A Hole in His Parachute

A Hole in His Parachute - After much research and confusion...

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A Hole in His Parachute If Knight-Ridder Corporation was dissolved Knight should not have any right to collect the balance of salary for the remaining two years as long as the corporation gave sufficient notice to Knight. The procedures of dissolution require the corporation to give notice to all known creditors. Knight must make a claim to the corporation for the balance of his contract within in a timely manner after receiving the notice from Knight-Ridder Corporation. (Morgan, Shedd, & Corley, 2010) After all creditors are paid whatever funds are left over can be used to pay contracts as long as a claim has been made by the contract holders to receive the remaining balance of unpaid dues. Personally I feel that Knight should not receive any payment for work that he has not yet done. The remaining two years should not have to be paid because he is not providing his
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Unformatted text preview: After much research and confusion I was unable to find information to support this issue other than that which I have already stated above. Knight can make a claim for funds for services rendered at the time of dissolution and not for future services for which he was contracted to. After dissolution he is not eligible to collect for the remaining two years on the contract. Therefore Murdoch is only required by law to compensate Knight for the services that he has provide to the corporations up to the point when the articles of dissolution are signed by the state making the corporation officially dissolved. Murdoch would not be personally liable to pay the remaining 5 million to knight for service not rendered. (Morgan, Shedd, & Corley, 2010) Works Cited Morgan, J. F., Shedd, P. J., & Corley, R. N. (2010). Bisiness Law 3rd Edition. Redding CA.: BVT Publishing....
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This note was uploaded on 08/30/2011 for the course BUSINESS 101 taught by Professor Wase during the Spring '11 term at Grantham.

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A Hole in His Parachute - After much research and confusion...

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