall provide
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INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 11
access to the terminals, pipelines and businesses associated herewith;
shall cooperate with Buyer in its due diligence inspections; and, shall
promptly supply Buyer with all plats, surveys, books, records, blueprints,
logs, cavern data, diagrams (including underground piping), instructions,
permits, licenses, assessments and notices or reports of any alleged or
possible potential litigation, violations or conditions related to the
assets, including any and all federal, state, or local statutes, laws,
ordinances, or regulations possibly affecting and/or associated with,
directly or indirectly, the ITAPCO Corporations and ITAPCO Assets,
including reports, assessments, etc. prepared by and/or on behalf of ITAPCO
Venture, Sellers or others.
21. Buyer and Sellers further agree that except to the extent otherwise
required by law, all due diligence and environmental assessments and tests
shall be confidential and not disclosed to any other party or entity. Upon
Closing, all due diligence items shall be retained by Buyer.
22. Buyer and Sellers agree that Buyer shall have the right, but not the
obligation, to rescind this agreement at any time prior to Closing, if
Buyer, in its sole judgment, determines in the course of its due diligence
inspections, reviews, assessments, testing and examinations of the ITAPCO
Corporations and ITAPCO Assets, that the same are not as have been
represented by Sellers.
23. Except as otherwise provided in Paragraph 24. below, Buyer shall be liable
for any and all debts, assessments, causes of action, claims, damages,
waste, taxes, fines, conditions, pollution, contamination, obligations,
etc., including any and all federal, state, local, and other environmental
rules, laws, regulations, requirements, claims, damages, fines, conditions,
remediation, and cleanup costs, arising from, caused by, or related to the
business of the ITAPCO Corporations or to the use or ownership of the
ITAPCO Assets after Closing, and shall indemnify and hold Sellers harmless,
as the same are incurred. This provision shall survive Closing.
24. To the extent Sellers have actual knowledge of a material problem, claim,
liability, etc., or the potential thereof, asserted or unasserted, related
to the business of the ITAPCO Corporations or to the ITAPCO Assets conveyed
hereunder, prior to Closing and fail to disclose the same to Buyer, or make
false or inaccurate representations or warranties hereunder, Sellers shall
be liable therefor and shall indemnify and hold the Buyer harmless
therefrom, as the same are incurred, including legal costs and attorneys'
fees and in-house attorneys' fees. This provision shall survive Closing.
<PAGE>
INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 12
25. On a mutually agreed date before the Closing, ITAPCO Venture and Buyer
shall jointly inventory all products located in the terminals and pipelines
associated herewith in accordance with standard industry practices. Upon
Closing, Buyer shall assume custody of and responsibility for all inventory
and operations associated therewith.
26. ITAPCO Venture shall assist the Buyer with an orderly transition of the
operations of the terminals, pipelines, contracts and businesses being
conveyed hereunder including operating procedures, customer and supplier
retention, regulatory compliance, data processing, non-operator reporting
requirements, accounting procedures and records. ITAPCO Venture shall
provide Buyer with any and all records and documents in their possession or
control which will assist Buyer in maintaining or recapturing business,
customers and throughput.
27. Buyer and Sellers each represent that they have done nothing to cause an
obligation to pay a broker or finder's fee in connection with this
transaction and shall indemnify and hold the other harmless from any claim
or liability in the event such a fee arises from any misrepresentation in
regard thereto. This provision shall survive Closing.
28. Buyer and Sellers agree that they shall endeavor to coordinate with each
other to structure this transaction in such a manner as to provide
favorable income tax and/or financial reporting results to each other,
provided that such arrangement does not cause an adverse income tax and/or
financial reporting result to either.
29. Except as provided in Paragraph 33. below, Buyer intends to offer
employment to the existing ITAPCO Corporations and ITAPCO Venture
personnel, to the extent reasonably practical. Such offers of employment
shall be at current base compensation levels, and employee benefits shall
be extended to such personnel commensurate with those benefits currently
provided to the employees of Buyer, subject to the terms, provisions,
restrictions and limitations contained in the employee policies, benefits
plans, contracts and agreements of Buyer.
30. Buyer and Sellers agree to execute before and after Closing any and all
other documents reasonable or necessary to effectuate the intent of this
agreement. This provision shall survive Closing.
31. The individuals executing this agreement represent that they have the
authority and knowledge necessary to execute and make the representations,
covenants and commitments contained in this agreement.
<PAGE>
INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 13
32. Buyer and Sellers agree that there shall be no press releases or other
announcements prior to Closing without the prior written consent of the
other, except to the extent required by applicable laws, rules or
regulations. If either determines that a press release is required or
desired, the other will be notified in writing and consulted. Buyer and
Sellers further agree to consult with each other on all press releases and
announcements issued at Closing concerning the transactions contemplated by
this agreement.
33. This agreement constitutes the entire understanding between Buyer and
Sellers with respect to this transaction and supersedes any prior
understandings, negotiations or agreements, whether written or oral,
between them; provided however, that Buyer and Mr. Herman Luffman shall
enter into a mutually satisfactory agreement under which Mr. Luffman will
provide his services to Buyer as a consultant, and will not compete
directly or indirectly with Buyer or the businesses of Buyer, for a period
of eighteen (18) months from and after Closing.
34. The rights and liabilities of the Buyer and Sellers to this agreement and
the provisions of this agreement shall be determined and construed in
accordance with the laws of the State of Arkansas, without giving effect to
the principles of conflict of laws, which would require the law of another
state to apply. This provision shall survive Closing.
35. The failure of either the Buyer or any Seller to insist in one or more
instances upon strict performance of any provision of this agreement or to
take advantage of any of its rights shall not be construed as a waiver of
any such provision or the relinquishment of any such rights for the future,
but the same shall continue and remain in full force and effect. This
provision shall survive Closing.
36. This agreement may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute but
one and the same instrument.
37. If any one or more of the provisions contained in this agreement or in any
other document delivered pursuant hereto shall, for any reason, be held to
be invalid, illegal or unenforceable in any material respect, such
invalidity, illegality or unenforceablility shall not affect any other
provision of this agreement or any other such document. This provision
shall survive Closing.
38. The acceptance of this Offer to Purchase is subject to the final approval
of the Boards of Directors of both Buyer and Sellers, and to the formal
ratification and approval of all Sellers and other joining parties, and
shall not be binding upon Buyer or Sellers until so approved and ratified.
Upon the execution hereof by Independent Terminal and Pipeline
<PAGE>
INDEPENDENT TERMINAL AND PIPELINE COMPANY
OCTOBER 20, 1997
PAGE 14
Company (ITAPCO Venture), Buyer and ITAPCO Venture shall immediately
proceed to attempt to obtain all such required approvals and ratifications.
If either Buyer or ITAPCO Venture fails to obtain such approvals and
ratifications by November 10, 1997, then the other party shall have the
right, but not the obligation, to rescind this Offer to Purchase.
