Replies to post #43679 on GNCC Capital Inc (GNCP)

[1manband]

But that stipulation does not apply here. It all boils down to the computation of "surplus", which is defined in 154 as net assets - par value of the issued stock. Net assets is defined as the amount in which total assets exceeds total liabilities. GNCP has no net assets - they have massive debt and almost no assets. Therefore, under Delaware law, they are legally prohibited from buying back stock.