Corporations - Law and policy: materials and problems
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| Main Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
St. Paul, Minn.
Thomson/West
2007
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| Edition: | 6. ed. |
| Series: | American casebook series
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXXV, 1164 S. |
| ISBN: | 9780314166289 |
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| adam_text | TABLE OF CONTENTS PAGE PREFACE V TABLE OF CASES - XXIX PARTI.
CORPORATION BASICS CHAPTER 1. ECONOMICS OF THE FIRM 2 A. RISK... 3 B.
ALLOCATING RISK 7 1. ALLOCATING RISKS TO THE PRINCIPAL - 10 2.
ALLOCATING RISKS TO THE AGENT- 12 C. THE ROLE OF LAW IN ALLOCATING RISKS
14 1. LAW AND HUMAN RELATIONSHIPS ..-. 14 2. MANDATORY AND DEFAULT
RULES- - - 16 3. BEYOND AGENCY COSTS - -. , 17 CHAPTER 2. AN
INTRODUCTION TO CORPORATE LAW 19 A. OVERVIEW - 19 1. KEY CORPORATE
CHARACTERISTICS 19 2. THE PROPERTY-ENTITY DEBATE 21 B. SOME BASIC TERMS
AND CONCEPTS 23 1. TYPES OF CORPORATIONS 23 2. CORPORATE STATUTES 24 3.
ORGANIC DOCUMENTS 24 4. THE CORPORATE ACTORS 25 5. CORPORATE SECURITIES
26 6. JUDGE-MADE CORPORATE LAW 27 7. CORPORATE CHOICE OF LAW 27 8.
CORPORATE PLANNING 28 C. FIDUCIARY DUTIES 29 1. DIRECTOR DUTIES 29 BAYER
V. BE RAN 31 2. SHAREHOLDER DUTIES - 35 D. EQUITABLE LIMITATIONS ON
CORPORATE ACTIONS 36 BOVE V. COMMUNITY HOTEL CORP. OF NEWPORT, R.I 36
SCHNELL V. CHRIS-CRAFT INDUSTRIES;, INC. ... 38 QUESTIONS 41 XV XVI
TABLE OF CONTENTS PAGE CHAPTER 3. CORPORATE FEDERALISM 42 A. A BRIEF
HISTORY OF CORPORATE LAW FEDERALISM 43 1. EARLY ANTECEDENTS 43 2. EARLY
DEVELOPMENT OF U.S. CORPORATE LAW 44 3. THE MODERN CORPORATION 47 B. THE
INTERNAL AFFAIRS DOCTRINE- 50 1. BACKGROUND ON THE INTERNAL AFFAIRS
DOCTRINE 50 2. A VIEW OF INTERNAL AFFAIRS FROM CALIFORNIA (AND NEW YORK)
52 ROSS A. WILSON V. LOUISIANA-PACIFIC RESOURCES, INC. 53 3. THE
MAJORITY/DELAWARE VIEW--- 55 MCDERMOTT INC. V. LEWIS 55 4. DOES THE
INTERNAL AFFAIRS DOCTRINE PRESENT CONSTITUTIONAL QUESTIONS? 59
VANTAGEPOINT VENTURE PARTNERS 1996 V. EXAMEN, INC 59 QUESTIONS 61 5.
THREE GENERATIONS OF ANTITAKEOVER STATUTES - 62 CTS CORP. V. DYNAMICS
CORP. OF AMERICA 63 AMANDA ACQUISITION CORP. V. UNIVERSAL FOODS CORP. 67
QUESTIONS * 70 C. THE STATE CHARTER COMPETITION DEBATE 70 ERNEST L.
FOLK, III, SOME REFLECTIONS OF A CORPORATION LAW DRAFTSMAN * 73 D. STOCK
OPTIONS BACKDATING AND CORPORATE FEDERALISM - - - - 75 RYAN V. GIFFORD *
76 CHAPTER 4. THE CORPORATION AND SOCIETY 80 A. ECONOMIC AND LEGAL
FRAMEWORK- - 80 B. FRAMING THE ISSUES 81 1. JUDICIAL APPROACHES 83 DODGE
V. FORD MOTOR CO. ... 83 2. A HISTORICAL VIEW 88 3. THE SPECIAL PROBLEM
OF MULTINATIONAL CORPORATIONS 91 C. THE ROLE OF THE LAWYER - 93 HON.
POTTER STEWART, PROFESSIONAL ETHICS FOR THE BUSINESS LAWYER: THE MORALS
OF THE MARKETPLACE 95 WILLIAM T. ALLEN, CORPORATE GOVERNANCE AND A
BUSINESS LAWYER S DUTY OF INDEPENDENCE QQ RICHARD W. PAINTER, THE MORAL
INTERDEPENDENCE OF CORPORATE LAWYERS AND THEIR CLIENTS 100 D. CORPORATE
POLITICAL EXPENDITURES 103 FIRST NATIONAL BANK OF BOSTON V. BELLOTTI 104
AUSTIN V. MICHIGAN CHAMBER OF COMMERCE 111 QUESTIONS _ 115 E. CORPORATE
CHARITABLE CONTRIBUTIONS 115 1. JUDICIAL ATTITUDES 116 THEODORA HOLDING
CORP. V. HENDERSON - 116 KAHN V. SULLIVAN 118 2. PERSPECTIVES ON
CORPORATE CHARITY 124 TABLE OF CONTENTS XVII PAGE PART II. CORPORATE
STRUCTURE CHAPTER 5. CHOICE OF ORGANIZATIONAL FORM 132 A. ALPHABET SOUP
133 B. DEFAULT RULES 135 1. FORMATION 135 2. LIMITED LIABILITY 136 3.
MANAGEMENT AND CONTROL 137 4. CONTINUITY OF EXISTENCE 138 5.
TRANSFERABILITY OF INTERESTS-- 139 C. PLANNING CONSIDERATIONS- 140 1.
BALANCING OWNERSHIP INTERESTS 140 2. ECONOMICS OF THE CHOICE* 141 D. TAX
CONSEQUENCES (BRIEF OVERVIEW) 143 1. PARTNERSHIP VS. CORPORATION 143 2.
AVOIDING CORPORATE DOUBLE TAX 146 CHAPTER 6. FORMING THE CORPORATION.--
148 A. THE PROCESS OF INCORPORATION 149 1. FORMAL REQUIREMENTS 149 2.
CHOICE OF THE STATE OF INCORPORATION 150 B. LAWYERS PROFESSIONAL
RESPONSIBILITIES 151 KURT VONNEGUT, GOD BLESS YOU, MR. ROSEWATER 151
AMERICAN BAR ASSOCIATION MODEL RULES OF PROFESSIONAL CONDUCT (2004) 153
1. ENTITY THEORY OF REPRESENTATION 160 JESSE BY REINECKE V. DANFORTH --
160 STATE BAR OF ARIZONA, OPINION NO. 02-06 164 2. THE REASONABLE
EXPECTATIONS TEST--- *- 166 GEOFFREY C. HAZARD, JR., ETHICS IN THE
PRACTICE OF LAW 168 C. PROBLEMS DURING INCORPORATION 170 1. ULTRA VIRES
171 2. DEFECTIVE INCORPORATION 171 D. PRE-INCORPORATION ACTIVITIES OF
PROMOTERS 172 PART III. CORPORATE FINANCING CHAPTER 7. AN INTRODUCTION
TO FINANCIAL ACCOUNTING AND VALUATION * 176 A. FINANCIAL ACCOUNTING
DEMYSTIFIED 179 1. THE BALANCE SHEET - 182 A. AN EXAMPLE 183 B. ASSETS
185 C. LIABILITIES 190 D. EQUITY 191 E. BALANCE SHEET ANALYSIS 192 2.
THE INCOME STATEMENT 193 A. EARNINGS BEFORE INTEREST TAXES DEPRECIATION
AND AMORTI- ZATION (EBITDA) 195 B. NET INCOME 196 3. STATEMENT OF CASH
FLOWS 198 TABLE OF CONTENTS PAGE B. VALUING THE ENTERPRISE 200 1. THE
OLD MAN AND THE TREE: A PARABLE OF VALUATION 200 2. SOME ADDITIONAL
THOUGHTS ON VALUING BUSINESSES 207 CHAPTER 8. FINANCIAL STRUCTURE OF THE
CORPORATION 210 A. CORPORATE SECURITIES 211 1. INTRODUCTION 211 2.
