September 23, 2012 |
Question: What happens if no one runs for the board and we can't get anyone to serve? Does the state take over? Who if anyone puts us in receivership? How do those actions affect all of us titleholders? Answer: Although common interest developments are state-created entities in law, the state has no interest in taking over their operations. There is no state agency that would initiate a "takeover" of a privately owned common interest development with a homeowners association. When there are no directors to serve on the board, there may be two alternatives.
April 4, 2012 |
Yahoo Inc.'s decision to slash 14% of its workers is the biggest restructuring in the company's history, an analyst said. About 2,000 workers will be laid off, the Sunnyvale, Calif., company said Wednesday. It expects to record a pretax expense of $125 million to $145 million, most of which will come in the second quarter. "It may be the only way CEO [Scott] Thompson can effectively focus on the next generation of Yahoo," Think Equity analyst Ronald Josey said in an research note.
February 7, 2012 |
Yahoo will forge its future without Chairman Roy Bostock and three other board members, the struggling Internet company said. Bostock announced the departures Tuesday in a letter to shareholders, describing the moves as part of Yahoo's turnaround efforts. "The board has concluded that in order to accelerate the Company's transformation, the combination of a new Chief Executive Officer with an enhanced team of independent directors would provide Yahoo with the expertise and perspectives necessary to drive innovation and growth going forward," Bostock said in the letter.
August 6, 2011 |
The furor over Rupert Murdoch's management of News Corp. continues to reverberate. The mogul's daughter, Elisabeth Murdoch, had been scheduled to join her father and two brothers on the board of News Corp. after selling her British television production company to News Corp. this year. However, the company said Friday that those plans — announced in March by Rupert Murdoch, chairman and chief executive of the media conglomerate — had been put on hold. "Elisabeth Murdoch suggested to the independent directors some weeks ago that she felt it would be inappropriate to include her nomination to the board of News Corp.
May 20, 2009 |
A federal court has approved distributing $843 million to investors in American International Group Inc., the Securities and Exchange Commission said. The distribution was ordered after the SEC alleged accounting fraud at AIG, saying the insurance giant falsified finance statements from at least 2000 until 2005. A federal judge authorized a fund to help compensate investors in June 2007. The money includes $700 million in AIG profits from the period and an additional $100 million in penalties.
August 19, 2008 |
Corporate directors often are accused of being pushovers. But in the case of Union Bank, the directors pushed back at a lowball takeover offer from the Japanese corporate parent -- and won a hefty premium for shareholders. UnionBanCal Corp., the San Francisco-based holding company for Union Bank of California, agreed Monday to a $73.50-a-share buyout from Mitsubishi UFJ Financial Group. That was 27% more than the $58-a-share offer Mitsubishi made in April, and nearly 17% above the revised bid of $63 a share that the Japanese firm made last Tuesday.