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Exact(12)
Mr. Simon contends that the Taubman family was issued the special stock -- Series B shares -- that cost only $38,400 but gave it blocking rights to any takeover.
In addition, the deal often includes blocking rights or disproportional voting rights over key decisions, including the sale of the company or the timing of an IPO.
What went unsaid was that the Taubmans were issued special stock -- Series B shares -- that cost them a total of only $38,400 but effectively gave them blocking rights for any takeover.
Although AOL Time Warner owns more than 60percentt of Road Runner, it has not been consolidating those losses on its earnings statement because Advance/Newhouse, though it owns only a small stake, has blocking rights on management issues, so AOL Time Warner does not effectively control the venture.
German fears that Britain would secure special blocking rights over financial regulations also turned out to be unfounded; a "red card" requiring as much as 55% support from parliaments across the bloc is a threat the German government appears happy to live with.
With equity often investors want "blocking rights on a sale or future finaning" that they often don't get in a convertible debt deal.
Similar(48)
But he finally got his blocking right and they pulled off the scene, one small step for pocket-size television.
"I think it is inappropriate for us to have a blocking right on the sale of a company," he says.
The most sensitive of these veto rights is the one granting the venture investors a blocking right on a sale of the company.
Sun block, get your sun block right here!
Unpromoted Tory MPs complain that Lib Dems bagged their ministerial posts and blocked right-wing policies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com