This Offer shall remain outstanding until 5:00 p.m. CDT on October 24, 1997, and
may be accepted by Independent Terminal and Pipeline Company (ITAPCO Venture) in
its own behalf and on behalf of the other Sellers, subject to Paragraph 38.
above, on or before such date by giving Buyer written notification thereof.
Very truly yours,
TRANSMONTAIGNE OIL COMPANY
By: /s/ Richard E. Gathright
-------------------------
Richard E. Gathright
President and Chief Operating Officer
TRANSMONTAIGNE TERMINALING INC.
By: /s/ Richard E. Gathright
-------------------------
Richard E. Gathright
Chief Executive Officer
AGREED AND ACCEPTED:
INDEPENDENT TERMINAL AND PIPELINE COMPANY
(IN ITS OWN BEHALF AND ON BEHALF OF ALL SELLERS AS PROVIDED HEREIN)
By: /s/ Herman Luffman
-------------------
Herman Luffman
Chairman and Chief Executive Officer Date: October 20, 1997
<PAGE>
Page 1 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-BORDER TERMINAL, INC.
----------------------------
<TABLE>
<CAPTION>
TANK SIZE YEAR
NO. H. X DIA. (BBLS.) TYPE CONSTRUCT.
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 36-4 X 45 9,700 CR 1949
-----------------------------------------------------------------------------
2 36-4 X 45 9,900 CR 1949
- -----------------------------------------------------------------------------
3 40 X 42-6 9,800 CR
- -----------------------------------------------------------------------------
4 40-4 X 60 19,500 CR 1949
- -----------------------------------------------------------------------------
5 40-11 X 72 26,000 CR 1949
- -----------------------------------------------------------------------------
203 45'L x 10 595 HRZNTL 1945
- -----------------------------------------------------------------------------
204 45'L x 10 595 HRZNTL 1945
- -----------------------------------------------------------------------------
303 45'L x 10 595 HRZNTL 1945
- -----------------------------------------------------------------------------
304 45'L x 10 595 HRZNTL 1945
- -----------------------------------------------------------------------------
305 45'L x 10 595 HRZNTL 1945
- -----------------------------------------------------------------------------
Total Owned 77,875
----------
</TABLE>
Deepwater dock is owned by the Brownsville Navigation District (BND).
Two-bay, top loading truck loading facility.
Fire foam system with building.
Office building/warehouse combination.
Spill containment boom and boat to deploy.
Direct transfer loading station with pumps, hoses for truck/rail transfers.
Pumps, valves, piping and fittings to accomodate marine, rail, truck
loading and unloading.
LEASES
- ------
Real property leased from Brownsville Navigation District.
Rail spur leased from Brownsville Navigation District.
Office space leased to Unimar.
CONTRACTS
- ---------
1. Direct Transfers
----------------
a.) Alpha Owens Corning
b.) Copeq Trading
c.) Industrias Roux
d.) Helm U.S. Chemical
e.) Alcoholes Finos Nacionales
f.) Stepan
g.) Exxon USA
h.) Elf Lubricantes
i.) Conoco
j.) APISA
k.) Florachem
l.) Lea International
m.) Prime Chemical Products
n.) Trinity Chemical
2. Storage
-------
a.) Copeq
b.) Productos Quimicos Coin
c.) Quimicompestos
d.) Adams Vegetable Oil
<PAGE>
Page 2 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-BROWNSVILLE TERMINAL, INC.
---------------------------------
<TABLE>
<CAPTION>
TANK SIZE YEAR
NO. H X DIA. (BBLS.) TYPE CONSTRUCT.
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------
F-1 41 X 30 5,000 CR 1974
- -----------------------------------------------------------------------------
F-2 41 X 45 11,000 CR-H,I 1974
- -----------------------------------------------------------------------------
H-1 12-9 595 HRZNTL 1945
- -----------------------------------------------------------------------------
H-2 12-9 595 HRZNTL 1945
- -----------------------------------------------------------------------------
H-3 12-9 595 HRZNTL 1945
- -----------------------------------------------------------------------------
H-4 12-9 595 HRZNTL 1945
- -----------------------------------------------------------------------------
10 40-7 X 45 11,000 CR-H 1976
- -----------------------------------------------------------------------------
11 40-7 X 45 11,000 CR-H 1974
- -----------------------------------------------------------------------------
15 40-7 X 45 11,000 CR-H 1974
- -----------------------------------------------------------------------------
16 40-6 X 45 11,000 CR-H,DB 1974
- -----------------------------------------------------------------------------
17 34 x 46 10,000 CR-H 1949
- -----------------------------------------------------------------------------
20 40-4 X 60 20,000 CR-H 1945
- -----------------------------------------------------------------------------
21 30-4 X 60 20,000 CR-H 1945
- -----------------------------------------------------------------------------
50 30-5 X 35 5,000 CR-H 1949
- -----------------------------------------------------------------------------
51 30-6 X 35 5,000 CR-H 1949
- -----------------------------------------------------------------------------
55 30-6 X 35 5,000 CR-H 1952
- -----------------------------------------------------------------------------
70 32-6 X 40 7,000 CR 1979
- -----------------------------------------------------------------------------
1501 40-5 x 52 15,000 CR-H,I 1982
- -----------------------------------------------------------------------------
Total Owned 149,380
-----------
</TABLE>
Deepwater dock is owned by the Brownsville Navigation District (BND).
Three one-bay truck loading racks.
Direct transfer loading station with pumps, hoses for truck/rail transfers.
Pumps, valves, piping and fittings to accommodate marine, rail, truck loading
and unloading.
Rail car loading platform.
Office building, boiler house and separate warehouse.
One boiler feedwater treatment system.
One 300 H.P. steam boiler.
One 75 H.P. steam boiler.
One fixed air compressor.
LEASES
- ------
Real property leased from Brownsville Navigation District.
Pick-up truck
Trackmobile
CONTRACTS
- ---------
1. Direct Transfer
---------------
a.) Petrofin h.) Petrocel
b.) ICC Industries i.) Angus Chemical
c.) Adams Vegetable Oils, Inc. j.) DOW
d.) APISA k.) Arechiga Oil Co.
e.) Lea International l.) IRM
f.) Industrias Roux m.) Veladores Azucena
g.) Polioles
2. Storage
-------
a.) Petrofin Corp. d.) CITGO Petroleum
b.) Copeq Trading Co. e.) AKRA
c.) Lyondell-Citgo Refining
<PAGE>
Page 3 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO COMPANIES
--------------------------------------------------
ITAPCO-EVANSVILLE TERMINAL, INC.
