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Fascinating "golden share"
Fascinating "golden share" decision! So if this financially distressed debtor convenes a directors meeting, lays out why a filing is necessary in furtherance of fiduciary duty by the directors, and the lender approved director says "no", what happens then? Lawsuit against the independent director? So the failure to file results in loss of an asset/assets thru foreclosure to the lender that approved the independent director where there is arguably value beyond the debt. I suspect (but don't know) that this lender approved director has indemnification from the lender…. (and if so, one has to wonder whether this lender starts looking more like a control person insider).
What about an involuntary bankruptcy, such as you would do for a general partnership where not all general partners consent to the filing?
Tom
Third paragraph: "The
Third paragraph: "The agreement provided that the board could not make major decisions like filing bankruptcy without the unanimous consent of the directors, including the independent director."
Last line: "Note: The debtor is appealing the dismissal."
Did the board consent to the appeal of the decision that there was a lack of consent? :)