We “usually” hate corporate governance structures where there is unequal voting rights accorded to different share classes. And we are wary of “control” situations where X Party actually through a 51% ownership position or practically through say 30% ownership, a hand-picked board and/or moral suasion can make things happen that may or may not coincide with the self-interest of the others.

This is a weirdly hot topic in corporate cases and this is a nice summary of the 50-page decision (below) which is not as dry as you may think.

We are involved in two current instances of relevancy: Liberty Trip Advisor/Trip Advisor(LTRPA) and Global Indemnity (GBLI) and we would note Paramount Global where we are not involved. All have/had “interesting” plans that were publicly announced which may involve third parties and may involve some questions about the structures of potential conflict between control owners and the unwashed minority shareholders.  We shall see.