Lockheed Martin is spinning off its Information Systems & Global Solutions division to create a new company with Leidos, under an arrangement called a Reverse Morris Trust, Lockheed announced Tuesday. This mechanism allows substantial tax avoidance by creating a subsidiary, which merges with an outside company (in this case, Leidos), then Lockheed receives a majority (50.9 percent) of shares in the resulting entity. The move will allow Lockheed to “focus on our core business” while creating “a more diversified competitor” in the i?nformation technology and technical services sector, company officials said in a conference call with reporters. The move will “unlock” several billions of dollars, which Lockheed said it will apply in part to completing a share buyback program. The company is shooting to go below 300 million outstanding shares, and is “well on its way” to accomplishing that.
Top Lawmakers Want 15 Percent Pay Raise for Enlisted Troops
April 19, 2024
A new law introduced by Congress would raise the pay rate 15 percent for junior enlisted troops and seek improvements on a range of quality of life issues, such as pay and compensation, child care, housing, health care access, and military spouse employment.