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WON Liddell Motors, Inc. is an alter ego of Liddell & Co. Accordingly, the mere fact that Liddell & Co. and Liddell
Motors, Inc. are corporations owned and controlled by Frank Liddell
RULING:
directly or indirectly is not by itself sufficient to justify the disregard
YES. Liddell Motors, Inc. is an alter ego of Liddell & Co. of the separate corporate identity of one from the other.
Liddell & Co. is wholly owned by Frank Liddell. As of the time of its
organization, 98% of the capital stock belonged to Frank Liddell. The
20% paid-up subscription with which the company began its
business was paid by him. The subsequent subscriptions to the
capital stock were made by him and paid with his own money.
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RULING: