Later Corp, Common Shares Later Corp. (LC) is a nationwide courier company, whose shares were acquired by NEL in 20x2. NEL purchased 57.4% of the outstanding shares from the founder of LC on his retirement; the remaining shares are owned by management and two family members of the founder. Later had real estate assets that were significantly undervalued in its financial statements, prompting NEL to pay a significant premium over book value for the company The LC Board of Directors consists of 14 members. NEL has the right to appoint eight directors but to date has nominated only four individuals. The other four slots of NHL are filled by continuing members whom NEL found acceptable. Nico Investments Ltd. NEL owns 80% of the common shares of this company that manufactures and distributes aluminum wheels. The remaining shares are owned by Frank Nico, the founder. Nico has had persistent challenges with its product and markets, and has achieved breakeven results at best since NEL acquired the shares in 20x0, although prospects are positive. Nico reports a deficit on its financial statements, but is solvent. Nico has never declared dividends. NEL has guaranteed loans of Nico. Nico has a nine-member Board of Directors, of which NEL appoints seven members, including the chair, who is Frank Nico. According to the terms of signed shareholder agreements, Mr. Nico can veto certain decisions of the Board dealing with operating and financing issues. 'Irufeld "Bucking Ltd.; 8% Bonds These 8% bonds pay interest semi-annually and mature in 20x14. The par value is $275,000. NEL provided this debt financing to Trufeld, a long time \"friendly\" competitor in NEL's trucking business. The two companies often enter joint bids for long-term hauling contracts, and take on freight for the other if overbooked. The bonds are secured against Trufeld's trucking eet. NEL has one member on the Trufeld Board of Directors as a result of the bond investment. NEL expects to collect interest and principal on the bond and will not resell it