Why: Controlling Minority Structure (CMS)
Dual class equity structures (most common in US)
NYSE, Amex and NASDAQ adopt a uniform voluntary rule that basically re-adopts 19c-4, prohibiting dual class recaps but allwing low-vote new issues, so that the "lack of vote" can be built into the price
Dual class structure can only be adopted by midstream charter amendment
Correspondingly, triggering the class voting device
Pyramiding (most polular worldwide)
Cross ownership
Linked by horizontal cross-holdings of shares that reinforce and entrench the power of central controllers
Voting rights used to control are distributed over the entire group rather than concentrated in the hands of a single company or shareholder
