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Business Organizations Keyed to Allen
Schreiber v. Carney
Citation:447 A.2d 17 (Del. Ch. 1982).
Jet Capital owned 35% of Texas International’s common stock. Texas International was interested in merging with Texas Air, at which point, Texas International would become its wholly-owned subsidiary. However, Jet Capital’s owners, Carney and Lorenzo, threatened to veto the merger unless Jet Capital received a below-market rate loan from Texas International. A special independent committee was formed by Texas International to review the propriety of the merger and a loan agreement with Jet Capital. It was determined that the merger was a prudent business decision and a loan of $3,335,000 at 5% interest was negotiated with Jet Capital in exchange for its votes of approval.
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