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LSDefine

Simple English definitions for legal terms

Reorganization

Read a random definition: interdiction

A quick definition of Reorganization:

Reorganization is when a company changes the way it does things because it's having money problems, wants to do things differently, or is ordered to by the government. This can mean changing who owns the company, getting rid of some parts of the company, or firing employees. There are seven different types of reorganizations defined by the Internal Revenue Code. For example, Dell borrowed money to buy back its stock and become a private company, and AT&T split into smaller companies because of government rules. Reorganization can also happen when a company goes bankrupt and needs to restructure its debts and operations.

A more thorough explanation:

Reorganization refers to the process of making changes to a company's structure or finances due to financial difficulties, a desire to change strategy, or a government order. This can involve various tactics such as changing assets and liabilities, ownership structure, consolidating or eliminating departments or product lines, replacing or discharging employees, or renegotiating debt agreements.

There are seven types of reorganizations defined by the Internal Revenue Code § 368:

  1. Statutory merger or consolidation
  2. Acquisition of one company's stock by another corporation, with the acquired company becoming a subsidiary by the acquiring corporation
  3. Acquisition where the acquired corporation must liquidate, with shareholders of the acquired corporation becoming shareholders in the acquiring corporation
  4. Spinoffs or split-offs
  5. Recapitalization
  6. Change in identity, form, or place of organization
  7. Chapter 11 asset transfer

For example, in 2013, Dell borrowed bank loans to purchase public stock to take the company private and give the founder, Michael Dell, more control over the company's growth. This is an example of recapitalization. Another example is when Bell Telephone, now AT&T, faced antitrust regulation in the 1970s-80s and restructured by spinning off their monopoly into seven regional telephone communication providers.

Reorganization can also refer to the process of filing for Chapter 11 bankruptcy, which allows a company to restructure its debts and operations to become financially stable again. The Small Business Reorganization Act is a recent addition to Chapter 11 bankruptcy that provides a streamlined process for small businesses to reorganize and emerge from bankruptcy.

Overall, reorganization is a way for companies to adapt to changing circumstances and improve their financial health.

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18:34
u guys know who’s really easy to shit on? cops
18:34
they’re not even in it for the free college
AngryMiniCar
19:25
yk who's easier to shit on? Donald and Musk
AngryMiniCar
19:25
They're divorcing rn
20:09
wow you guys really argued hard against that brick wall
20:11
Im sure many Nazis also joined for the money and stability, but you know as long as you’re “just following orders” yeah its the systems problem sure you’re totally absolved of perpetuating such a system
20:42
dude didn’t u say u were working for a defense contractor or something?
ParallelAgreeableOrangutan
20:43
I think I'm mostly aligned with you/your views on this issue, nemo, but I don't see how being mean in a chat is going to change hearts and minds idk
20:44
I think there’s a place to acknowledge both that the military is an institution that preys on low income people and you should never have to see ur best friend die in front of you while also believing that we’ve engaged in a lot of meaningless wars and if you’ve participated you are complicit
20:45
We’ve lost a lot of humanity and depth in the way we approach subjects like this in the modern discourse
ParallelAgreeableOrangutan
20:45
^^
AngryMiniCar
21:09
^^ I also second that (third actually)
21:17
my experience working with a defense contractor is exactly the reason I hold this opinion
21:18
I literally worked across the room from a team working on AI targeting software for drone strikes
21:20
and by AI targeting software I mean AI that identifies “high value” targets
21:20
aka school buses full of children or hospitals
OlDirtyBtard
22:07
death star operator calls stormtroopers baby killers
OlDirtyBtard
22:07
wild
22:14
yeah I mean if you wanna call veterans Nazis surely you’re on a pretty equivalent standing here
22:15
do you think it would be accurate or truthful if someone were to describe you that way?
OlDirtyBtard
22:27
i think he's worse actually. vets can be anything from infantry (probably kill one or two guys max) to support staff (kill nobody). if you make industrial weapons you are facilitating higher levels of violence
22:35
Fair, though I can step back and recognize my naivety and come to the conclusions I have. Rather than arguing that any attack against me in unjustified
22:36
But tbf I did get fired for being too politically outspoken
OlDirtyBtard
22:39
i mean honestly forget about attacking anyone. i think if you really care about these issues it's best to look at it from a systemic lens rather than spewing bile
OlDirtyBtard
22:41
also fwiw some of the biggest anti-war advocates are veterans. see the "winter soldier" protest movement during the Vietnam war
I wasnt infantry but every marine is a riffleman. I also didnt join for the financial need. I ended up leaving s footprint int he service by making policy to help service members with their immigration status/family member status for the DoD. Call it whatever you want but those are the meaningful things and experience I bring with me to Law School.
a* the* sorry lol
ParallelAgreeableOrangutan
23:59
Sounds like you'll have plenty with which to dazzle admissions committees. Also sounds like nobody in here is a vet lol. Maybe try r/lawschooladmissions?
ParallelAgreeableOrangutan
0:03
Or possibly even reach out to admissions offices at schools you're interested in. Often they have current students who serve as admissions ambassadors, and you can ask to be put in touch with someone who fits a specific profile (e.g., a veteran). Doesn't hurt to try, and showing early interest in a school is never a bad idea anyway (supposedly they keep track of contact with applicants/prospective students)
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