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Wouldn’t firing the TCF (or any key staffing decision) require a board vote at this stage? Not to mention potentially being a breach of the NTF’s duty of loyalt
by theptip 6y ago
Wouldn’t firing the TCF (or any key staffing decision) require a board vote at this stage? Not to mention potentially being a breach of the NTF’s duty of loyalty to the shareholders if they don’t have a good business reason for firing them? In other words the NTF would need to have the investor on board to make that move.
IANAL so interested to know how folks with more experience have seen this fact pattern play out.
- irjustin 6y agoThe grandparent comment stated this. The TCF needs to make a case directly to the investor to show their worth and tell their side of the story. It's not explicit this was done, so it's assumed it wasn't. If the TCF hasn't spoken to the investor directly, it's relatively easy to assume the investor will vote in the NTF's direction. Lots of assumptions, but we don't have that much to go on.