CNBC's Gasparino: Thain is "Out" at Bank of America (BAC)
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CNBC's Charlie Gasparino is following up on a previous report, now hearing that Merrill's John Thain is officially "out" at Bank of America (NYSE: BAC).
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BAC/MER "merger"
David Oetting on Jan 22, 2009 12:34 PMPlease investigate and report on the theory that the BAC/MER merger did not happen. The BAC shareholders did not approve the deal that closed on Jan 1. The deal that was approved on Dec 5 with convenants running through closing was a 2 party deal. What they closed was a 3 party deal. Because Shareholders did not approve the deal Lewis made, it simply did not happen and Lewis had no authority to do the 3 party deal. His actions were Ultra Vires. He is not liable for damages (although he could be) instead, his actions should not be recognized. Read the BAC prospectus--all the legal predicates are stated there. Legally, things are status quo ante at 12/31/08.