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Topic: Minority interests

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	[No title]
		That is, multimember districts tend to dilute minority representation, thereby diluting substantive representation, or the policy interests of the electorate (Richardson and Cooper 2003; Gerber, Morton, and Rietz 1998; Lublin 1997; Moncrief and Thompson 1992; Jewell 1982).
		For example, if a minority nonwhite candidate is running against two majority white candidates in a “straight voting” double-member district, then a majority of voters are likely to split their vote between the two white candidates, leaving the minority candidate to finish third and without a legislative seat (Gerber et al 1998).
		Further, given the predominance of court rulings regarding the dilution of minority vote strength among southern states, I expect the positive relationship between the proportion of Democrats in a chamber and a state’s generosity factor to be somewhat mitigated by the inclusion of southern states.
	www.fsu.edu /~statepol/conferences/2004/Papers/Larimer.doc (3186 words)

	Minority interest - Wikipedia, the free encyclopedia
		Minority interest in business is ownership of a company that is less than 50% of outstanding shares.
		Revenue and expense from "minority interests" are sometimes reported on the income statement of the owning company.
		In the latter case, it is used to refer to the share of a company's profits (and assets) that belong to other shareholders in partially owned subsidiaries.
	en.wikipedia.org /wiki/Minority_interest (106 words)

	Business Law Today: Slicing it up
		The majority owner selling these minority interests may be motivated by many reasons, such as: the desire to obtain new capital, incentivize, reward or put "golden handcuffs" on employees, strive for family harmony, obtain estate planning goals and reap the emotional feeling of power or largesse.
		Minority owners seeking to challenge a majority owner’s conduct may be entitled to carefully scrutinize all contracts, agreements and other arrangements between the business and suppliers, customers, consultants and other businesses owned or operated by the majority.
		Minority owners are well aware that their ownership interest in the business may be heavily discounted because of a variety of factors, including the minority position, illiquidity of the interests and restrictions on transferability.
	www.abanet.org /buslaw/blt/9-2slicing.html (3425 words)

	Minority Interests
		If necessary, in cases where minority has been unfairly treated in violation of the law, the avenue to approach an appropriate body for protecting their interests and those of the company should be provided for.
		Once the principle of protection of “Minority Interest” is recognized in the Act, there would also be a need to put in place an appropriate mechanism for ensuring that such provisions relating to “Minority Interest” do not obstruct the Board or the management from performing their functions genuinely in interests of the company.
		Minority, represented by specified number of members or members holding requisite percentage of equity capital are entitled to approach Courts/Tribunals for protection of their interests.
	www.mca.gov.in /MinistryWebsite/dca/latestnews/reportonexpertcommitte/chapter6.html (1676 words)

	Part II Minority Interest
		Having arrived at the value of a 100% controlling interest, (sometimes referred to as base or “enterprise” value), the value of a fractional interest is examined, which may or may not possess control.
		Minority interest holders have little or no ability to force partitioning or sale of property and may resort to a court ordered action to gain liquidity.
		The minority discount is also recognized because the holder of a minority interest lacks control over corporate policy, cannot direct the payment of dividends, and cannot compel a liquidation of corporate assets.
	www.allisonappraisals.com /minority_interest_2.htm (6201 words)

	Philip Saunders Associates - Business Valuation, Litigation Support - Control Premiums And Minority Discounts*
		However, the minority shareholder in a private company is not generally able to control his or her own destiny, and the value of the minority shareholding is discounted.
		Although not a perfect fit, minority interests in real estate are comparable to minority interests in corporations in the sense that they share similar problems of lack of control and illiquidity.
		In minority buyout cases the courts have not tried to determine "market value" or "fair market value" of a minority interest but rather "fair value," which is usually only broadly defined in the statutes.
	www.philipsaunders.com /control.htm (2721 words)

	Minority interests in certain REITs and conversion of a loan into a debt security in a debt restructuring - real estate ... (Site not responding. Last check: 2007-10-08)
		Questions have been raised about whether the sponsor's minority interest should be displayed as a minority interest or as one of two classes of ownership interests reflected in shareholder's equity.
		Some believe that the sponsor's minority interest should be calculated after reflecting the proceeds of the REIT's purchase because the operating partnership had been 100% owned by the sponsor before the purchase of the majority interest.
		The EITF reached a consensus that the sponsor's interest in the operating partnership should be reported as a minority interest in the REIT's consolidated financial statements.
	www.findarticles.com /p/articles/mi_m6280/is_n2_179/ai_16521731 (868 words)

	Press kit: Issues - Multi-ethnic States and the Protection of Minority Rights - World Conference Against Racism
		The Swedish-speaking Finns are the largest minority in Finland at 5.71 per cent of the population.
		It includes a list of rights that minorities are entitled to, including the right to enjoy their own culture without interference, and the right to participate effectively in decisions at the national level, among others.
		It serves as the focal point of the United Nations in the field of minority protection and is the main forum for constructive dialogue on the treatment of minorities by Governments.
	www.un.org /WCAR/e-kit/minority.htm (2782 words)

	CCH Business Owner's Toolkit \| Partial Interests in Business
		Since tax consequences are so important whenever business interests are transferred, and since the IRS tends to examine minority interest values very closely because of the opportunity for abuse, we strongly suggest that you use the IRS's rules in deciding the discounted price.
		Majority interests, when sold or given away, are typically valued at more than their pro rata share of the company's value.
		For example, a majority interest of 75 percent of the stock might actually be worth 90 percent of the total value of the company.
	www.toolkit.cch.com /text/P11_2260.asp (621 words)

	Boston Review \| The Tyranny of the Majority, by Lani Guinier (review)
		If public policy does not promote those interests -- because there is high unemployment, low income, bad health, and unsafe neighborhoods -- it concludes that minorities are being denied the right to a fair chance to have their interests served.
		Instead of asking whether minority interests were being effectively promoted, it asked whether the representatives actually chosen were "representative" of the minority groups.
		The self-interested majority worries that the minority may attract defectors from the majority and become the next governing majority." Over her term, the winning candidate is going to have to cast votes in the legislature on scores of issues: health care, crime policy, road-building, the budget.
	www.bostonreview.net /BR19.3/tushnet.html (3586 words)

	Family Limited Partnership - When To Use (Site not responding. Last check: 2007-10-08)
		For example, interests in a partnership's real estate may be given to recipients through simple assignments of partnership interests instead of separate deeds of specific properties that must be recorded.
		Finally, LP interest values may be discounted when compared to the value of the underlying property because limited partners cannot control the partnership--they are minority interests--and the interests are not readily marketable.
		Accordingly, the IRS held that the interests in the FLP, which were purchased by the children from a marital and a living trust--the children were trustees--for a minor amount of cash and a 30-year note were to be treated as direct interests in the FLP's real estate and marketable securities.
	www.pro1040.com /flp_when_to_use.htm (2907 words)

	The CPA Journal
		The IRS has traditionally taken the position that when interests in properties, stocks, or partnerships are held in a QTIP or other revocable trust and the trust beneficiary owns similar interests in her own name, the two interests should be aggregated when valued.
		The undivided interests held by the trust along with the undivided interests held outright by Bonner were all included in his taxable estate.
		The use of fractional interest discounts in valuing fractional undivided interests has been consistently upheld in the courts for situations such as the Bonner estate, particularly where the sum of all fractional interests in property are less than the whole.
	www.nysscpa.org /cpajournal/2001/0400/dept/d045801.htm (1038 words)

	Fair Representation for Racial Minorities
		In reality, minority voters would once again become submerged in white majority districts, and we would turn the clock back to a time when we had virtually all-white legislatures.
		So while this effort to save current minority districts is an important short-term tactic, and while it may work in some cases, it is difficult to be optimistic about the long-term success of this approach.
		In the long run, proportional representation may be the only politically and constitutionally viable solution to the problem of minority representation in the U.S. PR would allow minorities a fair chance to elect their own candidates without resorting to the kind of race-based districting that has provoked the recent legal backlash.
	www.mtholyoke.edu /acad/polit/damy/articles/minority.htm (872 words)

	MPI - Business Valuation Reports
		Significantly, this may be the first time that the business valuation concepts of minority interest discount and lack of marketability have been applied in the valuation of undivided interests in real estate.
		Note: Evidence of minority interest discounts for real estate assets is present in the case of publicly-held real estate investment trusts (REITs), as noted in the Berg case (T.C. Memo 1991-279).
		While it is true that (Indiana) law permits a majority interest to effect a liquidation of a corporation, it is settled law that the power to cause such extraordinary corporate actions as dissolution or liquidation may not be exercised without scrupulous loyalty to the interests of minority shareholders.
	www.mpival.com /bvrs/XIV.htm (2609 words)

	David Canon's U.S. Senate testimony on the Voting Rights Act (Jun 21, 2006)
		This certainly is not always required, and the specific level of minority population required for a “performing” district should be examined by map-drawers and the courts every ten years on a case-by-case basis, depending on the levels of racially polarized voting.
		The State may choose, consistent with Section 5, that it is better to risk having fewer minority representatives in order to achieve greater overall representation of a minority group by increasing the number of representatives sympathetic to the interests of minority voters.
		Minority majority districts are not cemented into place under the proposed legislation, but rather it guarantees that the opportunity to elect candidates of choice cannot be taken away from voters who have enjoyed that opportunity in the past.
	www.news.wisc.edu /12674.html (6446 words)

	Jamaica Gleaner - Company law and minority interests - Sunday \| July 2, 2000
		I hope that the company will call an extraordinary general meeting before the contract for the sale is effected, because although there is no law preventing the sale by the majority, it would be unfair to minority shareholders to be deprived of an opportunity to debate the sale.
		I do not think it is good commercial practice and in the interest of shareholders for sales price to be fixed for three years hence.
		What the lessee should be given is the first option to purchase at a price to be fixed after deliberations at general or extraordinary general meetings proximate to the three years.
	www.jamaica-gleaner.com /gleaner/20000702/Letters/Letters2.html (347 words)

	RIGZONE - Endeavour to Acquire Remaining Minority Interests in OER Oil
		The company announced last month its agreement to purchase an approximate 76 percent interest in OER from Lundin Petroleum B.V. The acquisition of the minority interests is expected to close within 60 days subject to necessary government approvals.
		The minority interest holders, a majority of which are OER management, endorsed the proposed acquisition as a means to develop a leading independent oil and gas exploration and production company in the Norwegian sector.
		The minority interests will be purchased for a combination of Endeavour common stock and cash.
	www.rigzone.com /news/article.asp?a_id=17958 (348 words)

	E. W. Scripps 2003 Annual Report
		Minority interests include non-controlling interests of approximately 8% in the capital stock of the subsidiary companies that publish our Memphis and Evansville newspapers.
		The minority owners will receive the fair market value for their interests at the time their option is exercised.
		Upon termination, the assets of the partnership are to be liquidated and distributed to the partners in proportion to their partnership interests.
	www.scripps.com /2003annualreport/10K/71.html (325 words)

	MPI - Articles and Speeches
		Net asset value is given important weight in the valuation of minority interests in investment companies.
		Minority interest and marketability discounts must be determined and deducted from net asset value in arriving at the fair market value of limited partnership interests.
		Minority interests in publicly traded, closed-end funds, which hold marketable securities such as common stocks and/or bonds, generally sell at a discount from net asset value.
	www.mpival.com /Artspeech/appraisers.htm (1626 words)

	Minority education
		States want to omit reporting those low minority test scores because they face penalties under the “Leave No Child Behind” law if their schools’ report continuing low performance by minority students as a racial or ethnic group.
		They will suggest other reasons for omitting minority test scores, but avoiding the penalty is the main reason.
		Obviously, this part of the law created a conflict between the interests of the power group, state and school officials, and minority students’ interests.
	www.ethicalego.com /minority_education.htm (776 words)

	Minority interests: minority and marketability discounts
		PSA provides consultation and valuation services in stockholders disputes, where minority freeze-out is alleged, or where a minority or majority shareholding in a privately held company must be valued for buyout, estate or gift tax, or other purposes.
		For minority stockholder frozen out of privately held fuel oil distribution company, PSA analyzed company, position in industry, and financial performance, and researched compensation of managers in comparable companies.
		For minority stockholder in restaurant chain alleging freeze-out from share in expansion restaurants, PSA analyzed inter-corporate relationships, identified sources of funds for expansion, and valued new restaurants.
	www.philipsaunders.com /minority%20interests.htm (309 words)

	Judges should be vigilant in their protection of minority interests; take example from 'free jazz' pioneer Coleman
		Nov. 5, 2003 -- Although United States laws attempt to safeguard the rights and interests of minorities, the subordination of socially disfavored groups persists in part because of informal structures and networks that have the effect of perpetuating social inequality.
		Board of Education is a prominent example of this principle, as the Court "broke from the majority rule in the name of protecting minority interests," notes Bracey.
		"In cases where the rights and interests of members of socially disfavored groups are in jeopardy, judges should not reflexively indulge the status quo or the path of least resistance, but act affirmatively and forthrightly in a manner consistent with the best of the American constitutional, democratic, and free jazz tradition.
	news-info.wustl.edu /news/page/normal/505.html (546 words)

	Pasco: Minority interests overlooked in Dade City manager search
		Pasco: Minority interests overlooked in Dade City manager search
		Minority interests overlooked in Dade City manager search
		I don't understand why minorities are overlooked in reputable affairs, but are the first to be included in going to jail, being harassed by the police, and given bad reputations.
	www.sptimes.com /2003/04/17/news_pf/Pasco/Minority_interests_ov.shtml (744 words)

	Protecting minority interests (Site not responding. Last check: 2007-10-08)
		The minority shareholders should not have to resort to such strategies to protect themselves.
		Seventy five per c ent plus one share represent a clear and present danger to the minority and should not be allowed.
		All the more reason to signal caution, as they may have an agenda quite inimical to the minority shareholder interest when in control or in times of crisis whether in Jamaica or within their own company.
	www.rohanchambers.com /Courses/Accountancy/protecting_minority_interests.htm (333 words)

	Vernimmen - Articles on financial topics
		Minority interests correspond to the share of fully consolidated subsidiaries in earnings or shareholders' equity.
		To simplify to the extreme, the group's implied P/Es can be applied to minorities' share of net profit to get an initial estimate of the value of minority interests.
		However, we would advise against using the book value for valuing minority interests, as it is just a stopgap method.
	www.vernimmen.com /html/articles/article13.html (227 words)

	Center of Excellence for Minority Aging and Health Research
		A minority aging research fellow will be awarded to a Harvard Medical School or graduate student of minority ethnic descent and interested in a project on minority aging and health research that will result in a publishable paper.
		The establishment of the Center as part of Harvard Medical School and the Brigham and Women’s Hospital, can be a world leading entity in minority aging research that is greatly in need of recognition and research for the near future where an increasing percentage of the US aging population is made up of minorities.
		This two-day workshop is to enhance the professional development in minority aging research of early to mid-career gerontologists, physicains, epidemiologists, sociologists, psychologists, medical anthropologists, and other professionals, who have taken one or more research methods courses, by using qualitative and quantitative research methods.
	www.brighamandwomens.org /minorityaging (1805 words)

	Divorce Support - Valuing Minority Interests in Close Corporations Upon Divorce
		One of the most difficult assets to value in the real world is a minority interest in a close corporation.
		Among the many points which the court must confront when it values a close corporation is the size of the interest being valued.
		There is no doubt that the size of the interest at issue has a major effect on the price which the interest would command in an open-market transaction.
	www.divorcesupport.com /divorce/Valuing-Minority-Interests-in-Close-Corporations-3098.html (410 words)

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