Please answer in 3-4 direct sentences.

FOLLOW THIS FORMAT:

Whether Watters can or cannot be held personally liable. The reason why he can or cannot be held liable. The legal theory that supports why he can or cannot be held personally liable.

Case 9.9 Piercing the Corporate Veil M.R. Watters was the majority share. holder of several closely held corporations, including Wildhorn Ranch, Inc. (Wildhorn). All of these businesses were run out of Watters's home in Rocky Ford, Colorado. Wildhorn operated a resort called the Wildhorn Ranch Resort in Teller County, Colorado. Although Watters claimed that the ranch was owned by the corporation, the deed for the property listed Watters as the owner. Watters paid little attention to corporate formalities, holding corporate meetings at his house, never taking minutes of those meetings, and paying the debts of one cor- poration with the assets of another. During August 1986, two guests of Wildhorn Ranch Resort drowned while operating a paddleboat at the ranch. The family of the deceased guests sued for damages. Can Watters be held personally liable? Geringer v. Wildhorn Ranch, Inc., 706 F. Supp. 1442 (D. Colo. 1988)