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Zombie Money: debts, VC firms, directors

July 26, 2013

Lexology: The curse of the zombie importer: defunct company’s CBP duties and penalties haunt successor by Greg McCue and Victoria E. Murphy (of Steptoe & Johnson LLP) is about the case of US v. ADAPTIVE MICROSYSTEMS decided April 10, 2013:

…the US Court of International Trade (CIT) held that a company that acquired the assets of a bankrupt entity might be held responsible for that entity’s $6.8 million in unpaid Customs duties and penalties

But I don’t see the word “zombie” in either that case opinion or the article body text, so maybe “zombie importer” is from an editor at Lexology?

In other money news, WSJ: “Avoid London’s Zombies!” by Ben Rooney:

According to Scott Sage, who has just turned 30 this year and was recently made a full partner at London’s DFJ Esprit, there are at least 10 ‘zombie’ firms in the U.K. capital. “They have not made an investment in over a year[“]… Zombies aside, Mr. Sage is defensive of Europe’s venture-capital sector.

Again it’s not entirely clear, is that first “zombie” in the single quotes from Rooney or Sage?

And lastly, from The Globe and Mail: Corporate governance: The curse of zombies in the boardroom by David Milstead:

Corporate governance advocates call them, rudely but appropriately, “zombie directors.” They are the members of corporate boards who fail to get the support of the majority of shareholders in annual elections, yet continue to serve, seemingly against the shareholders’ wishes. … Zombies are for the movies, not for Canada’s corporations.

Recall this term from prior ZombieLaw about Cablevision’s Zombie Directors. But again, it’s not exactly clear who is actually using this term.

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From → corporations, debts, money

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