Who was injured on the baked chameleon board

Assignment Help Business Law and Ethics

Reference no: EM133192522

Case: Mario Bonsetti and Rico Sanchez incorporated Gnarly Vulcan Gear, Inc. (GVG), to manufacture windsurfing equipment. Bonsetti owned 60 percent of the corporation's stock, and Sanchez owned 40 percent. Both men served on the board of directors. Hula Boards, Inc., owned solely by Mai Jin Li, made a public offer to buy GVG stock. Hula offered 30 percent more than the market price per share for the stock, and Bonsetti and Sanchez each sold 20 percent of their stock to Hula. Jin Li became the third member of the GVG board of directors. An irreconcilable dispute soon arose between Bonsetti and Sanchez over design modifications of their popular Baked Chameleon board. Despite Bonsetti's dissent, Sanchez and Jin Li voted to merge GVG with Hula Boards under the latter name, Gnarly Vulcan Gear was dissolved, and production of the Baked Chameleon ceased. Using the information presented in the chapter, answer the following questions.

Question 1: What rights does Bonsetti have (in most states) as a minority shareholder dissenting to the merger of GVG and Hula Boards?

Question 2: Could the parties have used a short-form merger procedure in this situation? Why or why not?

Question 3: What is the term used for Hula's offer to purchase GVG stock?

Question 4: Suppose that after the merger, a person who was injured on the Baked Chameleon board sued Hula (the surviving corporation). Can Hula be held liable for the injury? Why or why not

Reference no: EM133192522

Questions Cloud

What are the four major sociological theories : What are the four major sociological theories? Which theory do you think is most relevant to your life and the lives of those in your community? Why?

What is the doctrine of promissory estoppel : Louisiana State University - What is the doctrine of promissory estoppel and how is it used and In the following scenario, should Green Oak Stores be held

Evaluating the effectiveness of a training program : Capella University-Analyze and report on the article. Be sure you complete the following: Article named "Evaluating the effectiveness of a training program

Calculate your ecological footprint : Calculate your ecological footprint, take a screen shot of the Summary (with # of Earths) and Facts and Figures (with pie chart, consumption category and gha),

Who was injured on the baked chameleon board : Despite Bonsetti's dissent, Sanchez and Jin Li voted to merge GVG with Hula Boards under the latter name, Gnarly Vulcan Gear was dissolved, and production

Outline the contributions of ernest rutherford : Rutherford made many contributions to research into radioactivity and the nature of an atom. Outline his contributions.

Organizational theory for dissemination and implementation : Capella University-Community Collaboration: Practices of Effective Collaboration as Reported by Three Urban Faith-Based Social Service Programs by Robin K. Roge

Analyze whether jack has a negligence claim : Analyze whether Jack has a negligence claim against Client A - Identify any potential defenses that Client A may raise in response to Jack's negligence claim

Why biogeochemical cycles important in environmental science : Why is an understanding of biogeochemical cycles important in environmental science? Explain your answer, using two examples.

User Account

All Pages