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But at least that new class of stockholders will be better off than the bank's shareholders before the overhaul and bailout — some 118,000 individuals, who had invested in the country's biggest bank either directly or through retirement funds.
This decision created a new class of stockholders that would now have preference on a portion of BoA's future cash flows.
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As it happens, I know a bit about this subject -- in 17 years as a lawyer, I first brought class-actions on behalf of stockholders against corporations and, later, defended such suits.
The proposal was approved by a majority of stockholders of both Class A and Class B shares, as required.
The prospectus for the Class A shares stated that: NRG was a controlling stockholder; Yield was highly dependent on NRG NRGG had the right to appoint all of Yield's directors and to cause the company to take actions even if its interests conflicted with those of the Class A stockholders; and NRG intended to maintain its controlling interest in Yield.
There is also a third suit pending on behalf of all creditors, as well as a class-action suit brought on behalf of stockholders.
Only about 12.7 percent of Google's Class A stockholders — other than Mr. Brin, Mr. Page and other Google directors and employees — voted in support of issuing the Class C stock.
Ms. Scardino will serve in the class of directors whose term expires at the annual meeting of stockholders to be held in 2014.
At each annual meeting of the stockholders of the Corporation, the successors to the class of Directors whose term expires at that meeting shall be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election.
Holders of Class B stock will elect 10 members, and the additional members are to be elected by the Class A stockholders.
This issue of stockholders didn't exist.
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CEO of Professional Science Editing for Scientists @ prosciediting.com