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Summaries and analysis of recent Delaware court decisions concerning business-related litigation.
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Court Of Chancery Explains Conversion Cap
Posted In Corporate Charters
ION Geophysical Corporation v. Fletcher International Ltd., C.A. No. 5050-VCP (November 5, 2010)
This decision explains how a 'conversion cap' works to prevent the holders of convertible securities from converting those securities to common stock. These provisions thereby avoid running afoul of the SEC rules on registering ownership of stock.
Tags: Corporate Charters
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