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Business Organizations Keyed to Allen
Kamin v. American Express Co.
Citation:383 N.Y.S, 2d 807 (1976).
In 1972, Amex acquired 1,954,418 shares of common stock in Donaldson, Lufken and Jenrette, Inc. (DLJ) at a cost of $29.9 million. As of 1975, the market value of the stock was only $4 million. On July 28, 1975, Amex’ directors declared a special dividend to all stockholders distributing shares of DLJ. Plaintiffs alleged that this decision was inappropriate and sale of DLJ on the market, while generating a loss of $25 million, would be offset against taxable capital gains on other investments resulting in tax savings for Amex.
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