is bolton insolvent, page-2

How was ASH able to sell the votes if ASI owned the units?

The way I see it the issue does not need explaining.

First consider an example where say one company A controlls 51% of a second company B which has the rights to vote at a particular meeting of Company C.

Company B can vote yes or no at the meeting. However, to obtain a particular vote on B shares in Company C, you can (i) do a deal with company B, (ii) take over Company A and direct B to vote a particular way, or (iii) do a deal with company A to direct B to vote a particular way.

I would imagine the same options still apply if company A owns 100% of Company B.

Regards

SP