In support of Carter‘s broader reading, which would allow a departure from stock percentages in making distributions presumably to remedy financial improprieties by a controller, the decision cites a single case authority, In re Seneca Oil Co., an ancient appellate ruling that predates by many decades the enactment of BCL Section 1111 and, at least based on the passage quoted in Carter, doesn’t really… [read post]

— Roy Seneca, EPA, March 19, 2010 The U. [read post]