The Control Wedge

What this pack runs.

A family, a trust, a foundation, a founder, a state: whoever can decide the outcome of a vote holds two shares, not one. The economic share is what they own. The voting share is what they decide. In a company with a single class of stock the two are the same number, which is why nobody thinks about them separately — and when they come apart, both figures are usually still published, in different parts of the same document, with the distance between them stated nowhere. This pack turns that distance into arithmetic. Voting share less economic share gives the wedge, in points. Voting share over economic share gives votes per dollar. One minus the economic share, over the economic share, gives other people's money per dollar of the block's own, which is the arrangement in a single number. Then the discount to comparable companies prices it, and splitting that price by the economic share says who is paying — the block bears its own share and the outside holders bear the rest, which is usually several times more. The Model tab sweeps the economics rather than the votes, because the votes are written into a constitution and stay put while the economics fall through every sale, issuance and inheritance. It stops on five conditions: no economic share, no voting share, no equity value, no years the structure has run, and nothing said about what the stock trades at against comparable companies.

The casebooks these cases come from.

The pack reads nine sourced decisions through the framework. They are drawn from these casebooks, each one a set of verified records on a single decision type.

A verified record has passed a mechanical claim-versus-source check, a second model's read, and human approval. The count is what exists today, not a target.