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| Re: Transfer mystery (341537) | |||
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Re: Transfer mystery |
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Posted by BusMgr on Wed Jan 13 13:05:57 2021, in response to Re: Transfer mystery, posted by pragmatist on Tue Jan 12 23:47:57 2021. The Cooper family "controlled" those companies through a voting trust. That is, many (bot not all) of the shareholders executed an agreement allowing the Cooper family to vote their shares in elections. This created some internal tension because the founding of Green Bus Lines as an association, and later as a corporation, was both William Cooper and John Succa. The successors to the Succa interests, the Eagar family, were left with less influence as a result of the voting trust that vested effective corporate control in the Cooper family. However, since the Cooper family held only a minority interest itself in the stock of the various companies, and the family was not entitled to any substantial profit interest of the company. Family members were officers of the companies, and salaries were earned through that employment, but they were never "owners" of the companies. Indeed, the chairman of the corporate group, Jerome Cooper, was very much bothered by the casual use of the term "Cooper companies" by many--because it ignored the interests of the many shareholders of the companies--and he especially railed against the use of that term by officials of the City and the Transit Authority because they knew better. |
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