--------------------------------
<TABLE>
<CAPTION>
TANK OLD SIZE
NO. NO. H. X DIA. (BBLS.) TYPE
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------
17-20 N1 39-11 X 60 19,600 IFR
- -------------------------------------------------------------------------
18-20 N5 40-4 X 60 19,600 BLADDER
- -------------------------------------------------------------------------
19-14 N4 42 X 50 14,600 IFR
- -------------------------------------------------------------------------
20-24 N3 42-6 X 50 14,600 CR
- -------------------------------------------------------------------------
21-20 N6 49 X 55 19,600 IFR
- -------------------------------------------------------------------------
22 NS1 29-5 X 10 500 CR
- -------------------------------------------------------------------------
24 NS3 29-5 X 10 500 CR
- -------------------------------------------------------------------------
TOTAL OWNED 89,000
----------
</TABLE>
<TABLE>
<CAPTION>
TANK OLD SIZE
NO. NO. H. X DIA. (BBLS.) TYPE
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------
1-8 S1 40-7 X 40 8,500 CR
- ----------------------------------------------------------------------
2-8 S2 40-7 X 40 8,500 CR
- ----------------------------------------------------------------------
3-8 S3 40-7 X 40 8,500 CR
- ----------------------------------------------------------------------
4-8 S4 40-7 X 40 8,500 IFR
- ----------------------------------------------------------------------
5-8 S5 40-7 X 40 8,500 CR
- ----------------------------------------------------------------------
6-4 S6 29 X 35 4,500 CR
- ----------------------------------------------------------------------
7-4 S7 29 X 35 4,500 CR
- ----------------------------------------------------------------------
8-4 S8 29 X 35 4,500 IFR
- ----------------------------------------------------------------------
9-30 S9 48 X 70 30,000 XFR
- ----------------------------------------------------------------------
10-21 S10 48 X 60 21,500 XFR
- ----------------------------------------------------------------------
11 S11 285 CR
- ----------------------------------------------------------------------
12-8 S102 29-6 X 48 9,000 XFR
- ----------------------------------------------------------------------
13-6 S103 35 X 36 6,000 XFR
- ----------------------------------------------------------------------
14-6 S104 35 X 36 6,000 XFR
- ----------------------------------------------------------------------
15-8 S105 29-6 X 48 8,500 IFR
- ----------------------------------------------------------------------
16-6 S101 35 X 36 6,000 IFR
- ----------------------------------------------------------------------
TOTAL OWNED 143,285
-----------
</TABLE>
Barge loading/unloading dock.
Two 2-bay truck loading racks.
One John Zink elevated flare.
One John Zink combustor.
Diamond Control Automation System
One office building
One office building/warehouse combination.
Gasoline IVD additive injection system/controls.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
One warehouse building.
LEASES
- ------
None
CONTRACTS
- ---------
1. Throughput
----------
a.) Mapco Petroleum d.) Shell
b.) John W. Stone Oil Distributor, Inc. e.) CITGO
c.) Amoco f.) Valero (Pending)
<PAGE>
Page 4 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-GREATER CINCINNATI TERMINAL, INC.
----------------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H. X DIA. (BBLS.) TYPE CONSTRUCTED
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------
1 48 x 68 30,000 XFR 1959
- -------------------------------------------------------------------------------
2 48 x 68 30,000 XFR 1959
- -------------------------------------------------------------------------------
3 48 x 40 10,000 XFR 1959
- -------------------------------------------------------------------------------
4 48 x 40 10,000 XFR 1959
- -------------------------------------------------------------------------------
5 48 x 40 10,000 XFR 1959
- -------------------------------------------------------------------------------
6 48 x 40 10,000 XFR 1959
- -------------------------------------------------------------------------------
7 48 x 40 10,000 XFR 1959
- -------------------------------------------------------------------------------
8 48 x 40 10,000 XFR 1959
- -------------------------------------------------------------------------------
9 48 x 40 10,000 IFR 1959
- -------------------------------------------------------------------------------
10 17-9 x 10-6 274 CR 1959
- -------------------------------------------------------------------------------
11 17-9 x 10-6 273 CR 1959
- -------------------------------------------------------------------------------
12 17-9 x 10-6 273 CR 1959
- -------------------------------------------------------------------------------
13 17-9 x 10-6 274 CR 1959
- -------------------------------------------------------------------------------
14 17-9 x 10-6 272 CR 1959
- -------------------------------------------------------------------------------
15 31-6 x 08-3 500 CR 1983
- -------------------------------------------------------------------------------
24 48 x 68 30,000 CR --
- -------------------------------------------------------------------------------
25 48 x 68 30,600 CR --
- -------------------------------------------------------------------------------
27 18 X 12 357 CR 1959
- -------------------------------------------------------------------------------
Total Owned 192,823
-----------
</TABLE>
Barge loading/unloading dock.
4.7 Mile, 6-inch pipeline from terminal to Greater Cincinnati/Northern Kentucky
International Airport.
John Zink VRU
Gasoline IVD additive injection system.
One office building/warehouse combination.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
Daniels Automation System
LEASES
- ------
First Recovery leases warehouse.
CONTRACTS
- ---------
1. Throughput
----------
a.) John W. Stone Oil Distributor, Inc.
b.) CITGO Petroleum
c.) Marathon Oil Company
1. Tank Storage
------------
a.) Greater Cincinnati Asphalt Terminal, L.L.C.
<PAGE>
Page 5 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-GREENVILLE TERMINAL, INC.
--------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------
1 30 X 50 10,000 IFR 1940
- --------------------------------------------------------------------------------
2 30 X 35 5,000 IFR 1940
- --------------------------------------------------------------------------------
3 30 X 35 5,000 CR 1940
- --------------------------------------------------------------------------------
4 24 X 35 3,000 CR 1940
- --------------------------------------------------------------------------------
5 23 X 25 2,000 CR 1940
- --------------------------------------------------------------------------------
6 30 X 33 5,000 CR 1941
- --------------------------------------------------------------------------------
7 30 X 35 5,000 CR 1941
- --------------------------------------------------------------------------------
8 40 X 52 15,000 IFR 1946
- --------------------------------------------------------------------------------
13 44 X 50 15,000 IFR 1947
- --------------------------------------------------------------------------------
14 44 X 50 15,000 IFR 1947
- --------------------------------------------------------------------------------
15 40 X 100 55,000 IFR 1954
- --------------------------------------------------------------------------------
16 40 X 67 25,000 CR 1985
- --------------------------------------------------------------------------------
Total Owned 160,000
-----------
</TABLE>
Barge loading/unloading dock.
Office/warehouse combination.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
One 2-bay truck loading rack.
Av-gas filtration system.
Diamond Control Automation System
Gasoline IVD additive injection system and controls.
LEASES
- ------
None
CONTRACTS
- ---------
1. Tank Storage
------------
a.) Phillips
b.) First Recovery
2. Throughput
----------
a.) John W. Stone Oil Distributor, Inc.
b.) Shell
c.) EOTT
d.) Valero
<PAGE>
Page 6 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-HENDERSON TERMINAL, INC.
