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Article: Illinois Appellate Court Requires CBOT Retructuring Plan To Win Judicial Approval.
- Article from:
- Business Wire
- Article date:
- July 17, 2003
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Business Editors/Legal Writers
CHICAGO--(BUSINESS WIRE)--July 17, 2003
Court Rules In Favor Of CBOT "Minority" Members;
Allocation Of Ownership Among Member Groups In For-Profit Entity
Must Pass "Entire Fairness" Test
The Illinois Appellate Court today ordered that the Chicago Board of Trade's ("CBOT") historic plan to restructure into a "for-profit" corporation must win judicial approval. In a 3 to 0 opinion, reversing a prior ruling of the Circuit Court of Cook County, the Appellate Court ordered that the CBOT's plan to divide ownership when it converts into for-profit status must pass a judicial "entire fairness" hearing.
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