Tko sporting goods, inc. ("tko") is a new york corporation that was formed in january 2005. the
tko certificate of incorporation authorizes the issuance of 100,000 shares of no par value common
stock, 100,000 shares of $100 par value 6% cumulative preferred stock, and 500,000 shares of noncumulative
$9 no‐par preferred stock. the certificate of incorporation does not mention
preemptive rights.
it is now january 2019 and foreman owns 30,000 shares of the tko common stock, ali owns 10,000
shares and norton owns 35,000 shares. there are no other common shareholders. there is no
treasury stock.
(1) may tko sell the remainder of the unissued common stock to the public without first
offering the shares to the current holders of common stock?
(2) what is the minimum price that tko may accept for unissued common stock?
(3) may tko exchange 10,000 shares of the remaining common stock for a promise of
future accounting services to be rendered by lyle?
(4) may tko exchange 10,000 shares of the remaining common stock for a promise of
future payment by chuvalo?
Answers: 2
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Tko sporting goods, inc. ("tko") is a new york corporation that was formed in january 2005. the
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