-------------------------------
PRINCIPAL ASSETS
- ----------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------
2 26-3 X 26-3 2,100 CR GRAVER 1938
- --------------------------------------------------------------------------------
3 31-5 X 36-9 5,000 CR 1925
- --------------------------------------------------------------------------------
5 26-3 X 26-3 2,100 CR 1938
- --------------------------------------------------------------------------------
6 28-6 X 42 7,000 LIFTER 1941
- --------------------------------------------------------------------------------
7 31-3 X 47-3 10,000 CR 1925
- --------------------------------------------------------------------------------
9 37-3 X 47-3 12,000 CR 1925
- --------------------------------------------------------------------------------
10 60 X 40 20,000 CR 1926
- --------------------------------------------------------------------------------
11 60 X 47-3 25,000 CR 1926
- --------------------------------------------------------------------------------
12 46-6 X 40 12,000 CR
- --------------------------------------------------------------------------------
13 46-6 X 40 12,000 CR
- --------------------------------------------------------------------------------
14 46-6 X 40 12,000 CR
- --------------------------------------------------------------------------------
15 48 X 40 12,000 CR
- --------------------------------------------------------------------------------
16 48 X 40 12,000 CR
- --------------------------------------------------------------------------------
17 60 X 48 25,000 CR
- --------------------------------------------------------------------------------
18 48 X 40 12,000 CR
- --------------------------------------------------------------------------------
Total Owned 180,200
-----------
</TABLE>
Barge loading/unloading dock.
Office
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
Truck scales
Storage shed
4-Bay truck loading rack
CONTRACTS
- ---------
1. Tank Storage
------------
a.) PCS Nitrogen
b.) CITGO Petroleum
c.) Conoco
d.) First Recovery
1. Throughput
----------
a.) John W. Stone Oil Distributor, Inc.
<PAGE>
Page 7 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-KENTUCKIANA TERMINAL, INC.
---------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------
1 40-2 X 67 25,000 XFR 1963
- -------------------------------------------------------------------------------
1C 26-6 X 36-9 5,000 CR 1949
- -------------------------------------------------------------------------------
2 40-3 X 67 25,000 XFR 1963
- -------------------------------------------------------------------------------
3 40-3 X 67 25,000 XFR 1963
- -------------------------------------------------------------------------------
4 40-2 X 67 25,000 XFR 1963
- -------------------------------------------------------------------------------
5 40-2 X 67 25,000 XFR 1963
- -------------------------------------------------------------------------------
5C 26-5 X 36-9 5,000 CR 1949
- -------------------------------------------------------------------------------
6 40-6 X 60 18,000 IFR 1963
- -------------------------------------------------------------------------------
6C 26-5 X 36-9 5,000 CR 1949
- -------------------------------------------------------------------------------
7 32-1 X 47-3 8,000 IFR 1949
- -------------------------------------------------------------------------------
7C 26-1 X 36-9 5,000 CR 1949
- -------------------------------------------------------------------------------
8 40-4 X 42-6 10,000 IFR 1963
- -------------------------------------------------------------------------------
8C 32 X 47-3 10,000 CR 1949
- -------------------------------------------------------------------------------
9 28-11 X 42 7,000 CR 1967
- -------------------------------------------------------------------------------
10 35-10 X 35 6,000 CR 1967
- -------------------------------------------------------------------------------
11 40 X 48 12,900 * CR 1989
- -------------------------------------------------------------------------------
A 714 HRZNTL
- -------------------------------------------------------------------------------
B 714 HRZNTL
- -------------------------------------------------------------------------------
Total Owned 218,328
-----------
</TABLE>
Barge loading/unloading dock.
Office/shop combination.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
One 2-bay top loading truck rack.
One single bay top loading truck rack.
50 H.P. Steam boiler
Truck scales
Portable air compressor
LEASES
- ------
None
CONTRACTS
- ---------
1. Throughput
a.) John W. Stone Oil Distributor, Inc.
2. Tank Storage
a.) Phillips Petroleum Company
b.) B. F. Goodrich
c.) Ashland Chemical
d.) Products & Recycling
<PAGE>
Page 8 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-LOUISVILLE TERMINAL, INC.
--------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------
1 30 x 29-6 3,200 IFR 1941
- -------------------------------------------------------------------------------
2 42-2 X 30 4,500 IFR 1952
- -------------------------------------------------------------------------------
3 35 x 60 15,900 IFR 1941
- -------------------------------------------------------------------------------
4 42-2 X 40 8,700 CR 1947
- -------------------------------------------------------------------------------
5 42-2 X 40 8,700 CR 1949
- -------------------------------------------------------------------------------
6 49-10 X 70 31,700 IFR 1971
- -------------------------------------------------------------------------------
7 48-2 X 50 15,600 CR 1950
- -------------------------------------------------------------------------------
8 48-3 X 80 38,000 IFR 1958
- -------------------------------------------------------------------------------
9 126 X 10 476 HRNZTL 1982
- -------------------------------------------------------------------------------
10 96 X 8 285 HRNZTL 1979
- -------------------------------------------------------------------------------
11 126 X 10 476 HRNZTL 1982
- -------------------------------------------------------------------------------
12 48 x 80 40,000 CR 1989
- -------------------------------------------------------------------------------
Total Owned 167,537
-----------
</TABLE>
Barge dock.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
Office/warehouse combination.
One 2-bay top-load truck rack.
One single bay top-load truck rack.
LEASE
- -----
Warehouse leased to Castrol.
CONTRACTS
- ---------
1. Tank Storage
a.) CF Industries
b.) Castrol Industrial North America
c.) First Recovery
d.) Northern Star Minerals
e.) UPS
2. Throughput
a.) John W. Stone Oil Distributor, Inc.
<PAGE>
Page 9 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-MIDSOUTH TERMINAL, INC.
------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H. X DIA. (BBLS.) TYPE CONSTRUCT.
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
1501 40 x 120 80,000 IFR 1951
- ------------------------------------------------------------------------------------------
1503 40 x 120 80,000 IFR 1951
- ------------------------------------------------------------------------------------------
1504 42 x 117 80,000 IFR 1954
- ------------------------------------------------------------------------------------------
1522 56 x 110 94,000 XFR 1952
- ------------------------------------------------------------------------------------------
1523 56 x 110 94,000 XFR 1952
- ------------------------------------------------------------------------------------------
1524 56 x 110 94,000 XFR 1952
- ------------------------------------------------------------------------------------------
1525 48 x 110 80,000 XFR 1952
- ------------------------------------------------------------------------------------------
1526 48 x 110 80,000 XFR
- ------------------------------------------------------------------------------------------
1527 48 x 110 80,000 XFR
- ------------------------------------------------------------------------------------------
T-1 30 x 30 3,500 CR 1951
- ------------------------------------------------------------------------------------------
T-2 30 x 30 3,500 CR 1951
- ------------------------------------------------------------------------------------------
T-3 30 x 30 3,500 CR 1951
- ------------------------------------------------------------------------------------------
Total Owned 772,500
--------
</TABLE>
Barge dock.
