Protecting company assets from liability creditor claims
Our manufacturing client used company-owned machinery, equipment, and real estate in its operations. The owners of the company became concerned that future accidents could result in a lawsuit and large judgment against the company and the loss of much of the machinery, equipment, and real estate.
One way to give stock ownership to family members not active in the business
A successful family owned and operated business wanted to transfer stock to the children of the owners but was concerned about potential interference from children not active in the business. The company turned to Murray, Plumb & Murray who created non-voting stock that was transferred to the children not active in the business.
Many small tenants made development of a large parcel of real estate difficult
The owner of a large parcel of land that is suitable for a large shopping center/mall/big box store currently has many small tenants with leases of varying durations which made it difficult to sell the entire property free of all tenants to a single party for development. The owner turned to Murray, Plumb & Murray for help. We helped the owner develop a “kick-out” provision for the leases that allowed the land owner to terminate each lease if the bulk of property was sold to a single developer. The kick-out language was included in all new leases and with the help of Murray, Plumb and Murray was negotiated into existing leases.
A growing business uses a new form of “profits interest” to attract quality employees
Our client, a growing business, needed to attract and keep talented and loyal employees, but did not have the money to pay market rates. A typical solution for some businesses would be to offer the employees stock options, which provide a benefit to employees only if the business thrives and increases in value.