Both of you are bitches because now, I can't stop thinking about the equity structure of Stark Industries, and how this might actually work.
WARNING. LEGAL GEEKERY AHEAD. IGNORE. IGNORE. IGNORE. OF NO INTEREST TO ANYBODY BUT ME.
I mean, OK. That's what Obediah has to be out for, even more than the life insurance and inheriting Pepper as his PA. XD He wants Tony's control of Stark Industries, and we know that Stark Industries is publicly traded, which means that for Tony probably has some kind of super-majority of the voting stock. Enough so that if he wanted to, he could make Butterfingers to the Board.
As far as my feeble brain goes, there're two general ways Obediah thinks he can get his hands on those shares if Tony dies -- straight-up inheritance through Tony's will (because he does have a will, and Pepper is probably going to get enough money to keep her in cabana boys and heels for the rest of her life, but the rest of it is going to Obie), but you'd get a bitchin' tax consequences, and both Tony and Howard would have hired better lawyers than that.
My best guess: for tax purposes, Howard, while alive, probably put his interest in Stark Industries in some kind of trust "for Tony" or "for the family." He controls it while he's alive as the trustee, with a provision that when he kicks the bucket, trusted family friend Obediah will watch over the trust with the obligation of furthering Tony's interests. Hah. Howard kicks the bucket; for two glorious years, Obediah is the successor trustee, but then, the lawyers give him a nasty shock when they explain that when Tony hits twenty-one, voting control transfers over to him. Which he does, essentially yanking the company out from under Obie.
But. Since the shares remain fundamentally in the trust, if Tony dies, there isn't anybody to exercise the rights, and they go back to the trustee.
There'd definitely be shenangans with holding and shell companies named ludicrously funny things. PLus, if it's purely "for the family," then if Tony dies, the trust might cease to have a purpose. But there's gotta be a way around it, and yeah, it's gotta work something like that.
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branchandroot
Re: second time through = golden. i'm thinking about going time #3.
Date: 2008-05-29 09:27 pm (UTC)WARNING. LEGAL GEEKERY AHEAD. IGNORE. IGNORE. IGNORE. OF NO INTEREST TO ANYBODY BUT ME.
I mean, OK. That's what Obediah has to be out for, even more than the life insurance and inheriting Pepper as his PA. XD He wants Tony's control of Stark Industries, and we know that Stark Industries is publicly traded, which means that for Tony probably has some kind of super-majority of the voting stock. Enough so that if he wanted to, he could make Butterfingers to the Board.
As far as my feeble brain goes, there're two general ways Obediah thinks he can get his hands on those shares if Tony dies -- straight-up inheritance through Tony's will (because he does have a will, and Pepper is probably going to get enough money to keep her in cabana boys and heels for the rest of her life, but the rest of it is going to Obie), but you'd get a bitchin' tax consequences, and both Tony and Howard would have hired better lawyers than that.
My best guess: for tax purposes, Howard, while alive, probably put his interest in Stark Industries in some kind of trust "for Tony" or "for the family." He controls it while he's alive as the trustee, with a provision that when he kicks the bucket, trusted family friend Obediah will watch over the trust with the obligation of furthering Tony's interests. Hah. Howard kicks the bucket; for two glorious years, Obediah is the successor trustee, but then, the lawyers give him a nasty shock when they explain that when Tony hits twenty-one, voting control transfers over to him. Which he does, essentially yanking the company out from under Obie.
But. Since the shares remain fundamentally in the trust, if Tony dies, there isn't anybody to exercise the rights, and they go back to the trustee.
There'd definitely be shenangans with holding and shell companies named ludicrously funny things. PLus, if it's purely "for the family," then if Tony dies, the trust might cease to have a purpose. But there's gotta be a way around it, and yeah, it's gotta work something like that.
NOW TO TRY AND NOT GET FIRED.