Mario Bonsetti and Rico Sanchez incorporated Gnarly Vulcan Gear, Inc.

Mario Bonsetti and Rico Sanchez incorporated Gnarly Vulcan Gear, Inc.

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.

  1. What rights does Bonsetti have (in most states) as a minority shareholder dissenting to the merger of GVG and Hula Boards?
  2. Could the parties have used a short-form merger procedure in this situation? Why or why not?
  3. What is the term used for Hula’s offer to purchase GVG stock?
  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

1-***Debate This:Corporate law should be changed to prohibit management from using most of the legal methods currently used to fight takeover

***The 4 questions are not required to be responded. The most important part is to read the above statement in boldface, take a position whether you agree or not and have 3 arguments supporting your position. Please take a look on the attachment because the debate has to be based on chapter (CH 35)***

2- ***The attached picture is a debate from a classmate. Pease read his debate and write a reply in a few statements to him. 100 words 

Please remember the below:

Quote

The goal is to develop your critical thinking and analytical skills. I do not want you just to say because it is unfair or simply repeat the law. The answer cannot be because the statute says so. I want you to EVALUATE it. What are the public policy reasons behind your answer? Why this specific proposition is or is not a beneficial, efficient, or positive position to take? I want to see 3 arguments supporting your answer. You do not have to answer the questions. You MUST DEBATE the prompt.

Unquote

Answer preview to Mario Bonsetti and Rico Sanchez incorporated Gnarly Vulcan Gear, Inc.

Mario Bonsetti and Rico Sanchez incorporated Gnarly Vulcan Gear, Inc.

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