Pumps, valves, piping and fittings to accommodate barge loading and unloading.
Pipeline connection to TEPPCO.
One 2-bay truck loading rack (inactive).
Office
Two warehouses.
LEASES
- ------
None
CONTRACTS
- ---------
1. Tank Storage
a.) Mapco
b.) TERRA Nitrogen
c.) PCS Nitrogen
d.) ADM Corp.
e.) Arizona Chemical
<PAGE>
Page 10 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-MISSISSIPPI TERMINAL, INC.
---------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
T-1 40X100 55,000 CR
- ------------------------------------------------------------------------------------------
T-3 40X120 80,000 CR
- ------------------------------------------------------------------------------------------
</TABLE>
Barge dock jointly owned with Delta Terminal.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
Truck scales
Warehouse/shop
Office building
LEASES
- ------
None
CONTRACTS
- ---------
1. Tank Storage
a.) TERRA Nitrogen
b.) TERRA Industries
<PAGE>
Page 11 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-MISSOURI TERMINAL, INC.
------------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------
1 48 X 80 48,500 IFR 1954
- -----------------------------------------------------------------------------------
2 48 X 50 16,800 IFR 1954
- -----------------------------------------------------------------------------------
3 48 X 48 16,800 CR 1954
- -----------------------------------------------------------------------------------
4 48 X 45 13,600 CR 1954
- -----------------------------------------------------------------------------------
5 48 X 35 8,230 IFR 1954
- -----------------------------------------------------------------------------------
6 40 X 80 35,600 XFR 1984
- -----------------------------------------------------------------------------------
7 31 X 10-6 476 CR 1988
- -----------------------------------------------------------------------------------
8 30 X 10-6 470 CR 1988
- -----------------------------------------------------------------------------------
Total Owned 140,476
--------
</TABLE>
Barge loading/unloading dock.
Office/warehouse combination.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
One 2-bay truck loading rack.
John Zink Vapor combustor.
Diamond Control Automation System
Gasoline IVD additive injection and control system.
Fire foam system.
LEASES
- ------
Property purchase installment contract with Mary Evans. ITAPCO-Missouri owns
the property.
CONTRACTS
- ---------
1. Throughput
a.) John W. Stone Oil Distributor, Inc.
b.) MFA Oil Company (diesel additive)
c.) Mapco Petroleum
d.) Valero
<PAGE>
Page 12 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-OHIO TERMINAL, INC.
--------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
1 40 X 100 55,000 CR 1956
- ------------------------------------------------------------------------------------
2 48 X 60 24,000 * CR 1977
- ------------------------------------------------------------------------------------
3 48 X 60 24,000 * CR 1977
- ------------------------------------------------------------------------------------
4 48 X 73 35,000 CR 1977
- ------------------------------------------------------------------------------------
5 40 X 52 15,000 (1) IFR 1986
- ------------------------------------------------------------------------------------
6 48 X 50 16,700 (1) IFR 1987
- ------------------------------------------------------------------------------------
7 48 X 50 16,700 (1) IFR 1990
- ------------------------------------------------------------------------------------
8 48 X 50 16,700 (1) IFR 1990
- ------------------------------------------------------------------------------------
9 48 X 40 10,740 (1) IFR 1990
- ------------------------------------------------------------------------------------
10 48 X 40 10,740 (1) IFR 1990
- ------------------------------------------------------------------------------------
Total Owned 224,580
--------
</TABLE>
Barge loading/unloading dock.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
Fire foam system.
Truck scale
Two 2-bay truck loading racks.
Five single truck loading positions.
Office/shop combination.
LEASES
- ------
None
CONTRACTS
- ---------
1. Tank Storage
a.) Exxon Chemical
b.) Ashland Chemical
c.) CF Industries
d.) First Recovery
e.) Vigoro Industries
f.) Mark II Energy
<PAGE>
Page 13 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-OWENSBORO TERMINAL, INC.
-------------------------------
Owns 50% of the following assets:
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------
3-1 36 x 25 3,166 IFR 1951
- ----------------------------------------------------------------------------------
5-3 36 x 30 4,556 CR 1951
- ----------------------------------------------------------------------------------
6-2 36 x 35 6,177 CR 1949
- ----------------------------------------------------------------------------------
11-4 35 x 48 11,306 CR 1940
- ----------------------------------------------------------------------------------
17-6 48 x 50 16,790 IFR 1972
- ----------------------------------------------------------------------------------
60-5 48 x 100 60,000 IFR 1996
- ----------------------------------------------------------------------------------
50-7 48 x 87 50,000 CR 1997
- ----------------------------------------------------------------------------------
A 29-5 x 10 500 CR
- ----------------------------------------------------------------------------------
B 10-10 x 10-3 95 HRNZTL
- ----------------------------------------------------------------------------------
C 18 x 10-6 190 HRNZTL
- ----------------------------------------------------------------------------------
Total Owned 152,780
-----------
</TABLE>
Barge loading/unloading dock.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
One 2-bay truck loading rack.
John Zink vapor combustor.
Gasoline IVD additive injection and control system.
CTI Automation System
LEASES
- ------
None
CONTRACTS
- ---------
1. Tank Storage
a.) John W. Stone Oil Distributors, Inc.
b.) Shell
c.) BP Oil Company
d.) CITGO Petroleum
e.) Mapco Petroleum
<PAGE>
Page 14 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-PADUCAH TERMINAL, INC.
-----------------------------
<TABLE>
<CAPTION>
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------
101 48 X 70 30,800 IFR 1958
- ----------------------------------------------------------------------------------
102 48 X 50 15,700 IFR 1958
- ----------------------------------------------------------------------------------
103 48 X 70 32,200 IFR 1958
- ----------------------------------------------------------------------------------
104 60 X 60 29,100 IFR 1958
- ----------------------------------------------------------------------------------
105 35 X 60 17,200 CR 1938
- ----------------------------------------------------------------------------------
106 29-4 X 48 9,100 CR 1938
- ----------------------------------------------------------------------------------
109 30 X 27 3,000 CR 1921
- ----------------------------------------------------------------------------------
110 30 X 27 3,000 CR 1921
- ----------------------------------------------------------------------------------
Total Owned 140,100
--------
</TABLE>
Office building.
Two-bay truck rack.
John Zink elevated flare.
Warehouse/shop combination.
Barge loading/unloading dock.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
Gasoline IVD additive injection and control system.
Diamond Control Systems Automation
LEASES
- ------
ITAPCO-Paducah Terminal, Inc. leases a 60,000 barrel terminal from the McCracken
County Riverport Authority.
