Company A owns 51 percent of the voting stock of Company B. Company B owns 51 percent of the voting stock of Company \(\mathrm{C}\). Company \(\mathrm{C}\) owns 51 percent of the voting stock of Company D. Company D owns 51 percent of the voting stock of Company E. Notice that Company A effectively controls Companies B, C, D, and E. Company A decides that it wishes to control Company Z. Company \(\mathbf{Z}\) has \(\$ 30\) million of assets and \(\$ 22\) million of liabilities. Company Z's outstanding voting stock sells in the market place for \(\$ 10\) million. Suppose that Company A acquires control of Company Z by having Company E purchase 51 percent of the voting stock of Company \(\mathbf{Z}\) for \(\$ 5.1\) million. Company E "raises" the cash needed to acquire voting control of Company \(\mathrm{Z}\) by not declaring dividends that would otherwise be declared. Companies D, C, and B ordinarily add to their dividend declarations the amounts received in dividends from their own investments.

What cash receipt does the management of Company A forgo by having Company E purchase the stock of Company \(\mathbf{Z}\) in this fashion? Ignore income tax effects.