Business split-ups are often among the hardest experiences that an entrepreneur can go through. Board deadlocks often precede split-ups. A number of states’ laws have provided for what are known as “provisional directors” in case of Board deadlock. Woe to the corporation with an even number of Board members! A provisional director is an independent, neutral third party – a “voice of reason” -- who is willing to become the swing vote on an otherwise deadlocked Board. Like an arbitrator and mediator combined into one. The idea was and is that ... Read More »