"Given the total absence of any type of law enforcement and rule of law in the area, there is elephant meat all over the place, " he told the Associated Press.
If the IRS follows the same rule for event-type CVRs, the issuer recognizes no gain or loss on the CVR issuance, the repurchase of the CVR, or the lapse of the CVR, but a target shareholder generally must recognize an immediate capital gain or loss taking into consideration the fair market value of the CVRs received on the date of distribution.
Many were dressed in period costumes and some carried replica firearms of the type smuggled into the northern part of Ireland to oppose Home Rule at that time.
An SEC rule requires private firms with 500 or more shareholders of record in a given type of stock to publish quarterly accounts and audited financial statements.
The Court specifically declined to rule on this issue in Gabelli where the SEC did not assert that the defendant had engaged in any type of a cover up.