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Bondholders not group triggering parachute

Article Abstract:

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.

Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1995
Taxation, Cases, Golden parachutes, Bondholders

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A mirror held to humanity

Article Abstract:

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.

Author: Whelan, Richard
Publisher: Graphis US Inc.
Publication Name: Graphis
Subject: Publishing industry
ISSN: 0017-3452
Year: 1995
Photographic studios, portrait, Photographic Services, Photography Studios, Portrait, Interview, Photographic industry, Works, News photographers, Photojournalists, Capa, Cornell

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The Emerson, con brio

Article Abstract:

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.

Author: Michener, Charles
Publisher: The New York Times Company
Publication Name: The New York Times Magazine
Subject: General interest
ISSN: 0028-7822
Year: 1993
Criticism and interpretation, Drucker, Eugene, Dutton, Lawrence, Setzer, Philip, Finckel, David, Emerson Quartet

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