CONTRACTS
- ---------
1. Tank Storage
------------
a.) B.F. Goodrich
b.) First Recovery
c.) Safety Kleen
2. Throughput
----------
a.) Valero
b.) CITGO
c.) BP Oil Company
d.) Amoco
e.) Shell Oil
f.) Mapco Petroleum
g.) John W. Stone Oil Distributor, Inc.
<PAGE>
Page 15 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-RIVERWAY TERMINAL, INC.
------------------------------
PRINCIPAL ASSETS
- ----------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
1 48 X 6 29,000 EFR 1948
- ------------------------------------------------------------------------------------------
2 46-5 X 48 14,000 IFR 1939
- ------------------------------------------------------------------------------------------
3 46-6 X 48 14,000 IFR 1939
- ------------------------------------------------------------------------------------------
4 35-1 X 36 6,000 IFR 1939
- ------------------------------------------------------------------------------------------
5 41-3 X 30 5,000 IFR 1939
- ------------------------------------------------------------------------------------------
6 48 X 70 30,000 EFR 1954
- ------------------------------------------------------------------------------------------
7 41-3 X 30 5,000 IFR 1939
- ------------------------------------------------------------------------------------------
8 41-3 X 30 5,000 IFR 1939
- ------------------------------------------------------------------------------------------
9 41-3 X 30 5,000 IFR 1939
- ------------------------------------------------------------------------------------------
10 46-6 X 48 15,000 CR 1939
- ------------------------------------------------------------------------------------------
11 46-6 X 48-1 15,000 CR 1939
- ------------------------------------------------------------------------------------------
12 48 X 67 30,000 CR 1972
- ------------------------------------------------------------------------------------------
40A 24 X 12 238
- ------------------------------------------------------------------------------------------
Total Owned 173,238
--------
</TABLE>
Office/warehouse combination.
Two-bay truck loading rack.
Daniels Automation Control System
John Zink VRU
Gasoline IVD additive injection and control system.
Barge loading/unloading dock.
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
LEASES
- ------
None
CONTRACTS
- ---------
1. Tank Storage
------------
a.) BF Goodrich
2. Throughput
----------
a.) John W. Stone Oil Distributor, Inc.
b.) Mapco
c.) BP
d.) CITGO
e.) Valero
<PAGE>
Page 16 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-TEJANO TERMINAL, INC.
----------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
TANK SIZE YEAR
NO. H. X DIA. (BBLS.) TYPE CONSTRUCTED
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 48 x 100 68,000 FR-DOMED 1954
- ------------------------------------------------------------------------------------------
2 48 X 50 14,800 FR-DOMED 1954
- ------------------------------------------------------------------------------------------
3 38 X 48 11,000 CR 1935
- ------------------------------------------------------------------------------------------
4 48 X 35 8,000 CR 1935
- ------------------------------------------------------------------------------------------
Total Owned 101,800
---------
</TABLE>
Deepwater dock is owned by the Brownsville Navigation District (BND).
Two-bay bottom-loading truck rack.
Fire foam system with building.
Office building/warehouse combination.
McGill VRU
Pumps, valves, piping and fittings to accommodate marine, truck loading and
unloading.
LEASES
- ------
Real property leased from Brownsville Navigation District.
CONTRACTS
- ---------
1. Throughput
----------
a.) PMI Trading, Ltd.
<PAGE>
Page 17 of 17
EXHIBIT "A" - PRINCIPAL ASSETS OF ITAPCO CORPORATIONS
-----------------------------------------------------
ITAPCO-WISCONSIN TERMINAL, INC.
-------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
TANK SIZE
NO. H X DIA. (BBLS.) TYPE CONSTRUCTED
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 56 X 72 33,300 EFR 1961
- -------------------------------------------------------------------------------------------
2 56 X 58 21,600 EFR 1961
- -------------------------------------------------------------------------------------------
3 56-8 X 58 23,800 IFR 1961
- -------------------------------------------------------------------------------------------
4 56 X 67 32,100 CR 1961
- -------------------------------------------------------------------------------------------
5 35 X 12 705 CR 1992
- -------------------------------------------------------------------------------------------
Total Owned 111,505
-------
</TABLE>
Pipeline connection to Williams Brothers Pipe Line Company.
Two-bay truck loading rack.
Office/warehouse combination.
Gasoline IVD additive injection and control system.
Daniels Automation and Control System
Pumps, valves, piping and fittings to accommodate barge and truck loading and
unloading.
LEASES
- ------
ITAPCO-Wisconsin Terminal, Inc. leases a site for the additive tank to Growmark,
Inc.
CONTRACTS
- ---------
1. Throughput
a.) Farmland
b.) Koch Refining Company
<PAGE>
Page 1 of 2
EXHIBIT B
PRINCIPAL ITAPCO VENTURE ASSETS
-------------------------------
Office Lease: Radler Enterprises Texas, Inc. and ITAPCO
Lease expires 6/30/99 - 5,635 square feet
Leased Automobiles: 1997 Lincoln Mark VIII
1997 Acura Legend
Management and Terminal Oil Group, Ltd. and ITAPCO - dated 10/1/82
Consulting Agreements: Wyoming Pipeline Company and ITAPCO - dated 7/2/87
ITAPCO-Columbus, Inc., ITAPCO-Jacksonville, Inc., ITAPCO-
Marietta Inc., ITAPCO-Parkersburg, Inc. and ITAPCO -
dated 1/15/89
Parkersburg Terminal Management Company and ITAPCO -
dated 10/17/97
ITAPCO-Border Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Brownsville Terminal, Inc. and ITAPCO - dated
1/1/96
ITAPCO-Evansville Terminal, Inc. and ITAPCO - dated
1/1/96
ITAPCO-Greater Cincinnati Terminal, Inc. and ITAPCO -
dated 1/1/96
ITAPCO-Greenville Terminal, Inc. and ITAPCO - dated
1/1/96
ITAPCO-Henderson Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Kentuckiana Terminal, Inc. and ITAPCO - dated
1/1/96
