tonto,
AZNT's CEO Mike Sylver arranges with his Dad to borrow $6,000 from him. ... Does anyone believe that the agreement reached between AZNT (son) and Gary Sylver, (dad) is reasonable? ... Dad received 600,000 shares for his $6000 loan. ... $6000/ 600,000 shares $0.01 cents per share is what it cost dad for his restricted shares.
Why would it have to appear reasonable to us? Arms-length / non-arms-length, who cares? Apparently in Nevada it is up to the directors alone to determine what is reasonable in these situations:
Nevada corporations may issue stock for capital, services, personal property or real estate, including leases and options. The directors may determine the value of any of these transactions, and their decision is final.
state.nv.us
Not being familiar with Nevada corporate law, my guess would be that only a court of law would be able to overturn a final decision by the directors.
Regards,
John Sladek |