EQUITY SECURITIES 212 A. COMMON STOCK 215 B. PREFERRED STOCK 216 3. DEBT
SECURITIES 219 4. OPTIONS 221 B. CORPORATE CAPITAL STRUCTURE 222 1. IN
GENERAL 222 2. TAX CONSIDERATIONS 222 3. LEVERAGE AND THE ALLOCATION OF
RISK 224 4. OPTIONS AND CAPITAL STRUCTURE 227 EQUITY-LINKED INVESTORS,
L.P. V. ADAMS 228 C. REGULATION OF LEGAL CAPITAL 230 1. A CONCISE
HISTORY OF LEGAL CAPITAL AND PAR VALUE 232 BAYLESS MANNING WITH JAMES J.
HANKS, JR., LEGAL CAPITAL ...- 232 2. THE ISSUANCE OF STOCK AND
STOCKHOLDERS LIABILITY 236 A. LEGAL CAPITAL UNDER A TRADITIONAL REGIME
236 B. LEGAL CAPITAL UNDER THE MODEL ACT * 238 3. DIVIDENDS AND OTHER
DISTRIBUTIONS 239 A. THE RATIONALE FOR REGULATING DISTRIBUTIONS TO
SHAREHOLD- ERS 239 B. THE TRADITIONAL APPROACH TO REGULATING
DISTRIBUTIONS TO SHAREHOLDERS 239 KLANG V. SMITH S FOOD & DRUG CENTERS,
INC 240 C. PROTECTION AGAINST EXCESSIVE DISTRIBUTIONS UNDER THE MODEL
ACT 243 D. STOCK DIVIDENDS 244 E. LIABILITY FOR UNLAWFUL DISTRIBUTIONS
244 D. CORPORATE DIVIDEND POLICY: LEGAL AND ECONOMIC ISSUES 245 DODGE V.
FORD MOTOR CO 245 KAMIN V. AMERICAN EXPRESS CO. 247 QUESTION _. 249
CHAPTER 9. THE REGULATION OF SECURITIES ISSUANCE 250 A. FEDERAL
REGULATION OF PUBLIC OFFERINGS 251 1. INTRODUCTION 251 SECURITIES AND
EXCHANGE COMMISSION, THE LAWS THAT GOVERN THE SECURITIES INDUSTRY 251 2.
THE REGISTRATION PROCESS 252 SECURITIES AND EXCHANGE COMMISSION, Q & A:
SMALL BUSINESS AND THE SEC 253 3. EXEMPTIONS FROM REGISTRATION 255 A.
INTRASTATE OFFERING EXEMPTION 256 B. PRIVATE PLACEMENT EXEMPTION 256
TABLE OF CONTENTS XIX PAGE A. FEDERAL REGULATION OF PUBLIC
OFFERINGS*CONTINUED DORAN V. PETROLEUM MANAGEMENT CORP - 257 C. SMALL
ISSUE EXEMPTIONS 261 I. REGULATION D 261 II. REGULATION A 262 D. RESALES
OF SECURITIES ISSUED PURSUANT TO AN EXEMPTION* 262 4. LIABILITY UNDER
THE SECURITIES ACT OF 1933 263 CARL W. SCHNEIDER, JOSEPH M. MANKO &
ROBERT S. KANT, GOING PUBLIC-PRACTICE, PROCEDURES AND CONSEQUENCES 264
B. STATE BLUE SKY LAWS 264 PART IV. CREDITOR PROTECTION CHAPTER 10.
PIERCING THE CORPORATE VEIL 268 A. PIERCING FACTORS 269 1. DOCTRINAL
CONFUSION 270 2. CLOSE VS. PUBLIC CORPORATIONS 272 3. INDIVIDUAL
SHAREHOLDERS VS. CORPORATE GROUPS 274 4. TORT VS. CONTRACT CREDITORS 275
B. TORT CREDITORS 276 WALKOVSZKY V. CARLTON 276 RADASZEWSKI V. TELECOM
CORP. 280 QUESTIONS AND NOTES--- 283 C. CONTRACT CREDITORS 284 FREEMAN
V. COMPLEX COMPUTING CO. 284 THEBERGE V. DARBRO, INC - 289 QUESTIONS AND
NOTES 292 D. CORPORATE GROUPS 292 GARDEMAL V. WESTIN HOTEL CO 292 OTR
ASSOCIATES V. IBC SERVICES, INC. 295 QUESTIONS 298 E. ALTERNATIVES TO
LIMITED LIABILITY 298 1. SHAREHOLDER LIABILITY UNDER FEDERAL LAW 298 2.
FRAUDULENT CONVEYANCE AND EQUITABLE SUBORDINATION 299 CHAPTER 11.
ACTIONS BINDING THE CORPORATION 301 A. DELEGATION OF BOARD AUTHORITY TO
CORPORATE EXECUTIVES 301 1. INTRODUCTION: SOME BASIC AGENCY CONCEPTS 301
2. AGENCY IN CORPORATIONS: THE AUTHORITY OF OFFICERS 304 SUMMIT
PROPERTIES, INC. V. NEW TECHNOLOGY ELECTRICAL CON- TRACTORS, INC 307
MENARD, INC. V. DAGE-MTI, INC 312 3. ASCERTAINING CORPORATE AUTHORITY
317 B. FORMALITIES OF BOARD ACTION 318 1. BOARD ACTION AT A MEETING 319
2. NOTICE AND QUORUM 322 3. COMMITTEES OF THE BOARD 322 C. LEGAL
OPINIONS * - 323 1. OVERVIEW OF LEGAL OPINIONS 324 M. JOHN STERBA, JR.,
LEGAL OPINION LETTERS 325 TABLE OF CONTENTS PAGE C. LEGAL
OPINIONS*CONTINUED DONALD W. GLAZER & CHARLES R.B. MACEDO, DETERMINING
THE UNDERLYING FACTS: AN EPISTEMOLOGICAL LOOK AT LEGAL OPIN- IONS IN
CORPORATE TRANSACTIONS 329 PART V. CLOSELY HELD CORPORATIONS CHAPTER 12.
PLANNING IN THE CLOSE CORPORATION 336 A. CLOSE CORPORATION DILEMMA 336
B. REALIGNMENTS OF SHAREHOLDER CONTROL *- 340 1. CUMULATIVE VOTING 341
2. CLASS VOTING 343 3. SHAREHOLDER VOTING ARRANGEMENTS 344 CRAIG G.
ALBERT, THE LAWYER-DIRECTOR: AN OXYMORON? 349 C. RESTRICTIONS ON BOARD
DISCRETION 353 1. SHAREHOLDER AGREEMENTS: COMMON LAW --- 354 TRIGGS V.
