The seizure of a property by a public authority for a public purpose. Condemnation often occurs when a taxpayer owns property or real estate in a place that has been designated for public use or construction. Condemnation is exercised by public authorities through the power of eminent domain. Condemned property must be appraised by the condemning governmental authority. The owner of the property is then offered the appraised value for the property seized. This offer is called a pro tanto award. The owner can decline the award and hire a lawyer if the owner feels the pro tanto award is insufficient. Condemnations can be used to make way for private projects as well as public ones, if the public authority believes the project will serve the public good.
A type of equity where current equity owners can purchase additional equity if the company reaches certain financial goals or benchmarks. Financial goals include certain net income, earnings per share, economic value added and operating cash flow thresholds. Taobiz explains Carrot Equity Unlike a call option, the current shareholder does not have to pay a premium to purchase additional shares; they can be purchased from the company at a predetermined price without having to purchase an option or warrant. This term is British slang and likely originated from the practice of urging an animal onwards by attaching a carrot on a stick to its head.
A type of currency forward contract that refers to the Bank of Canada's average noon rate for foreign exchange as a benchmark. The contract's negotiated exchange rate is compared to the noon rate and the two parties settle the difference in cash. NARCs usually refer to the USD/CAD exchange rate. |||The noon rate is the spot exchange rate posted by the central bank every business day at noon. This contract is designed to help mitigate foreign exchange risk. Because NARCs are marked-to-market daily, the parties involved will hedge their currency exposure throughout the life of the contract, even if they choose to close their positions early.
A significant modification made to the debt, operations or structure of a company. This type of corporate action is usually made when there are significant problems in a company, which are causing some form of financial harm and putting the overall business in jeopardy. The hope is that through restructuring, a company can eliminate financial harm and improve the business. When a company is having trouble making payments on its debt, it will often consolidate and adjust the terms of the debt in a debt restructuring. After a debt restructuring, the payments on debt are more manageable for the company and the likelihood of payment to bondholders increases. A company restructures its operations or structure by cutting costs, such as payroll, or reducing its size through the sale of assets. This is often seen as necessary when the current situation at a company is one that may lead to its collapse.
Expenses that are incurred as a result of the taxpayer's regular means of getting back and forth to his or her place of employment. Commuting expenses can include car expenses and public transportation costs. Commuting expenses are never deductible, unless the taxpayer has more than one job. In this case, the cost of commuting from one place of employment to the other on a regular basis would be tax deductible.
Money or other items of value received by or promised to an organization, the use of which is legally or contractually restricted. Restricted assets are also subject to special accounting procedures. Collateral can be viewed as a restricted asset, especially when the lender requires that it maintain its current value. An example of a restricted asset is the proceeds from a revenue bond. The proceeds the city receives from this type of municipal bond must be used for their stated purpose (e.g., improving roads, building a new high school auditorium, upgrading sewers, etc.). The opposite of a restricted asset is an unrestricted asset.
An American billionaire investor with reputation for being a shrewd activist investor. Icahn is known for buying large amounts of stock in a specific company, and then pressuring the company to make significant changes to increase its value. Taobiz explains Carl Icahn As of 2008, Icahn's net worth was estimated to be in the range of $14 billion, placing him in top 50 of the richest people in the world. Some of his best known stock market activities are his effort in 2000 to get RJR Nabisco to spin off its food segment from its tobacco business, and his 2008 investment in Yahoo and the opinion that existing management had mishandled its negotiations of a possible combination with Microsoft.
A real estate property that has been foreclosed successfully. A non-REO (real estate owned) foreclosure has a purchaser that is willing to pay the amount owed to the bank for the property, or less if the bank is willing. A non-REO foreclosure is different from an REO foreclosure, where a buyer could not be found and the lender takes possession, because the property never becomes real-estate owned (i.e., lender owned). |||Most real estate agents will say that there is a lot more risk in purchasing a non-REO foreclosure. This is due to the fact that there might be liens and other expenses still attached to the home, and even worse, the new owner may have disgruntled tenants to evict.
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