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For example, Section 160 of the Delaware General Corporation Law prohibits a corporation from purchasing its shares of capital stock when the purchase “would cause any impairment of the capital of the corporation”;4 its organizational documents, including its certificate of incorporation and bylaws; any agreements that may restrict or limit its ability to repurchase its securities. [read post]
21 Mar 2022, 11:24 am by Kevin LaCroix
In January of this year, when the Delaware Chancery Court sustained the Delaware state court direct action filed against the directors and officers of the SPAC that had acquired MultiPlan Corp., I speculated that the Court’s ruling would encourage other disgruntled SPAC investors to bring similar Delaware direct actions against SPAC management. [read post]
14 Mar 2022, 1:59 pm by Kevin LaCroix
As I noted in a prior post (here), Delaware’s legislature recently enacted a new legislation to permit Delaware corporations to put captive insurance in place as an alternative to traditional D&O insurance. [read post]
13 Mar 2022, 9:44 am by Kevin LaCroix
  The Tyche Action commenced in April 2021 when 180 Life Sciences filed a complaint against Tyche Capital III. [read post]
16 Feb 2022, 8:29 am by IncNow
One reason to use the term Member is that Delaware law uses this term. [read post]
14 Feb 2022, 4:44 am by Franklin C. McRoberts
The Business Venture Plaintiff Quattro Parent LLC (“Quattro”) was a closely-held Delaware LLC comprised of a handful of investment funds, including one affiliated with George Soros (“Soros”), which invested in a startup venture to build a wireless broadband network in São Paulo, Brazil. [read post]
Regardless, the amendment is another example of Delaware clarifying its broad protections afforded to directors and officers at Delaware corporations, which is one of many reasons companies incorporate in Delaware and why Delaware is viewed as a leader in sophisticated and current corporate laws to enforce those protections. [read post]
18 Jan 2022, 1:55 am by Kevin Kaufman
(d) Illinois’ rate includes two separate corporate income taxes, one at a 7% rate and one at a 2.5% rate. [read post]
13 Jan 2022, 1:55 am by Kevin Kaufman
Forgoing tax revenue in the short term affords businesses the opportunity to prioritize human and physical capital investment. [read post]
12 Jan 2022, 10:09 am by Francis Pileggi
This post was prepared by Frank Reynolds, who has been following Delaware corporate law, and writing about it for various legal publications, for over 30 years. [read post]
10 Jan 2022, 4:24 am by Peter J. Sluka
On the one hand, contemplated litigation is a proper purpose justifying broad access to a corporation’s books and records. [read post]
7 Jan 2022, 3:00 am by Jim Sedor
PAC Giving Continues to Give Some Companies Pause MSN – Kate Ackley (Roll Call) | Published: 1/5/2022 After the violent attack on the Capitol one year ago, dozens of corporate PACs made the unusual move of turning off their political donations. [read post]
3 Jan 2022, 12:58 am by Peter Mahler
” The court also emphasized that “crucially, on one issue, plaintiff and defendants agree: [the corporation] has unpaid creditors” and that “as such, there may be creditors with claims superior to plaintiff which precludes direct recovery by plaintiff. [read post]
30 Dec 2021, 4:22 am by The White Law Group
  For example, if one of the TIC owners has a life altering event occur they can’t just liquidate their interests. [read post]
29 Dec 2021, 2:27 pm by Holly Brezee
Generally speaking, if the business will be capital intensive and require significant amounts of money to be raised from institutional investors like venture capital firms, then it is usually appropriate to form a Delaware corporation. [read post]
16 Dec 2021, 10:30 am by The White Law Group
, (formerly American Realty Capital Hospitality Trust) a non-traded REIT that owns a portfolio of hotel properties, filed for Chapter 11 bankruptcy in Delaware to restructure its $1.3 billion unsecured debt. [read post]
30 Nov 2021, 1:42 pm by Mark Ashton
Young people forget two important financial considerations on their way to the Altar. [read post]
16 Nov 2021, 6:08 am by John Jascob
Reviewing years of Delaware Chancery precedent, the court explained, “The Delaware authorities addressing efforts to revive defunct entities for use as blank check companies reflect a consistent Delaware public policy against allowing capital-markets entrepreneurs to deploy Delaware law to bypass the federal securities laws that govern stock offerings. [read post]