TRIGGS 358 2. STATUTORY AUTHORIZATION OF RESTRAINTS ON BOARD
DISCRETION-- 363 3. HIGH VOTING REQUIREMENTS 365 4. FIDUCIARY DUTIES IN
EXERCISING VETO RIGHTS 366 SMITH V. ATLANTIC PROPERTIES, INC. 367 D.
CONTRACTUAL TRANSFER PROVISIONS 370 1. PURPOSES AND LEGALITY OF TRANSFER
PROVISIONS - --- 371 2. TYPES OF TRANSFER PROVISIONS 372 3. VALUATION OF
RESTRICTED SHARES 374 4. JUDICIAL INTERPRETATION OF TRANSFER PROVISIONS
375 CONCORD AUTO AUCTION, INC. V. RUSTIN 375 QUESTIONS AND NOTES 380
CHAPTER 13. OPPRESSION IN THE CLOSE CORPORATION 382 A. NATURE OF
DISSENSION AND OPPRESSION 383 B. JUDICIAL PROTECTION OF MINORITY OWNERS
385 1. FIDUCIARY DUTIES: RIGHT TO EQUAL TREATMENT 385 WILKES V.
SPRINGSIDE NURSING HOME, INC 385 2. PREROGATIVES OF MAJORITY CONTROL 391
NIXON V. BLACKWELL 393 3. BASIS FOR JUDICIAL PROTECTION 395 4. CHOICE OF
LAW IN CLOSE CORPORATION DISPUTES 397 C. STATUTORY REMEDIES FOR
OPPRESSION 398 1. STATUTORY OPPRESSION REMEDY 399 MATTER OF KEMP &
BEATLEY, INC 401 2. OPPRESSION OF SHAREHOLDER-EMPLOYEE 406 BONAVITA V.
CORBO 406 3. MEANING OF OPPRESSION 412 4. VALUATION OF MINORITY SHARES
416 5. NON-DISSOLUTION REMEDIES IN OPPRESSION CASES 418 D. DISSOLUTION
OF THE LIMITED LIABILITY COMPANY 421 HALEY V. TALCOTT 422 QUESTIONS 424
TABLE OF CONTENTS XXI PAGE PART VI. SHAREHOLDER RIGHTS CHAPTER 14.
SHAREHOLDER VOTING RIGHTS 426 A. BASICS OF SHAREHOLDER VOTING 426 B.
SHAREHOLDER VETO AND EXIT RIGHTS IN FUNDAMENTAL TRANSACTIONS 429 1.
SHAREHOLDER RIGHTS IN FUNDAMENTAL TRANSACTIONS 430 2. THE MECHANICS OF
CORPORATE COMBINATIONS 431 A. STATUTORY MERGER 433 B. TRIANGULAR MERGER
434 C. STATUTORY SHARE EXCHANGE 435 D. SALE OF ASSETS 435 E. TENDER
OFFERS 435 F. SUMMARY 436 3. DE FACTO MERGER DOCTRINE--- 436 HARITON V.
ARCO ELECTRONICS, INC. 438 GIMBEL V. SIGNAL COMPANIES, INC. 442 C.
SHAREHOLDERS POWER TO INITIATE ACTION 446 1. PROCEDURES FOR SHAREHOLDER
MEETINGS 447 A. CALLING THE MEETING 447 B. NOTICE 447 C. QUORUM 447 D.
ACTION BY WRITTEN CONSENT 448 2. WHAT ACTIONS CAN SHAREHOLDERS INITIATE?
448 A. SHAREHOLDER RECOMMENDATIONS 448 AUER V. DRESSEL 448 B. AMENDMENT
OF BYLAWS 450 INTERNATIONAL BROTHERHOOD OF TEAMSTERS GENERAL FUND V.
FLEMING COS 451 C. REMOVAL AND REPLACEMENT OF DIRECTORS 453 CAMPBELL V.
LOEW S, INC. 453 3. BOARD RESPONSES TO SHAREHOLDER INITIATIVES 458
BLASIUS INDUSTRIES, INC. V. ATLAS CORP. 45 8 QUICKTURN DESIGN SYSTEMS,
INC. U. SHAPIRO 463 D. SHAREHOLDERS RIGHT OF INSPECTION 468 1. PROPER
PURPOSE 469 STATE EX REL. PILLSBURY V. HONEYWELL, INC. .. 470 MARATHON
PARTNERS L.P. AND FURTHERFIELD PARTNERS L.P. V. M&F WORLDWIDE
CORPORATION 472 POLYGON GLOBAL OPPORTUNITIES MASTER FUND V. WEST
CORPORA- TION 479 2. WHAT COMPRISES A STOCKHOLDER LIST ? 483 3.
STANDING 484 DEEPHAVEN RISK ARB TRADING LTD. V. UNITEDGLOBALCOM, INC.
485 CHAPTER 15. GOVERNANCE ROLE OF PUBLIC SHAREHOLDERS 491 A.
SHAREHOLDER DEMOCRACY: AN OVERVIEW 492 BATTLING FOR CORPORATE AMERICA *
SHAREHOLDER DEMOCRACY 492 B. THEORIES OF THE FIRM - 496 1. BERLE-MEANS
CORPORATION 496 XXII TABLE OF CONTENTS PAGE B. THEORIES OF THE
FIRM*CONTINUED 2. NEXUS OF CONTRACTS CORPORATION 498 3. POLITICAL
PRODUCT CORPORATION 500 4. TEAM PRODUCTION CORPORATION 502 5.
BOARD-CENTRIC CORPORATION 504 QUESTIONS 505 C. DYNAMICS OF SHAREHOLDER
VOTING 506 1. SHAREHOLDER VOTING RIGHTS 508 2. FEDERAL PROXY REGULATION
509 3. PROXY MECHANISM 510 QUESTIONS 51 5 4. THE COLLECTIVE ACTION
PROBLEM 515 ROBERT CHARLES CLARK, CORPORATE LAW 515 5. INSTITUTIONAL
INVESTORS 518 QUESTIONS-- 522 D. FEDERAL REGULATION OF PROXY VOTING 523
1. MANAGEMENT SOLICITATIONS 523 2. MEANING OF PROXY SOLICITATION * 525
LONG ISLAND LIGHTING COMPANY V. BARBASH 526 QUESTIONS 528 3. SHAREHOLDER
COMMUNICATIONS 528 E. SHAREHOLDER PROPOSALS 530 1. EVOLUTION OF THE
SHAREHOLDER PROPOSAL RULE 532 2. RULE 14A-8 IN OPERATION 534 LOVENHEIM
V. IROQUOIS BRANDS, LTD. 538 QUESTIONS 540 3. ORDINARY BUSINESS VS.
PUBLIC POLICY 540 4. EVALUATING THE SHAREHOLDER PROPOSAL RULE 544 5.
SHAREHOLDER NOMINATION OF DIRECTORS - 547 AMERICAN FEDERATION OF STATE,
COUNTY & MUNICIPAL EMPLOY- EES, EMPLOYEES PENSION PLAN V. AMERICAN INT L
GROUP, INC. 549 QUESTIONS AND NOTES - 553 CHAPTER 16. DISCLOSURE DUTIES
TO SHAREHOLDERS 555 A. OVERVIEW OF THE CHAPTER-- 557 B. IMPLIED FEDERAL
PRIVATE ACTION FOR PROXY FRAUD 558 C. MATERIALITY 560 1. MATERIALITY
ORTHODOXY 560 TSC INDUSTRIES, INC. V. NORTHWAY, INC. 560 BASIC, INC. V.
LEVINSON - 563 NOTE: MUST MATERIALITY ALWAYS BE FINANCIAL? 56 7 2.
