対発行済でx%を保有する経営陣が500万円でSPC設立し、SPCを通じてベンチャーキャピタルから5億円を調達し株式の買取りを行うと、合併後出来上がりの株主構成が、経営陣60%、ベンチャーキャピタル20%、既存株主20%となる資本再構成のストラクチャーを2種類の種類株式によって実現。この際、資金調達時のSPCの企業価値（10億円）と買取時のA社の企業価値（1億円）が異なることから税務リスクが生じると会計事務所から指摘を受けたが、社債に近い設計とすることでリスクを解消した
With the managements holding an accumulated x% of the issued stocks establishing an SPC with a 5-million fund of their own, and with additional 500 million from a venture capital via the SPC and buying the stocks, I made the stocks eventually to be shared by; 60% with the managements, 20% with the venture capital, and 20% with the existing shareholders when the merger is done, by introducing 2 classes of shares. Our accountant suggested this should incur taxation due to the difference between the SPC's value (1000 million) as of the fund raising and the value of A (100 million) as of the buyout. I successfully avoided such a risk by designing the scheme similar to corporate bonding.
