Call Number:

01

Repository:

Old York Road Historical Society

Extent:

2.9 linear feet

Language:

English

Date:

1946-1986 (inclusive)

Creator:

Jordan, Robert N.

Abstract:

Robert N. Jordan formed the Jaytee Corporation in December 1946 and transferred title to properties he owned to the new real estate holding company. The Jaytee Corporation mostly dealt with industrial properties in and around Philadelphia, Pennsylvania, and ended when Jordan retired. The Robert N. Jordan real estate records, 1946-1986, consist mostly of sales records and advertising data, with settlement agreements, insurance records, and property fact-sheets.

"When Robert N. Jordan began the purposeful acquisition of industrial and warehouse properties for management and investment, he initially did it through the frequent use of a straw man. Along the way, however, he determined that the same freedom from personal liability that he needed could be achieved through the use of a corporation -- the classic tool for limiting personal liability. In December 1946 he formed the Jaytee Corporation under the Pennsylvania Business Corporation Law and transferred title to the properties he owned through straws to the new corporation, which was solely a real estate holding company. Thereafter, any properties Jordan purchased as business investments were titled to the Jaytee Corporation.

"Jordan owned all of the stock in the corporation, although for a period of years his holding was transferred to a revocable trust, the trustees of which were his wife and sons, with Jordan himself retaining the right of revocation and thus ultimate ownership. The members of the board of directors were relatives who were close to him. Two or three of these relatives usually served as the officers of the Jaytee Corporation; Jordan himself only occasionally served as an officer. Though there were seldom actual meetings of the board of directors, the corporate minute book showed annual meetings of the board, as required by law, by unanimous written consent of the directors, and shareholder meetings through unanimous written consent of the shareholders, as is customary throughout Pennsylvania for closely-held corporations.

"Other documents evidence the filing of corporate stock taxes with the Commonwealth, as well as various dealings and negotiations with officials in Harrisburg over these filings. Because the transactions in which the Jaytee Corporation were involved are relatively few, there were often years when no significant tax filings were required, although this non-filing generally seemed to provoke queries from Harrisburg, queries usually answered by the corporation's attorney, along with the necessary affidavit to satisfy the state.

"As Robert Jordan neared retirement, he curtailed sharply his participation in real estate brokering on commission and devoted most of his business time to managing the properties owned by the Jaytee Corporation. As he entered his eighties, he eventually sold off the investment properties owned by the corporation (at that age, the management responsibilities, which he took very seriously, had become burdensome), and after the last of the properties was gone, the last of the corporate taxes settled, an "out-of-existence" form was filed with the Corporation's Bureau of the Pennsylvania Department of State. The corporate life of Jaytee Corporation had reached its end."

Bibliography:

"Jaytee Corporation." Old York Road Historical Society: Robert N. Jordan Real Estate records. Box 3: Jaytee Corporation Basic Documents and Miscellany.

The Robert N. Jordan Real Estate records consist mostly of sales records and advertising data, with settlement agreements, insurance records, and property fact-sheets. Of special interest is a volume containing Jaytee Corporation Articles of Incorporation and meeting minutes, 1946-1967.

Boxes 1-1, 1-2, and 1-3 contain Group 1: Robert N. Jordan Industrial Real Estate: Properties owned, managed, and/or sold in Philadelphia.

Boxes 2-1, 2-2, and 2-3 contain Group 2: Robert N. Jordan Industrial Real Estate: Properties owned, managed, and/or sold in Philadelphia (and very few outside Philadelphia) and advertising data.

Box 3: Jaytee Corporation Basic Documents and Miscellany.