ITAPCO-Louisville Terminal, Inc. and ITAPCO - dated
1/1/96
ITAPCO-MidSouth Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Mississippi Terminal, Inc. and ITAPCO - dated
3/7/97
ITAPCO-Missouri Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Ohio Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Paducah Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Riverway Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Tejano Terminal, Inc. and ITAPCO - dated 1/1/96
ITAPCO-Wisconsin Terminal, Inc. and ITAPCO - dated
10/30/95
Office Furniture & Fixtures: 5 - typewriters
18 offices, 2 kitchens, 1 - shredder
2 file rooms, 1 supply room 1 - fax
1 - printer/fax/scanner combination
1 - TV/VCR
2 - refrigerators
1 - microwave
2 - copiers (1 owned; 1 leased)
1 - postage meter/scale (leased)
18 - telephones (leased)
6 - mobile phones
<PAGE>
Page 2 of 2
Computer hardware: 1 - Network Server
13 - personal computers
4 - lap top computers
16 - printers
Computer software: Microsoft Office - Windows 95
Act
CBT Training Package
CYMA Accounting Package
Office supplies, books, manuals, etc.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT C
-------------
Approximate Preliminary Purchase Price Allocation Schedule
----------------------------------------------------------
ITAPCO
Gross 10/31/97 Debt Net Override Net *
Terminal Allocation Bank Stockholders Allocation Fee to Stockholder
-------- -------------- ------------- ------------ ----------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
ITAPCO-Border Terminal, Inc. $ 625,275 $ 53,000 $240,000 $ 332,275 $ 29,230 $ 303,045
ITAPCO-Brownsville Terminal, Inc. 1,015,490 0 0 1,015,490 101,550 913,940
ITAPCO-Evansville Terminal, Inc. 3,133,145 0 0 3,133,145 313,315 2,819,830
ITAPCO-Greater Cincinnati Terminal, Inc. 832,100 257,000 0 575,100 47,510 527,590
ITAPCO-Greenville Terminal, Inc. 865,360 0 0 865,360 86,540 778,820
ITAPCO-Henderson Terminal, Inc. 1,557,880 0 0 1,557,880 155,790 1,402,090
ITAPCO-Kentuckiana Terminal, Inc. 1,341,725 0 0 1,341,725 134,170 1,207,555
ITAPCO-Louisville Terminal, Inc. 1,926,610 0 0 1,926,610 192,660 1,733,950
ITAPCO-MidSouth Terminal, Inc. 3,530,820 1,244,000 0 2,286,820 216,780 2,070,040
ITAPCO-Mississippi Terminal, Inc. 929,870 450,000 90,000 389,870 36,490 353,380
ITAPCO-Missouri Terminal, Inc. 3,757,900 0 0 3,757,900 357,790 3,400,110
ITAPCO-Ohio Terminal, Inc. 3,520,650 0 0 3,520,650 352,065 3,168,585
ITAPCO-Owensboro Terminal, Inc. 1,604,220 620,000 195,000 789,220 77,920 711,300
ITAPCO-Paducah Terminal, Inc. 2,510,350 0 0 2,510,350 251,035 2,259,315
ITAPCO-Riverway Terminal, Inc. 3,851,295 0 0 3,851,295 385,130 3,466,165
ITAPCO-Tejano Terminal, Inc. 400,000 184,000 200,000 16,000 0 16,000
ITAPCO-Wisconsin Terminal, Inc. 508,450 150,000 105,000 253,450 20,345 233,105
----------- ---------- -------- ----------- ---------- -----------
TOTALS: $31,911,140 $2,958,000 $830,000 $28,123,140 $2,758,320 $25,364,820
ITAPCO VENTURE ASSETS 88860
===========
TOTAL: $32,000,000
</TABLE>
* Excludes repayment of outstanding stockholder debt.
<PAGE>
EXHIBIT D-1
ITAPCO VENTURE
--------------
Excluded Assets
---------------
Cash or cash equivalents of ITAPCO Venture except to the
extent required in Paragraphs 3 and 4 of the Agreement.
Corporate books, documents, accounts, etc. of Independent
Terminal and Pipeline Company except for contracts included
in Exhibit B.
<PAGE>
EXHIBIT D-2
-----------
NON-OWNED ASSETS AT ITAPCO CORPORATION FACILITIES
-------------------------------------------------
Border - None
- ------
Brownsville - Nitrogen tanks for inerting system.
- -----------
Evansville - None
- ----------
Greater Cincinnati - None
- ------------------
Greenville - STAR gasoline additive system & tank.
- ----------
Henderson - The following property is owned by PCS:
- ---------
1. Tank 19 (25,000 bbl. aluminum, cone roof tank)
2. Tank 20 (75,000 bbl. carbon steel, cone roof tank)
3. Tank 21 (524 bbl. bullet tank)
Kentuckiana - None
- -----------
Louisville - Two-inch (2") piping connecting the Castrol warehouse with the
- ----------
Castrol-rented tank.
MidSouth - TEPPCO scraper trap on incoming 10" line.
- --------
Mississippi - TERRA amthio sulfate tank, pump, motor & piping.
- ------------
Missouri - None
- ---------
Ohio - Agway amthio-sulfate tank (705 bbls.), pump, motor, & piping.
- ----
Owensboro - None
- ---------
Paducah - Amoco gasoline system, tank.
- -------
Riverway - Nitrogen evaporator system for inerting BF Goodrich trucks.
- --------
Tejano - None
- ------
Wisconsin - None
- ---------
<PAGE>
Page 1 of 17
EXHIBIT E
ITAPCO Corporation Shareholder Information
------------------------------------------
ITAPCO-BORDER TERMINAL, INC.
----------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 86.25
Lawrence A. Rauch 86.25
Mark S. Rauch 86.25
Linda L. Sprung 86.25
Gary S. Glesby 172.5
Susan G. Glesby 172.5
Jack Wallace 10.0
Herman Luffman 180.0
Mike Blevins 80.0
John S. Jungman 40.0
</TABLE>
<PAGE>
Page 2 of 17
EXHIBIT E
ITAPCO-BROWNSVILLE TERMINAL, INC.
---------------------------------
Number of Shares Authorized 1,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gary Glesby 195
Susan Glesby 195
Linda L. Sprung 100
Lawrence A. Rauch 100
Mark S. Rauch 100
Gerald Rauch 90
Jack Wallace 10
Richard McKelvey 10
Herman Luffman 160
Mike Blevins 40
</TABLE>
<PAGE>
Page 3 of 17
EXHIBIT E
I ITAPCO-EVANSVILLE TERMINAL, INC.
----------------------------------
Number of Shares Authorized 1,000
Number of Shares Issued and Outstanding 800
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 69
Lawrence A. Rauch 69
Mark S. Rauch 69
Linda L. Sprung 69
Gary Glesby 138
Susan Glesby 138
Jack Wallace 8
Herman Luffman 160
Mike Blevins 48
John Jungman 32
</TABLE>
<PAGE>
Page 4 of 17
EXHIBIT E
ITAPCO-GREATER CINCINNATI TERMINAL, INC.
----------------------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 86.25
Linda L. Sprung 86.25
Lawrence A. Rauch 86.25
Mark S. Rauch 86.25
Gary Glesby 172.50
Susan Glesby 172.50
Jack Wallace 10.00
Herman Luffman 160.00
Mike Blevins 60.00
John Jungman 40.00
Michael A. Turchi 40.00
</TABLE>
<PAGE>
Page 5 of 17
EXHIBIT E
ITAPCO-GREENVILLE TERMINAL, INC.
