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Definition of Fair-and-equitable test
A set of requirements for a plan of reorganization to be approved by the bankruptcy court.
Also called the quick ratio, the ratio of current assets minus inventories, accruals, and prepaid
A bond indenture restriction that permits additional borrowing on if the ratio of assets to
The requirement that a claim holder voting against a plan of reorganization
An investment prospect that has a zero risk premium.
Amount at which an asset would change hands between two parties, both having
The equilibrium price for futures contracts. Also called the theoretical futures price, which equals
A debt limitation that prohibits the issuance of additional long-term debt if the issuer's
A battle for the control of a firm in which the dissident group seeks, from the firm's other
SEC-imposed restrictions on when a short sale may be executed, intended to prevent investors
A ratio that shows how well a company could pay its current debts using only its most liquid or “quick” assets. It’s a more pessimistic—but also realistic—measure of safety than the current ratio, because it ignores sluggish, hard-toliquidate current assets like inventory and notes receivable. Here’s the formula:
The sum of cash, accounts receivable, and short-term marketable
See quick ratio
The price that an asset or service will fetch on the open market.
Takeover attempt in which outsiders compete with management for shareholders’ votes. Also called proxy fight.
A policy of minimum government intervention in the operation of the economy.
A test used to determine the status of an employee under a state unemployment
Fair Labor Standards Act of 1938
A federal Act creating standards of overtime
The amount at which an asset could be purchased or sold or a liability incurred or
This clause in regular life insurance policy provides for voiding the contract of insurance for up to two years from the date of issue of the coverage if the life insured has failed to disclose important information or if there has been a misrepresentation of a material fact which would have prevented the coverage from being issued in the first place. After the end of two years from issue, a misrepresentation of smoking habits or age can still void or change the policy.
This means dying without a will, in which case the provincial laws of the province in which the death occurred apply to the manner in which assets will be distributed. In other words, if you don't write your own will, the government will do it for you after your death and it may not be as you would have wished.
Fair Market Value
The highest price available, expressed in terms of cash, in an open and unrestricted market between informed, prudent parties acting at arm's length and under no compulsion to transact.
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