Words of Wisdom

Category Archives: Investment Company Act

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Beyond Schrödinger’s Cat: Why an Operating Company Can’t be an “Investment Company” at the Same Time

Erwin Schrödinger famously illustrated an aspect of quantum mechanics with a cat that is simultaneously both alive and dead. Schrödinger’s cat sometimes comes to mind when we are asked about inadvertent investment companies – i.e., operating companies that fall into the definition of an investment company under the Investment Company Act of 1940. (For some … Continue Reading