Bondholders not group triggering parachute
Ltr. Rul. 9442010 stated that the absence of collective action among bondholders to acquire majority of a subsidiary means that there was no change in control of the company for excess parachute payment purposes. After a regulatory restructuring of the company, the bondholders became holders of over half of the company and over 20% of the voting power in less than a year, and a large part of the directoral board was taken over by directors who did not receive approval from the original board. Although these satisfy the conditions set in Prop. Reg. 1.280G-1, Q&A-27 and Q&A-28, the IRS ruled that there is no change of control for purposes of parachute payment for two reasons. The first justification is that the bondholders did not act as a group in the gaining control of the corporation. The second basis is that the takeover of new directors came at a time when there were unrelated resignations.
Publication Name: Taxation for Accountants
A mirror held to humanity
Photojournalist Cornell Capa seeks to show images of people living their lives: how they behave, where they live, and the relationships they share. Capa has received and will be getting additional awards for his excellence as a photojournalist. These have included the 1994 Graphis-Agfa Lifetime Achievement Award and the 1995 Leadership Award from the National Assn of Photographic Manufacturers. He created the International Center of Photography in 1974, to establish a focal point for concerned photography.
Publication Name: Graphis
Subject: Publishing industry
The Emerson, con brio
The spirited and dramatic style of the Emerson Quartet have made the string quartet the most celebrated in the world. Profiles are presented of its four members: Eugene Drucker, Lawrence Dutton, Philip Setzer and David Finckel.
Publication Name: The New York Times Magazine
Subject: General interest