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September 2013 Archives

Do board members also have a "duty of imagination"?

It takes mature responsibility to run a business in Virginia. A company's board of directors is not only charged with building value, but also has fiduciary duties to the company's shareholders. Recent federal legislation has added to those fiduciary obligations. The Sarbanes-Oxley Act requires the board of directors of public companies to take responsibility for financial reporting and audits. The subsequent enactment of the Dodd-Frank Act in 2010 placed additional requirements on the boards of financial institutions.

West Virginia gaming group to merge with Eldorado Resorts

Virginia gamers may find interesting the news that the parent company of Mountaineer Casino, Racetrack and Resort has agreed to a merger with Eldorado Resorts. The transaction between Eldorado Resorts and MTR Gaming Group is the latest of the seemingly continual mergers and acquisitions in the gaming industry. The merger is expected to close in mid-2014, with the current head of Eldorado becoming the chief executive officer of the new combined company. The deal will have to meet regulatory and closing conditions and be approved by shareholders.

Ford's court victory reverses $2 billion lower court ruling

Some members of the Virginia business community are taking note of a recent decision in favor of Ford Motor Company that was handed down by an Ohio appellate court. The appeals case resulted from lawsuits filed by several Ford dealerships charging the automaker with breach of contract for engaging in discount practices that they claim violated their dealer agreement.

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