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There Are Five Seats on the Board of Directors of Atlas

question 19

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There are five seats on the board of directors of Atlas Corp.up for election.The firm has 120,000 shares of stock outstanding and uses cumulative voting.Each share is granted one vote per open seat.How many shares must you control if you want to guarantee your election to the board assuming no one else votes for you?

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Definitions:

Repayment-plan Bankruptcy

A bankruptcy procedure that involves restructuring a debtor's payment obligations to pay off debts over time, under court supervision.

U.S. Trustee

A government official who performs administrative tasks that a bankruptcy judge would otherwise have to perform.

Petition

A formal written request, often signed by several individuals, appealing to authority with respect to a particular cause.

Cram-down Provision

A legal mechanism in bankruptcy proceedings allowing a court to approve a reorganization plan over the objections of some creditors.

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