distribution of property and corporate takeover
31â€“2. Distribution of Property. Montoro petitioned himself into voluntary bankruptcy. There were three major claims against his estate. One was made by Carlton, a friend who held Montoroâ€™s negotiable promissory note for $2,500. Another was made by Elmer, Montoroâ€™s employee, who claimed that Montoro owed him three monthsâ€™ back wages of $4,500. The last major claim was made by the United Bank of the Rockies on an unsecured loan of $5,000. In addi- tion, Dietrich, an accountant retained by the trustee, was owed $500, and property taxes of $1,000 were owed to Rock County. Montoroâ€™s nonexempt property was liquidated, with proceeds of $5,000. Discuss fully what amount each party will receive, and why.
41â€“3. Corporate Takeover. Alitech Corp. is a small midwestern business that owns a valuable patent. Alitech has approximately a thousand shareholders with 100,000 authorized and outstanding shares. Block Corp. would like to have the use of the patent, but Alitech refuses to give Block a license. Block has tried to acquire Alitech by purchasing Alitechâ€™s assets, but Alitechâ€™s board of directors has refused to approve the acquisition. Alitechâ€™s shares are selling for $5 per share. Discuss how Block Corp. might proceed to gain the control and use of Alitechâ€™s patent.
Should be 100 words per case.