Problem 1) Nixon owns 45% of P. Only 70% of the outstanding shares are voted at the annual meetings of P. Because of this, Nixon casts a majority of the votes on every ballot when it votes the shares it holds.
Problem 2) Nixon holds convertible bonds issued by P. If Nixon converts them, it would result in the ownership of 51% of the outstanding shares of P.
Problem 3) Nixon owns 100% of P which is insolvent. All of its assets have been seized by a licensed trustee in backruptcy.
Problem 4) Nixon owns 75% of P. A bank seized a portion of P's inventory when P defaulted on a loan.
How Nixon should report its investment in P?