Explain was the court correct in rendering given decision

Assignment Help Business Law and Ethics
Reference no: EM131389571

Olympic National Agencies was organized with an authorized capitalization of preferred stock and common stock. The articles of incorporation provided for a 7 percent annual dividend for the preferred stock. The articles further stated that the preferred stock would be given priority interests in the corporation's assets up to the par value of the stock.

After some years, the shareholders voted to dissolve Olympic. Olympic's assets greatly exceeded its liabilities. The liquidating trustee petitioned the court for instructions on the respective rights of the shareholders in the assets of the corporation upon dissolution.

The court ordered the trustee to distribute the corporate assets remaining after the preference of the preferred stock is satisfied to the common and preferred stockholders on a pro rata basis. Was the court correct in rendering this decision? Explain.

Reference no: EM131389571

Questions Cloud

Prepare dale trading account profit and loss account : Dale has been in business for some years. The following is his trial balances at October 31, 2015. Prepare Dale's Trading Account, Profit and Loss Account for the year Oct. 31, 2015 and a Balance Sheet as of that date
How about test pilots of new airplane designs : Engineering codes of ethics require engineers to protect the safety and health of the public in the course of their duties. Do the astronauts count as "the public" in this context? How about test pilots of new airplane designs?
Elaborate your definition of production operation management : BUS599- Elaborate your own definition of production operations management, including manufacturing and service operations. Then, assess the implication of technology in your definition.
Developing challenge for businesses to upgrade : There is a quickly developing challenge for businesses to upgrade their effectiveness in marketing in the digital world from manufacturing to healthcare, to government and everyone else. What do you think needs to happen? How can government help? ..
Explain was the court correct in rendering given decision : The court ordered the trustee to distribute the corporate assets remaining after the preference of the preferred stock is satisfied to the common and preferred stockholders on a pro rata basis. Was the court correct in rendering this decision? Exp..
What are ethical implications of this type of investigation : Boisjoly accused Thiokol and NASA of intentionally downplaying the problems with the O-rings while looking for other causes of the accident. If true, what are the ethical implications of this type of investigation?
What are the rights of smith and jones : Certificate number fifty for twenty-five shares was issued to William Jones. Is there any question concerning the validity of any of the stock thus issued? What are the rights of Smith and Jones?
Useful for b2b marketing : Name five social media web sites that you believe would be useful for B2B marketing? Include in your response why you feel each would be useful?
What business purpose would this query support : Give a realistic example of an application that would use embedded SQL. Do not repeat an example from the textbook or one that has been posted by another student.· Explain one reliability or security issue that could arise if the applicat..

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Legal environment of business caselet

The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..

  Business ethics & legal issues caselet

This assignment is about the concept of Business Ethics & Legal Issues. The laws relating to these can be found in Antitrust laws. These laws are concerned with those large corporations which have a majority of market share, mergers and acquisitions.

  Questions on business law and ethics

Examples of securities that are exempted from the registration provisions of the 1933 Act and involving misstatement of material facts in a prospectus.

  Discuss the doctrine of ratification of pre-incorporation

With the aid of a decided cases, discuss the doctrine of ratification of pre-incorporation contract.

  Discuss the extent of phoenixing activity

It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on individuals.

  Application of law to facts

Company Law, Application of Law to Facts and Conclusion.

  Question on business law and ethics

This assignment related to business law.

  Questions on business law

Answer all the questions under business law.

  Iidentify the issue raised by the facts

Iidentify the issue(s) raised by the facts, identify the relevant legal principles, apply the relevant legal principles to the facts, reach a conclusion.

  Evaluation of software development

Prepare a report and present an evaluation of the subsequent methodologies for software development in terms of cost, resources and time.

  Business value and ethics

Business value and ethics,  Bart agrees to put Sam's Super Bowl champion-ship autographed football in his sports store to sell for $1,500. Sam agrees to pay Bart a 15% commission for selling the ball. If Joe comes in the sports store and offers Bart ..

  Explain what is meant by income by ordinary concepts

Advise what tax consequences arise in respect of the payments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd