That is because if there is no satisfactory answer, it suggests that the duty at issue is not loyalty, but care.
But, where, as here, the directors are said to have breached their duty of loyalty, it is fair to ask why.
Immediately prior to reconvening the special meeting, the Company filed Form N-54C with the SEC to withdraw its election to be regulated as a business development company.
The special meeting was reconvened on June 23, 2017, at which time the stockholders approved the Plan of Liquidation to convert the Company into Crossroads Liquidating Trust, a statutory trust formed for the purpose of liquidating and distributing the Company’s assets (the “Conversion”). Andrew Dakos, Phillip Goldstein, and Gerald Hellerman will serve as the initial trustees of the liquidating trust.
By this thinking, which should be avoided in sentences such as I need a book which will tell me all about city gardening, where the restrictive clause which will tell me all about city gardening indicates which sort of book is needed.
The Company’s special meeting of stockholders was convened on June 2, 2017.
Shareholders approved the Company’s withdrawal of its election to be regulated as a business development company under the Investment Company Act of 1940.
The meeting was adjourned to June 23, 2017 to permit the Company to voluntarily delist from NASDAQ and to begin the process of withdrawing its election to be regulated by the U. Securities and Exchange Commission (“SEC”) as a business development company.
The effective date of the delisting of the Company’s common stock from NASDAQ was June 22, 2017.