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  "documentTitle": "PowerSchool Holdings, Inc. (PWSC)",
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      "text": "Garfield v. Blackrock Mortgage Ventures, LLC, et al. Case No. 2018-0917; Pullan v. Skonnard, Case No. 2021-0043; IBEW Local Union 481 v. Winborne, Case No. 2022-0497; Schumacher v. Mariotti, Case No. 2022-0051",
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      "text": "Up-C structures have come under scrutiny in recent years. Critics argue that the Up-C structure favors pre-IPO shareholders over post-IPO shareholders. Analysis from Debevoise and Plimpton LLP indicates the Up-C structure presents litigation risk in two main scenarios: payment of dividends/distributions and the early termination of the tax receivable liability. Plaintiffs have also argued that efforts by a PubCo to prematurely buyout a tax receivable liability unfairly favors pre-IPO investors. Below is a summary of relevant court cases concerning Up-C structures.",
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      "text": "Source: Debevoise and Plimpton LLP analysis, Appendix: PowerSchool Organizational Structure",
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