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No director, officer, employee, agent, or representative of
Textron was a member of Avdel’s board of directors or an officer
of Avdel at any time during the period at issue. No director,
officer, employee, agent, or representative of Avdel was a member
of Textron’s board of directors or an officer of Textron at any
time during the period at issue. Throughout the period at issue,
Avdel’s board of directors and officers ran the Avdel business.
Textron had no influence or control over the running of the Avdel
business. During that time, Avdel’s board of directors
determined Avdel’s dividend policy, and Textron had no influence
or control over that policy.
Throughout the period at issue, Avdel’s board of directors
and officers had complete control over the reorganization,
consolidation, and liquidation of companies in the Avdel group.
Textron had no influence or control over these types of
restructuring. There was no contact of any kind between any
officer or director of Textron and any officer or director of
Avdel that was not supervised personally by Ms. Bailey. Few such
contacts occurred, and business matters were not discussed.
While the order was in effect, Avdel’s board of directors had
complete control over the compensation of Avdel’s officers. In
this regard, Avdel hired a third-party consultant to advise on
matters of compensation. Textron had no influence or control
over the compensation of Avdel’s officers.
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Last modified: May 25, 2011