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A Reverse Morris Trust is used when a parent company has a subsidiary (sub-company) that it wants to sell in a tax-efficient manner. The parent company completes a spin-off of a subsidiary to the parent company's shareholders. Under Internal Revenue Code section 355, this could be tax-free if certain criteria are met. The former subsidiary (now ...
The company was formed by Verizon in 2009 to facilitate the planned sale of some local subsidiaries to Frontier, which was completed on July 1, 2010. The company was set up to allow for a Reverse Morris Trust merger, allowing Verizon to spin off the company to Frontier tax-free. Its primary purpose was to transfer Frontier ILEC Holdings as well ...
On November 16, 2020, Upjohn merged with Mylan in a Reverse Morris Trust transaction and changed its name to Viatris. [1] [2] At that time, Michael Goettler became chief executive officer. [6] [3] Following the combination, the company began trading on the NASDAQ using the ticker symbol VTRS. [2]
Under the terms of the Reverse Morris Trust, the company would retain the Entercom name, board of directors and base of operations, but CBS shareholders would hold 72% of its stock. [33] The company also shut down KDND in Sacramento and returned its license to the FCC, with its programming moved to sister station KUDL. The FCC had designated ...
In July 2016, LogMeIn announced in a merger with Citrix's GoTo products using a Reverse Morris Trust. [26] In February 2017, LogMeIn completed a merger with GetGo, the corporate spin-off of the GoTo product line from Citrix Systems. [27] In February 2018, the company announced the sale of Xively to Google for $50M. [28]
After his 2020 death, the company was passed to a trust led by his daughter Shari Redstone. After nearly 90 years of control by the Redstone family, in July 2024, David Ellison 's Skydance Media announced its intent to acquire National Amusements and perform an all-stock merger between it and Paramount Global.
Pamela Morris, Luis Aragon, Renato Sarmiento Jr., Victor Jose Vergel de Dios, Nicoline Amoranto Mendoza, Jose Tengco III, Oudine Santos and Herley Jesuitas. [ 69 ] In March 2008, Val Southwick of Ogden, Utah , pleaded guilty to operating an elaborate real estate investing Ponzi scheme, believed to be the largest in Utah's history, with losses ...
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