For this court to find that a subsidiary asset sale requires a parent company-level stockholder vote would, International argues, foist upon Delaware corporations a judicial statute that our General Assembly could have adopted, but chose not to.
LONDON — Would you rather own a share of British bank Barclays whose value has fallen 12% over the year and 40% over the past five years or of its subsidiary asset manager BGI, which BlackRock agreed to buy on Friday for $13.5 billion, 30 times the initial price Barclays paid for it in 1995?
We argue that in countries where enterprise liability is weaker, corporations have a greater incentive to incorporate their units as legally independent subsidiaries (asset partitioning), while also granting these units more decision-making autonomy.
Shortly thereafter, the parties amended the loan documents to suspend, temporarily, compliance with certain financial covenants in return for the granting of liens on all of the Exide foreign subsidiaries' assets and capital stock (the "Second Amendment").
Moreover, they had good cause to hoard their own cash, because they feared that they might have to rescue their own troubled conduits, or bring their subsidiaries' assets back on to their balance sheets.Just as central banks had a hand in the events that led up to the crisis, so they have been intimately involved in clearing up the mess.
A variant on the Union Carbide Disappearance gambit would involve selling one or more subsidiaries' assets, but leaving the current corporate structure in place.
Equifax and its IXI subsidiary collect asset data from over 95 financial institutions and then use it to model household portfolio sizes down to what is known in the industry as the "ZIP-plus-four" level, a micro-neighborhood that may include as few as seven homes.
Its Hong Kong-listed subsidiary, Polytec Asset, invests in energy projects, Macau real estate and one of the largest ice-storage businesses in Hong Kong.
As part of this closing, Kabbage is forming a new subsidiary,Kabbage Asset Securitization, to issue the notes in four classes.
By July 19, the project was in legal limbo due to a lawsuit between MGM and Halcyon subsidiary T Asset.
International wants me to hold that a parent company board may unilaterally direct and control a process by which its indirect, wholly owned subsidiary sells assets that would, if held directly by the parent, possibly comprise substantially all of the parent's assets and by which the sale proceeds under a contract that the parent corporation itself negotiates, signs, and fully guarantees.
