2211003 Informal Interpretation

Sheinberg, Samuel I.
From:
Sent:
To:
Subject:
HSR Help
Wedn esday, November 9, 2022 4:35 PM
Wa lsh, Kat h ry n E. ; Be r g, Ka ren E. ; Musick, Vesselin a; Shaffer, Kristin; She inberg, Samuel I.; Six, An ne;
Fetterman, Miche ll e
FW: Request for Gu idance/ Informal Interpretation
From: Wh itehead, Nora < nwhitehead@ftc.go v>
Sent: Wednesda , November 9, 2022 4:34:37 PM UTC-05:00) Eastern Time (US & Canada)
To:
Cc:
Sul>Je 	.
Pl ease fi le wi th American Owner as the UPE, wi th a note explaini ng what will happen at cl osing.
From: HSRHelp <HSRHe lp@ftc.go v>
Sent: Wednesda y, November 9, 2022 9:45 AM
To: Wa ls h, Kath ry n E. <kwalsh @ft c.gov>; Berg, Karen E. <KBERG @ft c.gov>; Musi ck , Ves seli na <vm us ick@ft c.gov>;
Shaffer, Krist in <kshaffer@ftc.gov>; She inberg, Samuel I. <SSHE I NBERG @ftc.gov>; Six, Anne <a six@ ft c.gov>; W hitehead,
Nora <nw hitehead@ftc.gov>; Fetterman, Michelle <mfetterman@ft c.gov>
Subject: FW: Request for Guidance/ Informal Interpretat ion
From:
Sent: 	AM (UTC-05:00) Ea stern Time ( US & Canada)
To: HSRHe l 	< HSRHel @ftc. ov>
Cc:
Su
Dear Staff,
We w rite w ith a UPE quest ion. Target is a non-corporate entit y that ow ns US-flagged vesse ls and therefore must comply
wi th the Jones Act . Its ow nership is spl it between two ow ners. American Ow ner present ly holds a majorit y of the non
corporate interests, in cl uding the right to profit s and assets upon disso l ut ion. Howev er, Non-American Ow ner ho l ds a
series of convertible securit i es that , upon the sale of al l assets of Target, automati ca lly converts to an equit y stake in
Target. That equity stake would comprise the majorit y of the right to profits and assets upon dissolution in the ev ent of
su ch a sale. The contemplated transaction consists of the sale of all of Target' s assets. Therefore, while American Ow ner
is presently the UPE of Target, the sale will trigger an automatic change to Non-American Owner as the UPE at the
instant of cl osing. The transaction is not ifiable under the HSR Act regardless of which ent it y is the UPE .
Given these facts, we intend to fi le an acquired-side HSR form listing American Ow ner as the UPE ; howev er, if you
believe that we should instead list Non-American Ow ner as the UPE , we will do so . Could you pl ease confirm whi ch
ent it y should be listed?
Best regards,
1

Thank You.
2