EXPANDED CONCEPTS OF MATERIALITY 569 SANTA FE INDUSTRIES, INC. V. GREEN
569 VIRGINIA BANKSHARES, INC. V. SANDBERG 573 NOTE: VIRGINIA BANKSHARES
AND MATERIALITY 579 D. CAUSATION 580 1. ESSENTIAL LINK IN THE
TRANSACTION 580 MILLS V. ELECTRIC AUTO-LITE CO 580 2. CAUSATION WHEN
SOLICITATION NOT REQUIRED 586 VIRGINIA BANKSHARES, INC. V. SANDBERG 586
TABLE OF CONTENTS XXIII PAGE D. CAUSATION*CONTINUED 3. CONSTRUCTIVE
FRAUD: UNFAIRNESS AS DECEIT 592 E. CULPABILITY IN PROXY FRAUD ACTION 595
F. STATE LAW DUTIES OF DISCLOSURE 596 1. FIDUCIARIES DUTY OF DISCLOSURE
UNDER STATE LAW - 597 2. FIDUCIARIES LIABILITY FOR BREACH OF THE DUTY
OF DISCLOSURE 599 MALONE V. BRINCAT 599 NOTE: SECTION 102(B)(7) AND THE
IMPLICATIONS OF MALONE V. BRINCAT 603 3. MATERIALITY UNDER STATE LAW 605
4. VOLUNTARY DISCLOSURES AND STATE REMEDIES 607 CHAPTER 17. CORPORATE
GOVERNANCE IN THE PUBLIC CORPORA- TION 608 A. PROLOGUE: THE ENRON
SCANDAL 609 WILLIAM W. BRATTON, ENRON AND THE DAEK SIDE OF SHAREHOLDER
VALUE 611 B. SOURCES OF CORPORATE GOVERNANCE 615 1. STATE LAW 615 2.
FEDERAL LAW 615 3. STOCK EXCHANGE LISTING STANDARDS 617 C. THE BOARD OF
DIRECTORS 619 1. BOARD COMPOSITION AND BOARD COMMITTEES 620 A. AUDIT
COMMITTEE 621 B. COMPENSATION COMMITTEE 622 C. NOMINATING COMMITTEE -..
622 2. JUDICIAL EVALUATION OF DIRECTOR INDEPENDENCE 622 IN RE EBAY, INC.
SHAREHOLDERS LITIGATION 623 D. BOARD STRUCTURE AND CORPORATE PERFORMANCE
626 1. ARE THE BENEFITS WORTH THE COSTS? 626 2. BOARDROOM DIVERSITY 627
3. THE EFFECTIVENESS OF INDEPENDENT DIRECTORS 627 LAURA LIN, THE
EFFECTIVENESS OF OUTSIDE DIRECTORS AS A CORPORATE GOVERNANCE MECHANISM:
THEORIES AND EVIDENCE 628 E. EPILOGUE: ENRON REVISITED 630 LEO E.
STRINE, JR., DERIVATIVE IMPACT? SOME EARLY REFLECTIONS ON THE
CORPORATION LAW IMPLICATIONS OF THE ENRON DEBACLE 630 PART VII.
FIDUCIARY DUTIES CHAPTER 18. THE DUTY OF CARE OF CORPORATE DIRECTORS 638
A. OVERVIEW OF THE STANDARDS OF CARE 638 B. DUTY OF OVERSIGHT 643 1.
SUPERVISION OF ONGOING BUSINESS 643 FRANCIS V. UNITED JERSEY BANK 643 2.
MONITORING OF LEGAL COMPLIANCE AND CONTROLS - 650 IN RE CAREMARK
INTERNATIONAL INC. DERIVATIVE LITIGATION 654 3. DIRECTOR S CRIMINAL
LIABILITY ..- 660 C. BUSINESS JUDGMENT RULE - 663 1. SCOPE OF THE
BUSINESS JUDGMENT RULE 663 XXIV TABLE OF CONTENTS PAGE C. BUSINESS
JUDGMENT RULE*CONTINUED SHLENSKY V. WRIGLEY 664 2. BUSINESS JUDGMENT
RULE AND DIRECTORIAL NEGLIGENCE 667 D. DUTY TO BECOME INFORMED 672 1.
THE TRANS UNION CASE 673 SMITH V. VAN GORKOM 673 FRANK PARTNOY, ADDING
DERIVATIVES TO THE CORPORATE LAW MIX 694 2. DUE CARE AND THE BUSINESS
JUDGMENT RULE 698 3. RELIANCE 700 4. LACK OF OBJECTIVITY 701 5.
CAUSATION 702 6. REBUTTING THE PRESUMPTION OF THE BUSINESS JUDGMENT
RULE-- 705 E. AVOIDANCE OF LIABILITY 707 1. PROTECTIONS AGAINST
DIRECTORIAL LIABILITY 708 2. STATUTORY EXCULPATION OF DIRECTORS 709 3.
INDEMNIFICATION 712 AMERICAN BAR ASSOCIATION COMMITTEE ON CORPORATE
LA VS,CHANGES IN THE MODEL BUSINESS CORPORATION ACT* AMENDMENTS
PERTAINING TO INDEMNIFICATION AND ADVANCE FOR EXPENSES 712 E. NORMAN
VEASEY, JESSE A. FINKELSTEIN & C. STEPHEN BIGLER, DELAWARE SUPPORTS
DIRECTORS WITH A THREE-LEGGED STOOL OF LIMITED LIABILITY,
INDEMNIFICATION AND INSURANCE 714 4. DIRECTORS AND OFFICERS INSURANCE
720 F. THE EVOLUTION OF GOOD FAITH 722 STONE V. RITTER 724 ATR-KIM ENG
FINANCIAL CORP. V. ARANETA 731 QUESTIONS 735 CHAPTER 19. DUTY OF LOYALTY
736 A. DIRECTOR SELF-DEALING 737 1. NATURE OF DIRECTOR SELF-DEALING 739
2. COMMON LAW: 1880-1960 740 3. CONTEMPORARY STATUTORY APPROACHES 741 A.
TRADITIONAL ANALYSIS 741 REMILLARD BRICK CO. V. REMILLARD-DANDINI CO.
741 QUESTIONS AND NOTES 744 B. DELAWARE SECTION 144 744 BENIHANA OF
TOKYO, INC. V. BENIHANA, INC. 747 QUESTIONS AND NOTES 752 C. MBCA
SUBCHAPTER F 752 QUESTIONS 755 B. SUBSTANTIVE FAIRNESS 755 C. PROCEDURAL
FAIRNESS 757 1. DISCLOSURE 757 2. APPROVAL BY DISINTERESTED AND
INDEPENDENT DIRECTORS 759 IN RE THE WALT DISNEY COMPANY DERIVATIVE
LITIGATION 762 NOTE: THE ORACLE STORY 766 QUESTIONS 776 TABLE OF
CONTENTS XXV PAGE C. PROCEDURAL FAIRNESS*CONTINUED 3. SHAREHOLDER
APPROVAL 776 LEWIS V. VOGELSTEIN 777 HARBOR FINANCE PARTNERS V. HUIZENGA
781 D. CORPORATE OPPORTUNITIES 786 1. TRADITIONAL CORPORATE OPPORTUNITY
DOCTRINE 787 FARBER V. SERVAN LAND COMPANY, INC. - 787 2. WHAT IS A
CORPORATE OPPORTUNITY? 793 3. WHEN CAN MANAGER TAKE CORPORATE
OPPORTUNITY? 796 4. REMEDIES FOR USURPING CORPORATE OPPORTUNITY 802
CHAPTER 20. EXECUTIVE COMPENSATION 803 A. COMPENSATION PUZZLE 804 1.
