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Seventh Circuit Finds Right to Acquire Stock Held in Escrow Created a Controlling Interest Sufficient to Impose Withdrawal Liability
Practical Law Company Link to more items from this source
Aug. 5, 2014
"[T]he Seventh Circuit held that an individual's right to acquire stock in a corporation gave him a controlling interest in the corporation ... This controlling interest placed the liable corporation in a controlled group with the other corporations owned by the shareholder, for purposes of withdrawal liability ... The Seventh Circuit relied on the language of the Assignment Agreement ... [which] explicitly assigned to [the individual] the right to demand the shares is escrow." [Central States, Se. and Sw. Areas Pension Fund v. CLP Venture LLC, Nos. 13-3010, 13-3776 (7th Cir. July 29, 2014)]

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