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View Diary: Did Mitt Romney Vote "Yes" to ship Sensata jobs to China? (19 comments)

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  •  vclib I just found this (0+ / 0-)

    According to his recently released 2011 tax returns, Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a 501(c)3 tax-exempt nonprofit controlled by Romney. The gift is listed on page 323 of the pdf, on form 8283

    Romney has a LARGE amount of Sensata stock -- so large he transfers it to one of his charities to avoid paying Cap Gains Tax on it.

    •  TeamS - I don't know what the value is of (0+ / 0-)

      Sensata but it is likely hundreds of millions. If Romney owned $700,000 worth of stock in a company worth just $100 million it would mean that he owned less than 1% and therefore would not likely be involved in voting for any specific acquisition.  

      "let's talk about that"

      by VClib on Sun Oct 21, 2012 at 11:51:51 AM PDT

      [ Parent ]

    •  TeamS - no Sensata shareholder vote was required (0+ / 0-)

      Sensata acquired the Honeywell Sensing and Control business unit for $140 million in cash. The Honeywell unit had annual sales of approximately $130 million. The deal was announced on Oct 28, 2010 in an 8K filed with the SEC and available on line. The size of the transaction was too small to trigger a requirement that Sensata shareholders approve the transaction and no proxy statement was issued as part of this acquisition. Typically an acquisition would need to represent 20% of the combined company, post merger, to require a shareholder vote. With sales of $130 million the Honeywell unit represented less than 9% of the 2010 total Sensata revenues of $1.5 billion.

      "let's talk about that"

      by VClib on Sun Oct 21, 2012 at 01:10:08 PM PDT

      [ Parent ]

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