FORMS OF EXECUTIVE COMPENSATION 804 QUESTIONS 808 2. PROCESS FOR SETTING
EXECUTIVE COMPENSATION 809 QUESTIONS 812 3. DEBATE OVER EXECUTIVE
COMPENSATION 813 B. FEDERAL LAW 815 1. DISCLOSURE--^ 815 2.
DEDUCTIBILITY OF EXECUTIVE COMPENSATION 816 3. SARBANES-OXLEY ACT 817 C.
STATE JUDICIAL REVIEW 820 1. TRADITIONAL WASTE STANDARD - * 821 2.
EVOLVING DELAWARE STANDARD 824 LEWIS V. VOGELSTEIN 824 QUESTIONS 829 D.
DISNEY LITIGATION 829 1. INITIAL DELAWARE RESPONSE: DISNEY I 831 2.
RESPONSE TO AMENDED COMPLAINT: DISNEY II --- 833 IN RE THE WALT DISNEY
COMPANY DERIVATIVE LITIGATION ( DIS- NEY II ) 834 NOTE ON GOOD FAITH
836 QUESTIONS 837 3. DECISION AFTER TRIAL: DISNEY III - 837 IN RE THE
WALT DISNEY COMPANY DERIVATIVE LITIGATION ( DIS- NEY III ) 838 QUESTIONS
843 4. AFFIRMANCE OF TRIAL DECISION 844 QUESTIONS 847 CHAPTER 21. DUTIES
OF CONTROLLING SHAREHOLDERS 849 A. TRANSACTIONS WITHIN CORPORATE GROUPS
851 SINCLAIR OIL CORP. V. LEVIEN 851 QUESTIONS -- 856 B. CASH-OUT
TRANSACTIONS - 857 1. CASH-OUT MERGERS: WEINBERGER ANALYTICAL FRAMEWORK
858 WEINBERGER V. UOP, INC * - ----- 860 QUESTIONS AND NOTES * - - 8 74
2. BUSINESS PURPOSE TEST OUTSIDE OF DELAWARE 875 XXVI TABLE OF CONTENTS
PAGE B. CASH-OUT TRANSACTIONS*CONTINUED 3. EXCLUSIVITY OF APPRAISAL
AFTER WEINBERGER 876 4. ENTIRE FAIRNESS: RELATIONSHIP OF FAIR DEALING
AND FAIR PRICE 878 WILLIAM T. ALLEN, INDEPENDENT DIRECTORS IN MBO
TRANSAC- TIONS: ARE THEY FACT OR FANTASY? 879 KAHN V. LYNCH
COMMUNICATION SYS., INC. ( LYNCH I ) 882 KAHN V. LYNCH COMMUNICATION
SYS., INC. ( LYNCH II ) 888 5. DIRECTOR LIABILITY IN CASH-OUT
TRANSACTION 892 IN RE EMERGING COMMUNICATIONS, INC. SHAREHOLDERS LITIGA-
TION 892 QUESTIONS AND NOTES 904 6. ALTERNATIVES TO CASH-OUT MERGER 905
IN RE PURE RESOURCES, INC., SHAREHOLDERS LITIGATION 907 IN RE COMPUCOM
SYSTEMS, INC. STOCKHOLDERS LITIGATION 91 9 QUESTIONS 924 C. SALE OF A
CONTROLLING INTEREST 924 1. CONTROL PREMIUM 924 2. DUTY OF CARE *- 928
HARRIS V. CARTER 928 QUESTIONS 934 3. DUTY OF LOYALTY-- 934 PERLMAN V.
FELDMANN 934 QUESTIONS AND NOTES * 939 4. SALE OF OFFICE - 940 ESSEX
UNIVERSAL CORP. V. YATES 940 QUESTIONS - 945 CHAPTER 22. SHAREHOLDER
LITIGATION * 946 A. INTRODUCTION 946 B. DIRECT AND DERIVATIVE ACTIONS
948 TOOLEY V. DONALDSON, LUFKIN, & JENRETTE, INC 951 QUESTIONS 954 C.
WHO QUALIFIES AS A PLAINTIFF? * - 954 1. ADEQUACY- ... 954 IN RE FUQUA
INDUSTRIES, INC. SHAREHOLDER LITIGATION 955 2. STANDING .._.. 957 A.
CONTEMPORANEOUS OWNERSHIP 957 B. CONTINUING INTEREST 959 C. SECURITY
OWNERSHIP 959 3. CHOOSING LEAD PLAINTIFF/LEAD COUNSEL 961 IN RE
CAVANAUGH 961 D. THE DEMAND REQUIREMENT 970 1. THE TRADITIONAL
(DELAWARE) APPROACH 970 A. DEMAND 970 ARONSON V. LEWIS 971 B.
TERMINATION WHEN DEMAND IS EXCUSED 979 2. THE MBCA AND ALI APPROACHES
983 EINHORN V. CULEA 985 TABLE OF CONTENTS XXVII PAGE E. SETTLEMENT AND
ATTORNEYS FEES - 988 1. INTRODUCTION -. 988 2. JUDICIAL REVIEW OF
SETTLEMENTS 989 3. ATTORNEYS FEES -- 992 4. WORLDCOM 994 IN RE
WORLDCOM, INC. SECURITIES LITIGATION - - - 995 PART VIII. SHAREHOLDER
LIQUIDITY CHAPTER 23. REGULATION OF INSIDER TRADING *. *. 1006 A.
SECURITIES TRADING: MARKETS AND THEORY - 1006 1. INFORMATION AND
SECURITIES MARKETS 1006 2. ECONOMIC THEORY: INSIDER TRADING AND
CORPORATE DISCLOSURE 1008 B. INSIDER TRADING: STATE CORPORATE LAW 1018
1. DUTY TO SHAREHOLDERS AND INVESTORS -- - - 1018 GOODWIN V. AGASSIZ - -
1018 2. DUTY TO THE CORPORATION - --1023 DIAMOND V. OREAMUNO--- - - 1024
3. INSIDER TRADING: DELAWARE AND CALIFORNIA 1029 C. INSIDER TRADING:
RULE 10B-5 1032 1. OVERVIEW OF FEDERAL REGULATION OF INSIDER TRADING
1032 2. EARLY HISTORY - -.1033 IN THE MATTER OFCADY, ROBERTS & CO 1034
3. MATERIALITY 1040 4. DUTY TO DISCLOSE OR ABSTAIN -.1040 CHIARELLA V.
UNITED STATES 1040 5. TIPPER-TIPPEE LIABILITY 1046 DIRKS V. SECURITIES
AND EXCHANGE COMMISSION 1047 6. MISAPPROPRIATION THEORY - 1057 UNITED
STATES V. O HAGAN * - 1058 R. FOSTER WINANS, LET EVERYONE USE WHAT WALL
STREET KNOWS. NEW YORK TIMES -*. --.. - .*-1067 7. LIFE AFTER CHIARELLA,
DIRKS AND O HAGAN -- 1069 8. REMEDIES FOR INSIDER TRADING VIOLATIONS
1075 D. DISGORGEMENT LIABILITY: SECTION 16 -... - 1076 E. COMPARATIVE
REGULATION OF INSIDER TRADING 1078 CHAPTER 24. PROTECTING AND SELLING
CONTROL 1081 A. SETTING THE SCENE- 1082 B. THE POLICY DEBATE - 1083 1.
CORPORATE GOVERNANCE --- 1083 2. MANAGEMENT DISCIPLINE - 1085 3.
ECONOMIC THEORY - - --1086 4. REGULATORY ISSUES 1087 C. CONTESTS FOR
CONTROL: METHODS AND DEFENSES -.. 1088 1. TENDER OFFERS - - - 1088 A.
