Ervin Burrell said:
Great episode. Can we get into the weeds on how exactly their mother screwed them? Found this on Reddit:
Quote:
I can sort of guess as to what this involved.
The agreement/settlement was probably between Logan and Caroline, where Caroline receives X shares in the holding company. The children also received X shares each as consideration flowing from the agreement, but they were not party to the agreement. Like you probably had already guessed, these shares are fully vested interests (or more likely held in trust for tax purposes) and can't be changed after the fact unless the kids themselves actually agrees.
However, ancillary to the settlement is probably an additional clause binding Logan to not relinquish ownership/control of the holding company without supermajority assent. However, the children are not party to this agreement (they only receive consideration from it). So as long as parties to the agreement - Logan and Caroline - both agree to remove this ancillary clause that prevents Logan from relinquishing ownership, the clause can be struck.
Also, we can assume Peter got something too as he stated he was happy on the call?
i have spent too much time this morning looking into this as well. pretty fascinating how much people have been able to put together online, but after all that i've looked at, here's what i've seen:
the kids' interests are definitely in a trust. we saw that on the term sheet handed to kendall.
rather than an agreement, they referenced the supermajority was in the holding company bylaws. instead of actually amending the bylaws to remove the requirement, i'm wondering if caroline either agreed to support and vote with logan or if she just sold him enough shares that he held the supermajority.
doing some rough math, it seems ken owns about 2.5%. assuming the kids are all situated the same, that'd be 10% collectively.
we also know the family owns 36%. adding caroline's 3% to the kids would mean logan holds/controls 23%, which is just under a 2/3 supermajority of the family's share.