--------------------------------
Number of Shares Authorized 1,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 115
Morris Glesby 115
Susan Glesby 60
Gary Glesby 60
Lawrence A. Rauch 40
Mark S. Rauch 40
Linda L. Sprung 40
Jack Wallace 10
Fred Trust 100
Sandy Trust 100
Howard Trust 66
Judy Trust 67
Suzy Trust 67
Herman Luffman 90
Mike Blevins 30
</TABLE>
<PAGE>
Page 6 of 17
EXHIBIT E
ITAPCO-HENDERSON TERMINAL, INC.
-------------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstandin 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 86.25
Linda L. Sprung 86.25
Lawrence A. Rauch 86.25
Mark S. Rauch 86.25
Gary Glesby 172.50
Susan Glesby 172.50
Jack Wallace 10.00
Herman Luffman 180.00
Mike Blevins 80.00
John Jungman 40.00
</TABLE>
<PAGE>
Page 7 of 17
EXHIBIT E
ITAPCO-KENTUCKIANA TERMINAL, INC.
---------------------------------
Number of Shares Authorized 1,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 210
Morris Glesby 220
Gary Glesby 100
Susan Glesby 100
Lawrence A. Rauch 70
Mark S. Rauch 70
Linda L. Sprung 70
Jack Wallace 10
Herman Luffman 130
Mike Blevins 20
</TABLE>
<PAGE>
Page 8 of 17
EXHIBIT E
ITAPCO-LOUISVILLE TERMINAL, INC.
--------------------------------
Number of Shares Authorized 2,000
Number of Shares Issued and Outstanding 650
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gary Glesby 126.75
Susan Glesby 126.75
Lawrence A. Rauch 65.00
Mark S. Rauch 65.00
Linda L. Sprung 65.00
Gerald Rauch 58.50
Jack Wallace 6.50
Richard McKelvey 6.50
Herman Luffman 97.50
Mike Blevins 32.50
</TABLE>
<PAGE>
Page 9 of 17
EXHIBIT E
ITAPCO-MIDSOUTH TERMINAL, INC
------------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 10,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 750
Linda L. Sprung 750
Lawrence A. Rauch 750
Mark S. Rauch 750
Gary Glesby 1,500
Susan Glesby 1,500
Jack Wallace 100
Herman Luffman 1,800
Mike Blevins 800
John Jungman 400
Mark Huff 400
Michael A. Turchi 400
Mark Helmke 100
</TABLE>
<PAGE>
Page 10 of 17
EXHIBIT E
ITAPCO-MISSISSIPPI TERMINAL, INC.
---------------------------------
Number of Shares Authorized 100,000
Number of Shares Issued and Outstanding 10,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gary Glesby, Separate Property 1,100
Susan Glesby, Single 1,100
Gerald Rauch 550
Linda L. Sprung, Single 550
Lawrence A. Rauch, Separate Property 550
Mark S. Rauch, Separate Property 550
Fred Trust 900
Sandy Trust 900
Howard Trust 600
Judy Trust 600
Suzy Trust 600
Jack Wallace 100
Herman Luffman 900
Mike Blevins 300
John Jungman 200
Michael A. Turchi 200
Mark S. Huff 200
Mark Helmke 100
</TABLE>
<PAGE>
Page 11 of 17
EXHIBIT E
ITAPCO-MISSOURI TERMINAL, INC.
------------------------------
Number of Shares Authorized 1,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gary Glesby 195
Susan Glesby 195
Lawrence A. Rauch 100
Mark S. Rauch 100
Linda L. Sprung 100
Gerald Rauch 90
Jack Wallace 10
Richard McKelvey 10
Herman Luffman 150
Mike Blevins 50
</TABLE>
<PAGE>
Page 12 of 17
EXHIBIT E
ITAPCO-OHIO TERMINAL, INC.
--------------------------
Number of Shares Authorized 750
Number of Shares Issued and Outstanding 500
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Morris Glesby 110
Gerald Rauch 60
Gary Glesby 50
Susan Glesby 50
Lawrence A. Rauch 50
Mark S. Rauch 50
Linda L. Sprung 50
Jack Wallace 5
Herman Luffman 60
Mike Blevins 15
</TABLE>
<PAGE>
Page 13 of 17
EXHIBIT E
ITAPCO-OWENSBORO TERMINAL, INC.
-------------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 10,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------------- -------------
<S> <C>
Gerald Rauch 862.5
Linda L. Sprung 862.5
Lawrence A. Rauch 862.5
Mark S. Rauch 862.5
Gary Glesby 1,725.0
Susan Glesby 1,725.0
Jack Wallace 100.0
Herman Luffman 1,600.0
Mike Blevins 600.0
John Jungman 400.0
Michael A. Turchi 400.0
</TABLE>
<PAGE>
Page 14 of 17
EXHIBIT E
ITAPCO-PADUCAH TERMINAL, INC.
-----------------------------
Number of Shares Authorized 1,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Morris Glesby 140
Gary Glesby 140
Susan Glesby 140
Gerald Rauch 120
Lawrence A. Rauch 100
Mark S. Rauch 100
Linda L. Sprung 100
Jack Wallace 10
Herman Luffman 130
Mike Blevins 20
</TABLE>
<PAGE>
Page 15 of 17
EXHIBIT E
ITAPCO-RIVERWAY TERMINAL, INC.
------------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 86.25
Linda L. Sprung 86.25
Lawrence A. Rauch 86.25
Mark S. Rauch 86.25
Gary Glesby 172.50
Susan Glesby 172.50
Jack Wallace 10.00
Herman Luffman 160.00
Mike Blevins 60.00
John Jungman 40.00
Michael A. Turchi 40.00
</TABLE>
<PAGE>
Page 16 of 17
EXHIBIT E
ITAPCO-TEJANO TERMINAL, INC.
----------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 1,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 86.25
Linda L. Sprung 86.25
Lawrence A. Rauch 86.25
Mark S. Rauch 86.25
Gary Glesby 172.50
Susan Glesby 172.50
Jack Wallace 10.00
Herman Luffman 160.00
Mike Blevins 60.00
John Jungman 40.00
Michael A. Turchi 40.00
</TABLE>
<PAGE>
Page 17 of 17
EXHIBIT E
ITAPCO-WISCONSIN TERMINAL, INC.
-------------------------------
Number of Shares Authorized 10,000
Number of Shares Issued and Outstanding 10,000
<TABLE>
<CAPTION>
Number of
STOCKHOLDERS Shares Issued
------------ -------------
<S> <C>
Gerald Rauch 862.5
Linda L. Sprung 862.5
Lawrence A. Rauch 862.5
Mark S. Rauch 862.5
Gary Glesby 1725.0
Susan Glesby 1725.0
Jack Wallace 100.0
Herman Luffman 1600.0
Mike Blevins 600.0
John Jungman 400.0
Michael A. Turchi 400.0
</TABLE>
