Wasn't even aware of these guys, but while making business easier for large multi-nationals, they naturally also serve the purpose of bullying states into accepting their viewpoint, and they came today to try and scare TN out of passing this. I found their presence highly suspect and counterproductive.
Instead of listening to the concerns being expressed, or offering constructive alternatives, they dismissed and resorted to fear and bullying.
Also put on display that UniformLaws is very much ok with investors losing everything in a bankruptcy and thinks they deserve to.
This video is especially worth watching if you're into stonks. From what I gathered, the proposed bill was to ensure two things:
That shareholders always have top priority to their assets during an insolvency incident (currently brokerages take priority in some).
That any disputes about TN shareholder assets would be dealt with in TN rather than NY or RI.
https://www.capitol.tn.gov//Bills/113/Bill/HB2805.pdf
(I am having a rough time tracking down the sections that are being removed if a fren wants to help with that.)
So first off, there's this non-profit entity called UniformLaws whose goal is to standardize certain pieces of law across all fifty states.
https://www.uniformlaws.org/acts/ucc
Wasn't even aware of these guys, but while making business easier for large multi-nationals, they naturally also serve the purpose of bullying states into accepting their viewpoint, and they came today to try and scare TN out of passing this. I found their presence highly suspect and counterproductive.
Instead of listening to the concerns being expressed, or offering constructive alternatives, they dismissed and resorted to fear and bullying.
Also put on display that UniformLaws is very much ok with investors losing everything in a bankruptcy and thinks they deserve to.
Credit to Superstonk for this:
https://www.reddit.com/r/Superstonk/comments/1byyez9/tn_lawmakers_held_a_hearing_last_weeksome_of_them/
And of course, all this applies to "entitlement holders" only, not shareholders.
My apologies for the confusion.
If you don't know the difference, you're likely an entitlement holder.