After years of suing the bank Istituto Mobiliare Italiano for causing the liquidation of his chemicals company, he won a huge settlement.
The analyst even said that the extension is a positive in that the holders of the notes are continuing to work with the company on the liquidation of the underlying mortgage-backed securities, which are serving as collateral for the debt.
To eliminate any conflicts of interests, Ellison's shares have been placed in a "lockbox" or voting trust, that will eliminate Ellison's voting control over company matters "other than a change of control transaction, dissolution, sale of substantially all of the Company's assets or liquidation" as long as Ellison remains an officer or director of Oracle, according to regulatory filings.
To eliminate any conflicts of interests, Ellison's shares have been placed in a "lockbox" or voting trust, that will eliminate Ellison's voting control over company matters "other than a change of control transaction, dissolution, sale of substantially all of the Company's assets or liquidation" as long as Ellison remains an officer or director of Oracle (nasdaq: ORCL - news - people ), according to regulatory filings.
He even called on Congress to consider new ways to assist the orderly unwinding of a big securities company (the way the FDIC handles the liquidation of a bank, for example), urging it to work with the Treasury Department on ideas.
One provision of the Act, Title II, creates an Orderly Liquidation Panel charged with determining if a company on the brink of collapse can be placed into receivership under the Federal Deposit Insurance Corporation (FDIC).
According to an article in Modern Healthcare (subscription required) the first company to begin liquidation as a result of the law appears to be MedCath.
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But still, the company is selling for less than the probable liquidation value of those boats.
Investors, who have been paying too much attention to Hostess Brands the maker of Twinkies that strives to avoid liquidation, have probably missed a doughnut company that reported strong Q4 results on Tuesday, Krispy Kreme Doughnuts, Inc. (NYSE:KKD).
This was a day before the company had to reach a decision on liquidation, as it was almost out of cash.
However, tangible book value per share is a good measure of liquidation value, or the amount that shareholders can reasonably expect to receive should the company go under.
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Most of its 70 staff were made redundant on Monday and the company was put into provisional liquidation the next day.
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Daw Mill staff fear if UK Coal went into voluntary liquidation, workers could receive state payouts instead of enhanced benefits if they were not transferred over to a new company.
Furthermore, the notion that they have the security of a debt instrument is usually a fallacy rarely is there any liquidation value when an early-stage company fails.
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