POISON PILLS 1090 B. STAGGERED BOARDS 1091 2. PROXY CONTESTS -----1091
XXVIII TABLE OF CONTENTS PAGE D. THE REGULATORY FRAMEWORK 1092 1.
FEDERAL REGULATION 1092 A. TENDER OFFERS 1092 B. PROXY CONTESTS 1093 2.
STATE REGULATION 1094 E. JUDICIAL REVIEW OF TAKEOVER DEFENSES 1095 1.
THE BUSINESS JUDGMENT RULE- 1096 CHEFFV. MATHES 1096 QUESTIONS 1102 2.
INTERMEDIATE STANDARD OF REVIEW*THE PROPORTIONALITY TEST 1103 UNOCAL
CORPORATION V. MESA PETROLEUM CO. 1104 QUESTIONS 1112 3. WHEN THE
CORPORATION IS FOR SALE 1114 A. REVLON 1114 REVLON, INC. V. MACANDREWS
& FORBES HOLDINGS, INC. 1114 B. PARAMOUNT V. TIME AND JUST SAY NO 1122
PARAMOUNT COMMUNICATIONS, INC. V. TIME, INC 1123 C. THE QVC STANDARD
1132 4. CONTEMPORARY JURISPRUDENCE 1137 A. THE INTERSECTION OF PROXY
CONTESTS AND TENDER OFFERS: THE STANDARD OF REVIEW 1137 CHESAPEAKE
CORPORATION V. SHORE 1139 B. DEAL PROTECTION MEASURES 1147 F. EUROPEAN
TAKEOVER REGULATION 1150 1. THE BRITISH CITY CODE ON TAKEOVERS AND
MERGERS 1151 2. EU TAKEOVER DIRECTIVE 1152 INDEX 1155
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TABLE OF CONTENTS PAGE PREFACE V TABLE OF CASES - XXIX PARTI.
CORPORATION BASICS CHAPTER 1. ECONOMICS OF THE FIRM 2 A. RISK. 3 B.
ALLOCATING RISK 7 1. ALLOCATING RISKS TO THE PRINCIPAL - 10 2.
ALLOCATING RISKS TO THE AGENT- 12 C. THE ROLE OF LAW IN ALLOCATING RISKS
14 1. LAW AND HUMAN RELATIONSHIPS .-. 14 2. MANDATORY AND DEFAULT
RULES- - - 16 3. BEYOND AGENCY COSTS - -. , 17 CHAPTER 2. AN
INTRODUCTION TO CORPORATE LAW 19 A. OVERVIEW - 19 1. KEY CORPORATE
CHARACTERISTICS 19 2. THE PROPERTY-ENTITY DEBATE 21 B. SOME BASIC TERMS
AND CONCEPTS 23 1. TYPES OF CORPORATIONS 23 2. CORPORATE STATUTES 24 3.
ORGANIC DOCUMENTS 24 4. THE CORPORATE ACTORS 25 5. CORPORATE SECURITIES
26 6. JUDGE-MADE CORPORATE LAW 27 7. CORPORATE CHOICE OF LAW 27 8.
CORPORATE PLANNING 28 C. FIDUCIARY DUTIES 29 1. DIRECTOR DUTIES 29 BAYER
V. BE RAN 31 2. SHAREHOLDER DUTIES - 35 D. EQUITABLE LIMITATIONS ON
CORPORATE ACTIONS 36 BOVE V. COMMUNITY HOTEL CORP. OF NEWPORT, R.I 36
SCHNELL V. CHRIS-CRAFT INDUSTRIES;, INC. . 38 QUESTIONS 41 XV XVI
TABLE OF CONTENTS PAGE CHAPTER 3. CORPORATE FEDERALISM 42 A. A BRIEF
HISTORY OF CORPORATE LAW FEDERALISM 43 1. EARLY ANTECEDENTS 43 2. EARLY
DEVELOPMENT OF U.S. CORPORATE LAW 44 3. THE MODERN CORPORATION 47 B. THE
INTERNAL AFFAIRS DOCTRINE- 50 1. BACKGROUND ON THE INTERNAL AFFAIRS
DOCTRINE 50 2. A VIEW OF INTERNAL AFFAIRS FROM CALIFORNIA (AND NEW YORK)
52 ROSS A. WILSON V. LOUISIANA-PACIFIC RESOURCES, INC. 53 3. THE
MAJORITY/DELAWARE VIEW--- 55 MCDERMOTT INC. V. LEWIS 55 4. DOES THE
INTERNAL AFFAIRS DOCTRINE PRESENT CONSTITUTIONAL QUESTIONS? 59
VANTAGEPOINT VENTURE PARTNERS 1996 V. EXAMEN, INC 59 QUESTIONS 61 5.
THREE GENERATIONS OF ANTITAKEOVER STATUTES - 62 CTS CORP. V. DYNAMICS
CORP. OF AMERICA 63 AMANDA ACQUISITION CORP. V. UNIVERSAL FOODS CORP. 67
QUESTIONS * 70 C. THE STATE CHARTER COMPETITION DEBATE 70 ERNEST L.
FOLK, III, SOME REFLECTIONS OF A CORPORATION LAW DRAFTSMAN * 73 D. STOCK
OPTIONS BACKDATING AND CORPORATE FEDERALISM - - - - 75 RYAN V. GIFFORD *
76 CHAPTER 4. THE CORPORATION AND SOCIETY 80 A. ECONOMIC AND LEGAL
FRAMEWORK- - 80 B. FRAMING THE ISSUES 81 1. JUDICIAL APPROACHES 83 DODGE
V. FORD MOTOR CO. . 83 2. A HISTORICAL VIEW 88 3. THE SPECIAL PROBLEM
OF MULTINATIONAL CORPORATIONS 91 C. THE ROLE OF THE LAWYER - 93 HON.
POTTER STEWART, PROFESSIONAL ETHICS FOR THE BUSINESS LAWYER: THE MORALS
OF THE MARKETPLACE 95 WILLIAM T. ALLEN, CORPORATE GOVERNANCE AND A
BUSINESS LAWYER'S DUTY OF INDEPENDENCE QQ RICHARD W. PAINTER, THE MORAL
INTERDEPENDENCE OF CORPORATE LAWYERS AND THEIR CLIENTS 100 D. CORPORATE
POLITICAL EXPENDITURES 103 FIRST NATIONAL BANK OF BOSTON V. BELLOTTI 104
AUSTIN V. MICHIGAN CHAMBER OF COMMERCE 111 QUESTIONS _ 115 E. CORPORATE
CHARITABLE CONTRIBUTIONS 115 1. JUDICIAL ATTITUDES 116 THEODORA HOLDING
CORP. V. HENDERSON - 116 KAHN V. SULLIVAN 118 2. PERSPECTIVES ON
CORPORATE CHARITY 124 TABLE OF CONTENTS XVII PAGE PART II. CORPORATE
STRUCTURE CHAPTER 5. CHOICE OF ORGANIZATIONAL FORM 132 A. ALPHABET SOUP
133 B. DEFAULT RULES 135 1. FORMATION 135 2. LIMITED LIABILITY 136 3.
MANAGEMENT AND CONTROL 137 4. CONTINUITY OF EXISTENCE 138 5.
TRANSFERABILITY OF INTERESTS-- 139 C. PLANNING CONSIDERATIONS- 140 1.
BALANCING OWNERSHIP INTERESTS 140 2. ECONOMICS OF THE CHOICE* 141 D. TAX
CONSEQUENCES (BRIEF OVERVIEW) 143 1. PARTNERSHIP VS. CORPORATION 143 2.
