City co investing liquidating trust realistic conflict in interracial dating

An investor whose objective is to purchase a home five years from now, may have these a portfolio of stocks and bonds designed with the intention to liquidate in five years.

The cash proceeds would then be used to make a down payment for a home.

This is Am Base's second bite at the litigation apple, its first bite having been taken in an action filed in the Delaware Chancery Court, see Am Base Corp. And defendant-appellee Lester Mantell has served as a Trustee of the Trust since its creation, had been a senior City officer before the Am Base spin-off, and served in several officer positions (including Treasurer and Chief Financial Officer) at Am Base from prior to 1985 until December 1996.

The relevant detail of this transaction was that City distributed the outstanding shares of Am Base to City's common stockholders.

The financial advisor would keep that five year deadline in mind when selecting investments likely to appreciate and protect the capital for the investor.

While businesses can liquidate assets to free up cash even in the absence of financial hardship, asset liquidation in the business world is mostly done as part of a bankruptcy procedure.

When a company fails to repay its creditors due to financial hardship and prolonged losses in its operations, a bankruptcy court may order a compulsory liquidation of the business assets if the company is found to be insolvent.

Our sole business objective is to orderly dispose of the assets assigned to us by New York REIT. In 1985, as part of its dissolution and liquidation, City consummated a transaction pursuant to which it distributed out its assets and liabilities.While at Am Base, Mantell (a tax attorney) had significant responsibility for Am Base's tax matters. The Assignment of Certain Liabilities From City to Am Base Pursuant to an August 1985 Assignment Agreement, Am Base assumed certain liabilities of City in consideration for City's payment of 8,767,000 and the unwinding of certain debits and credits relating to intercorporate transactions.Before: WALKER, Chief Judge, and OAKES and MINER, Circuit Judges. Kravitz, Wiggin & Dana LLP, New Haven, CT (Victor A. One of City's wholly-owned subsidiaries was the Home Group, Inc., which changed its name to Am Base in 1989. At the same time, the Trust was formed to, “among other things, assume all of the claims, liabilities, and obligations” of City that were “not otherwise provided for.” The Trust was initially funded with assets having an aggregate estimated value of approximately 0 million.Bolden, Wiggin & Dana, LLP, New Haven, CT, Philip Halpern, Collier, Halpern, Newberg, Nolletti & Bock, LLP, White Plains, NY, on the briefs), for Plaintiff-Appellant. Dodyk, Cravath, Swaine & Moore, New York, NY, for Defendants-Appellees. Am Base owned several operating subsidiaries, including the Home Insurance Company, and in the mid 1980s held assets in excess of billion. City's shareholders were the beneficiaries of the Trust and received ownership units in it.

Leave a Reply