31–2. Distribution of Property. Montoro petitioned himself into voluntary bankruptcy. There were three major claims against his estate. One was made by Carlton, a friend who held Montoro’s negotiable promissory note for $2,500. Another was made by Elmer, Montoro’s employee, who claimed that Montoro owed him three months’ back wages of $4,500. The last major claim was made by the United Bank of the Rockies on an unsecured loan of $5,000. In addi- tion, Dietrich, an accountant retained by the trustee, was owed $500, and property taxes of $1,000 were owed to Rock County. Montoro’s nonexempt property was liquidated, with proceeds of $5,000. Discuss fully what amount each party will receive, and why.
41–3. Corporate Takeover. Alitech Corp. is a small midwestern business that owns a valuable patent. Alitech has approximately a thousand shareholders with 100,000 authorized and outstanding shares. Block Corp. would like to have the use of the patent, but Alitech refuses to give Block a license. Block has tried to acquire Alitech by purchasing Alitech’s assets, but Alitech’s board of directors has refused to approve the acquisition. Alitech’s shares are selling for $5 per share. Discuss how Block Corp. might proceed to gain the control and use of Alitech’s patent.
Should be 100 words per case.