AVOIDING CORPORATE DOUBLE TAX 146 CHAPTER 6. FORMING THE CORPORATION.--
148 A. THE PROCESS OF INCORPORATION 149 1. FORMAL REQUIREMENTS 149 2.
CHOICE OF THE STATE OF INCORPORATION 150 B. LAWYERS' PROFESSIONAL
RESPONSIBILITIES 151 KURT VONNEGUT, GOD BLESS YOU, MR. ROSEWATER 151
AMERICAN BAR ASSOCIATION MODEL RULES OF PROFESSIONAL CONDUCT (2004) 153
1. ENTITY THEORY OF REPRESENTATION 160 JESSE BY REINECKE V. DANFORTH --
160 STATE BAR OF ARIZONA, OPINION NO. 02-06 164 2. THE REASONABLE
EXPECTATIONS TEST--- *- 166 GEOFFREY C. HAZARD, JR., ETHICS IN THE
PRACTICE OF LAW 168 C. PROBLEMS DURING INCORPORATION 170 1. ULTRA VIRES
171 2. DEFECTIVE INCORPORATION 171 D. PRE-INCORPORATION ACTIVITIES OF
PROMOTERS 172 PART III. CORPORATE FINANCING CHAPTER 7. AN INTRODUCTION
TO FINANCIAL ACCOUNTING AND VALUATION * 176 A. FINANCIAL ACCOUNTING
DEMYSTIFIED 179 1. THE BALANCE SHEET - 182 A. AN EXAMPLE 183 B. ASSETS
185 C. LIABILITIES 190 D. EQUITY 191 E. BALANCE SHEET ANALYSIS 192 2.
THE INCOME STATEMENT 193 A. EARNINGS BEFORE INTEREST TAXES DEPRECIATION
AND AMORTI- ZATION (EBITDA) 195 B. NET INCOME 196 3. STATEMENT OF CASH
FLOWS 198 TABLE OF CONTENTS PAGE B. VALUING THE ENTERPRISE 200 1. THE
OLD MAN AND THE TREE: A PARABLE OF VALUATION 200 2. SOME ADDITIONAL
THOUGHTS ON VALUING BUSINESSES 207 CHAPTER 8. FINANCIAL STRUCTURE OF THE
CORPORATION 210 A. CORPORATE SECURITIES 211 1. INTRODUCTION 211 2.
EQUITY SECURITIES 212 A. COMMON STOCK 215 B. PREFERRED STOCK 216 3. DEBT
SECURITIES 219 4. OPTIONS 221 B. CORPORATE CAPITAL STRUCTURE 222 1. IN
GENERAL 222 2. TAX CONSIDERATIONS 222 3. LEVERAGE AND THE ALLOCATION OF
RISK 224 4. OPTIONS AND CAPITAL STRUCTURE 227 EQUITY-LINKED INVESTORS,
L.P. V. ADAMS 228 C. REGULATION OF LEGAL CAPITAL 230 1. A CONCISE
HISTORY OF LEGAL CAPITAL AND PAR VALUE 232 BAYLESS MANNING WITH JAMES J.
HANKS, JR., LEGAL CAPITAL .- 232 2. THE ISSUANCE OF STOCK AND
STOCKHOLDERS' LIABILITY 236 A. LEGAL CAPITAL UNDER A TRADITIONAL REGIME
236 B. LEGAL CAPITAL UNDER THE MODEL ACT * 238 3. DIVIDENDS AND OTHER
DISTRIBUTIONS 239 A. THE RATIONALE FOR REGULATING DISTRIBUTIONS TO
SHAREHOLD- ERS 239 B. THE TRADITIONAL APPROACH TO REGULATING
DISTRIBUTIONS TO SHAREHOLDERS 239 KLANG V. SMITH'S FOOD & DRUG CENTERS,
INC 240 C. PROTECTION AGAINST EXCESSIVE DISTRIBUTIONS UNDER THE MODEL
ACT 243 D. STOCK DIVIDENDS 244 E. LIABILITY FOR UNLAWFUL DISTRIBUTIONS
244 D. CORPORATE DIVIDEND POLICY: LEGAL AND ECONOMIC ISSUES 245 DODGE V.
FORD MOTOR CO 245 KAMIN V. AMERICAN EXPRESS CO. 247 QUESTION _. 249
CHAPTER 9. THE REGULATION OF SECURITIES ISSUANCE 250 A. FEDERAL
REGULATION OF PUBLIC OFFERINGS 251 1. INTRODUCTION 251 SECURITIES AND
EXCHANGE COMMISSION, THE LAWS THAT GOVERN THE SECURITIES INDUSTRY 251 2.
THE REGISTRATION PROCESS 252 SECURITIES AND EXCHANGE COMMISSION, Q & A:
SMALL BUSINESS AND THE SEC 253 3. EXEMPTIONS FROM REGISTRATION 255 A.
INTRASTATE OFFERING EXEMPTION 256 B. PRIVATE PLACEMENT EXEMPTION 256
TABLE OF CONTENTS XIX PAGE A. FEDERAL REGULATION OF PUBLIC
OFFERINGS*CONTINUED DORAN V. PETROLEUM MANAGEMENT CORP - 257 C. SMALL
ISSUE EXEMPTIONS 261 I. REGULATION D 261 II. REGULATION A 262 D. RESALES
OF SECURITIES ISSUED PURSUANT TO AN EXEMPTION* 262 4. LIABILITY UNDER
THE SECURITIES ACT OF 1933 263 CARL W. SCHNEIDER, JOSEPH M. MANKO &
ROBERT S. KANT, GOING PUBLIC-PRACTICE, PROCEDURES AND CONSEQUENCES 264
B. STATE BLUE SKY LAWS 264 PART IV. CREDITOR PROTECTION CHAPTER 10.
PIERCING THE CORPORATE VEIL 268 A. PIERCING FACTORS 269 1. DOCTRINAL
CONFUSION 270 2. CLOSE VS. PUBLIC CORPORATIONS 272 3. INDIVIDUAL
SHAREHOLDERS VS. CORPORATE GROUPS 274 4. TORT VS. CONTRACT CREDITORS 275
B. TORT CREDITORS 276 WALKOVSZKY V. CARLTON 276 RADASZEWSKI V. TELECOM
CORP. 280 QUESTIONS AND NOTES--- 283 C. CONTRACT CREDITORS 284 FREEMAN
V. COMPLEX COMPUTING CO. 284 THEBERGE V. DARBRO, INC - 289 QUESTIONS AND
NOTES 292 D. CORPORATE GROUPS 292 GARDEMAL V. WESTIN HOTEL CO 292 OTR
ASSOCIATES V. IBC SERVICES, INC. 295 QUESTIONS 298 E. ALTERNATIVES TO
LIMITED LIABILITY 298 1. SHAREHOLDER LIABILITY UNDER FEDERAL LAW 298 2.
FRAUDULENT CONVEYANCE AND EQUITABLE SUBORDINATION 299 CHAPTER 11.
