At bottom, it appears that the court simply felt it needed to tread lightly where a contrary decision would leave the owner without any remedy for what were undoubtedly significant financial losses incurred, especially where, as here, reasonable liquidated damages had been set forth in the parties' agreement.
For owners, the Hunts Point decision acknowledges and confirms the legitimacy of the powerful liquidated damages remedy, while at the same time prescribing boundaries for this remedy (i.
A clear and substantial relationship would also be difficult to support if the company is liquidated immediately following the contribution of built-in loss property.
If the liquidated corporation meets the definition of a collapsible corporation, any shareholder gain will be consdered ordinary income.
In Downey, the Tax Court ruled that the ADEA's liquidated
damages serve both a compensatory and punitive function.
Second, the liquidated
damages were paid "on account of" the personal injury because they were intended to compensate the victim for that injury.
The total increase in the accrual is primarily for the Company's estimate of additional liquidated
damages and interest.
338 does not require the target to be liquidated
If the Fund had been liquidated
as of August 31, 2001, each shareholder would have received approximately $18.
The sole purpose of the Trust will be to hold, conserve and protect its assets until they can be liquidated
ILM I Lease Corporation today announced that on June 15, 2001, upon a motion for judicial dissolution brought by it, a Virginia Circuit Court residing in Fairfax County, Virginia granted such motion and ordered that ILM I Lease Corporation immediately be liquidated
, dissolved and its affairs wound up, all pursuant to the Virginia Stock Corporation Act.
The funding of cost overruns will come from liquidated
damages and internal sources.