The three-judge panel voted unanimously that the state has the authority to combine the finances of subsidiaries for the purpose of calculating a company's state tax bill.
"I have no jurisdiction over the finances of that subsidiary organization," he said.
The disclosure that a low-level employee had been used -- apparently unwittingly -- to represent a top executive indicates the lengths Parmalat went to hide the true state of its finances through a complex web of subsidiaries.
Under an earlier accounting system, the true extent of a conglomerate's debt was hard to determine, obscured by the ability of subsidiaries to finance each other's loans.
The Treasury will buy $5 billion worth of preferred equity shares in GMAC, which used to be the financing subsidiary of General Motors and is now owned jointly by G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler.
Compaq Financial Services Corporation, the wholly owned financing subsidiary of Compaq Computer Corporation, moved its headquarters from Woodbridge, N.J., to Murray Hill, N.J., yesterday.
The conduct of the study was financed by various subsidiaries of Stryker as part of verification and validation testing of the system.
A wave of class actions against the major automobile lenders, including the finance subsidiaries of General Motors and Ford Motor, has revealed the magnitude of these loan-arrangement fees.
Dealer-owned vehicles represent a third of Adesa's auction volume; the rest comes from banks and, especially, the finance subsidiaries of General Motors, Ford and Chrysler.
The analysis, which appears in The Journal of the American Medical Association, was financed by a subsidiary of Johnson & Johnson that develops and sells surgical instruments, including staplers for obesity surgery.
Over the past decade, the finance subsidiaries of the Big Three have transferred about $600m a year to their manufacturing arms, says Mr Tadross.
