In the law of corporations, a merger is effected when one or more corporations becomes a part of, or merges, with another corporation so that one ceases to exist and the other continues to exist. In a merger, the company that continues to exist retains its name and identity and acquires the assets, liabilities, franchises, and powers of the corporation that ceases to exist. Attorneys who practice in mergers and acquisitions (sometimes called M & A) represent corporations and other business entities in strategizing, negotiating, and carrying out transactions in which two or more companies or corporations combine into a single new entity, a merger, or where one business purchases and absorbs the assets of another, an acquisition.
Avalon, or Avalon Bay, is the only incorporated city on Santa Catalina Island of the California Channel Islands. Besides Avalon, the only other center of population on the island is the small unincorporated town of Two Harbors. Avalon was first settled in pre-modern times by members of the Gabrielino/Tongva tribe. From the late 1800s to the early 1900s, several different developers tried to develop Avalon into a resort destination community, but most went bankrupt. In 1919, William Wrigley, Jr. gained control of Avalon. Wrigley oversaw much of the development of Avalon, including the construction of the landmark Catalina Casino. At the beginning of the 21st century, Avalon remains primarily a resort community. Most of the waterfront is dominated by tourism-oriented businesses. The older parts of the town on the valley floor consists primarily of small houses and two and three-story buildings in various traditional architectural styles. There are also several large apartment complexes nestled in the hills on either side of the valley, so that they are not obvious in most postcard photos of Avalon.