You decide week 6 The stock should not be purchase by Mr. Jones. Mr. Jones acquiring the assets, liabilities and also would inherit the contractual obligations of the selling corporation, would, be the results of the purchase. In lay terms, he has bought the existing Smithon Corporation and he is responsible of ensuring daily operations run efficiently but the tax aspect of acquisition he is responsible for existing and any future tax liabilities that the selling corporation had. It would be my advice for Mr. Jones to not buy the stock because of the liability of current and future tax obligations which Mr. Jones would incur from the purchase of the stock. Since the tax identity of Smithon corporation would have not ceased, it is not
Issue: Are the ordinances written by the Westerly Town council constitutional under the First and Fourteenth Amendments? Holding: No, the ordinances as written are unconstitutional under the First and Fourteenth Amendments. Reasoning: Under the rule of law presented in Lakewood, 486 U.S. at 770, 108 S.Ct. at 1243-44, the standards must be explicitly set out in the ordinance itself, a judicial construction or a well-established practice. Disposition: It is ordered that the defendants are enjoined from conducting a show case hearing, revoking the plaintiffs’ license pursuant to these ordinances.
Executive Summary Kenneth Jones, the president of Viscotech, has a handful of regulatory issues to resolve before moving any further with operations. Ideally, the company would have considered SEC regulations before raising the $976,000 in December 1997 from 34 investors through the MIFT pool. Most importantly, Viscotech was desperate for money, so they did not notify the SEC, and accepted money for securities offered under Regulation A, which had not been finalized by the SEC staff. Viscotech advertised the MIFT as a trust, when it appears to be a contract to buy securities at a future date, but we argue that the security vehicle is exempt under Regulation A (see Exhibit 1) for the following reasons. Under the Securities Act of 1933, the MIFT does not automatically fall into the category of exempt securities, so the company must still file a offering statement with the SEC to avoid penalties.
January 2005 – Solo notified Trigen of disputes after being dissatisfied that savings were not being realized. 3/21/05 – Solo filed a demand for arbitration seeking recission of the Energy Services Agreement and compensatory damages plus attorney’s fees, costs and interest. The claims were based on allegations of fraud, misrepresentation, promissory estoppel, unjust enrichment, and breach of contract. March 2005 – Solo offered to settle for $3,106,972. 4/11/05 – Trigen filed an answer and counterclaim seeking an
Explain. [Bannister v. Bemis Co. , 556 F.3d 882 (8th Cir.2009)] Case brief: Bemis Co, breached the covenant not to compete, the breach was material. Bannister could not accept employment with a Bemis competitor, but Bemis was to pay Bannister his salary. There was no term for a partial release. Bemis “released” Bannister to seek employment with one exception—Mondi Packaging.
If the lease contract gives Royal the option to buy the machine at the end of four years, then both parties must report the transaction as a capital lease 28. Danville Corporation buys a truck for $52,000 and leases it to Viceroy for 8 years. At the end of that time, Viceroy can buy the truck for $7,000 in cash. Which of the following is not true? 1.
Professor …, You asked me to research whether Jettison Manufacturing can reclassify the short-term debt into long-term debt before preparing year 2’s financial statements. Given my understanding of Jettison Manufacturing financial situation, I assume that the National Bank let the company not to repay the debt within six months. As the company has been able to correct the debt agreement violation and restore the current ratio to 2:2:1, which is acceptable to National, it can not to repay the debt yearly. The company has already reclassified the long-term debt into a short one, and now it wants to reclassify the debt again from the current liability to a long-term one. The key words of the search are “liabilities” and “debt”.
Under ASC 420-10-25-12, a liability for costs to terminate a contract should be recognized when the entity terminates the contract in accordance with the contract terms. For example, a liability exists when an entity gives written notice to counterparty within the notification period or has otherwise negotiated a termination with the counterparty. We have already negotiated termination with the counterparty on the date of press release, and therefore, will have to account for the termination of the lease fee as of December 31, 2011. Upon terminating the lease, we will still incur costs until the cease-use date is arrived on January 31, 2012. The cease-use date is defined as the date an entity ceases the right to use
(Any other use constitutes fraud.) Invoices proving purchase of sufficient stock within the past 90 days to cover coupons presented for redemption must be shown upon request. Mail to: CMS Dep’t 74999, Rug Doctor, 1 Fawcett Drive, Del Rio, TX 78840. Cash value .001¢. Void where taxed or restricted.
Applied Business Law Individual Work Week 10 Linda Baker Everest University Online June 22, 2012 Instructor Antonia Asterino Insurable Interest The insurable interest must exist when the policy was purchased and at the time of the loss. (1) If you would sustain a loss financially from the property’s destruction, then you have insurable interest. (2) Interstate Distribution Corporation bought Eagle Sales Company and put insurance on the property. Interstate had possession of the property when the policy was taken out. Eagle Sales Company did not have any insurable interest in the property.