Matt Levine wrote about this recently: https://www.bloomberg.com/view/articles/2017-01-11/insider-trading-and-theoretical-indexes https://www.bloomberg.com/view

Matt Levine wrote about this recently: https://www.bloomberg.com/view/articles/2017-01-11/insider-trading-and-theoretical-indexes https://www.bloomberg.com/view/articles/2017-01-11/insider-t... Your listed two conditions leave stock buy backs and mergers as ways money could still be returned to share holders without voting rights.