3 ms·
Just curious: could ownership of the art be gifted to a company, and then ownership of the company itself could be sold? Where specifically would this run afoul
by Pyxl101 7y ago
Just curious: could ownership of the art be gifted to a company, and then ownership of the company itself could be sold? Where specifically would this run afoul of the law? Curious to know.
- batmenace 7y agoIm guessing since the art would be on the company's balance sheet as an asset, a sale of the company would include the sale/ transfer if its assets, thus breaching the law saying the birds cannot be sold.
- Pyxl101 7y agoSo does this mean that companies could possess toxic poison pill assets that make it illegal for anyone to buy the company? That seems wrong. Maybe a nice way to prevent a hostile takeover?
- Qwertystop 7y agoOnly if they could somehow gain access to things which are illegal to buy, without buying them. So even if this works, that would mean the only companies that could use that to prevent hostile takeovers are the ones where someone involved in the company happens to already own an unsellable thing by grandfather clause.
- gamblor956 7y agoNo, it could not be gifted to a company as that transfer of ownership would be legally invalid. The children only had ownership due to a special dispensation granted to their ancestors (not them) and the dispensation didn't include the right to transfer ownership to others.