ACTIONS BINDING THE CORPORATION 301 A. DELEGATION OF BOARD AUTHORITY TO
CORPORATE EXECUTIVES 301 1. INTRODUCTION: SOME BASIC AGENCY CONCEPTS 301
2. AGENCY IN CORPORATIONS: THE AUTHORITY OF OFFICERS 304 SUMMIT
PROPERTIES, INC. V. NEW TECHNOLOGY ELECTRICAL CON- TRACTORS, INC 307
MENARD, INC. V. DAGE-MTI, INC 312 3. ASCERTAINING CORPORATE AUTHORITY
317 B. FORMALITIES OF BOARD ACTION 318 1. BOARD ACTION AT A MEETING 319
2. NOTICE AND QUORUM 322 3. COMMITTEES OF THE BOARD 322 C. LEGAL
OPINIONS * - 323 1. OVERVIEW OF LEGAL OPINIONS 324 M. JOHN STERBA, JR.,
LEGAL OPINION LETTERS 325 TABLE OF CONTENTS PAGE C. LEGAL
OPINIONS*CONTINUED DONALD W. GLAZER & CHARLES R.B. MACEDO, DETERMINING
THE UNDERLYING FACTS: AN EPISTEMOLOGICAL LOOK AT LEGAL OPIN- IONS IN
CORPORATE TRANSACTIONS 329 PART V. CLOSELY HELD CORPORATIONS CHAPTER 12.
PLANNING IN THE CLOSE CORPORATION 336 A. CLOSE CORPORATION DILEMMA 336
B. REALIGNMENTS OF SHAREHOLDER CONTROL *- 340 1. CUMULATIVE VOTING 341
2. CLASS VOTING 343 3. SHAREHOLDER VOTING ARRANGEMENTS 344 CRAIG G.
ALBERT, THE LAWYER-DIRECTOR: AN OXYMORON? 349 C. RESTRICTIONS ON BOARD
DISCRETION 353 1. SHAREHOLDER AGREEMENTS: COMMON LAW --- 354 TRIGGS V.
TRIGGS 358 2. STATUTORY AUTHORIZATION OF RESTRAINTS ON BOARD
DISCRETION-- 363 3. HIGH VOTING REQUIREMENTS 365 4. FIDUCIARY DUTIES IN
EXERCISING VETO RIGHTS 366 SMITH V. ATLANTIC PROPERTIES, INC. 367 D.
CONTRACTUAL TRANSFER PROVISIONS 370 1. PURPOSES AND LEGALITY OF TRANSFER
PROVISIONS - --- 371 2. TYPES OF TRANSFER PROVISIONS 372 3. VALUATION OF
RESTRICTED SHARES 374 4. JUDICIAL INTERPRETATION OF TRANSFER PROVISIONS
375 CONCORD AUTO AUCTION, INC. V. RUSTIN 375 QUESTIONS AND NOTES 380
CHAPTER 13. OPPRESSION IN THE CLOSE CORPORATION 382 A. NATURE OF
DISSENSION AND OPPRESSION 383 B. JUDICIAL PROTECTION OF MINORITY OWNERS
385 1. FIDUCIARY DUTIES: RIGHT TO EQUAL TREATMENT 385 WILKES V.
SPRINGSIDE NURSING HOME, INC 385 2. PREROGATIVES OF MAJORITY CONTROL 391
NIXON V. BLACKWELL 393 3. BASIS FOR JUDICIAL PROTECTION 395 4. CHOICE OF
LAW IN CLOSE CORPORATION DISPUTES 397 C. STATUTORY REMEDIES FOR
OPPRESSION 398 1. STATUTORY OPPRESSION REMEDY 399 MATTER OF KEMP &
BEATLEY, INC 401 2. OPPRESSION OF SHAREHOLDER-EMPLOYEE 406 BONAVITA V.
CORBO 406 3. MEANING OF "OPPRESSION" 412 4. VALUATION OF MINORITY SHARES
416 5. NON-DISSOLUTION REMEDIES IN OPPRESSION CASES 418 D. DISSOLUTION
OF THE LIMITED LIABILITY COMPANY 421 HALEY V. TALCOTT 422 QUESTIONS 424
TABLE OF CONTENTS XXI PAGE PART VI. SHAREHOLDER RIGHTS CHAPTER 14.
SHAREHOLDER VOTING RIGHTS 426 A. BASICS OF SHAREHOLDER VOTING 426 B.
SHAREHOLDER VETO AND EXIT RIGHTS IN FUNDAMENTAL TRANSACTIONS 429 1.
SHAREHOLDER RIGHTS IN FUNDAMENTAL TRANSACTIONS 430 2. THE MECHANICS OF
CORPORATE COMBINATIONS 431 A. STATUTORY MERGER 433 B. TRIANGULAR MERGER
434 C. STATUTORY SHARE EXCHANGE 435 D. SALE OF ASSETS 435 E. TENDER
OFFERS 435 F. SUMMARY 436 3. DE FACTO MERGER DOCTRINE--- 436 HARITON V.
ARCO ELECTRONICS, INC. 438 GIMBEL V. SIGNAL COMPANIES, INC. 442 C.
SHAREHOLDERS' POWER TO INITIATE ACTION 446 1. PROCEDURES FOR SHAREHOLDER
MEETINGS 447 A. CALLING THE MEETING 447 B. NOTICE 447 C. QUORUM 447 D.
ACTION BY WRITTEN CONSENT 448 2. WHAT ACTIONS CAN SHAREHOLDERS INITIATE?
448 A. SHAREHOLDER RECOMMENDATIONS 448 AUER V. DRESSEL 448 B. AMENDMENT
OF BYLAWS 450 INTERNATIONAL BROTHERHOOD OF TEAMSTERS GENERAL FUND V.
FLEMING COS 451 C. REMOVAL AND REPLACEMENT OF DIRECTORS 453 CAMPBELL V.
LOEW'S, INC. 453 3. BOARD RESPONSES TO SHAREHOLDER INITIATIVES 458
BLASIUS INDUSTRIES, INC. V. ATLAS CORP. 45 8 QUICKTURN DESIGN SYSTEMS,
INC. U. SHAPIRO 463 D. SHAREHOLDERS' RIGHT OF INSPECTION 468 1. PROPER
PURPOSE 469 STATE EX REL. PILLSBURY V. HONEYWELL, INC. . 470 MARATHON
PARTNERS L.P. AND FURTHERFIELD PARTNERS L.P. V. M&F WORLDWIDE
CORPORATION 472 POLYGON GLOBAL OPPORTUNITIES MASTER FUND V. WEST
CORPORA- TION 479 2. WHAT COMPRISES A "STOCKHOLDER LIST"? 483 3.
STANDING 484 DEEPHAVEN RISK ARB TRADING LTD. V. UNITEDGLOBALCOM, INC.
485 CHAPTER 15. GOVERNANCE ROLE OF PUBLIC SHAREHOLDERS 491 A.
SHAREHOLDER DEMOCRACY: AN OVERVIEW 492 BATTLING FOR CORPORATE AMERICA *
SHAREHOLDER DEMOCRACY 492 B. THEORIES OF THE FIRM - 496 1. BERLE-MEANS
CORPORATION 496 XXII TABLE OF CONTENTS PAGE B. THEORIES OF THE
FIRM*CONTINUED 2. "NEXUS OF CONTRACTS" CORPORATION 498 3. "POLITICAL
PRODUCT" CORPORATION 500 4. "TEAM PRODUCTION" CORPORATION 502 5.
"BOARD-CENTRIC" CORPORATION 504 QUESTIONS 505 C. DYNAMICS OF SHAREHOLDER
VOTING 506 1. SHAREHOLDER VOTING RIGHTS 508 2. FEDERAL PROXY REGULATION
509 3. PROXY MECHANISM 510 QUESTIONS 51 5 4. THE COLLECTIVE ACTION
PROBLEM 515 ROBERT CHARLES CLARK, CORPORATE LAW 515 5. INSTITUTIONAL
INVESTORS 518 QUESTIONS-- 522 D. FEDERAL REGULATION OF PROXY VOTING 523
1. MANAGEMENT SOLICITATIONS 523 2. MEANING OF "PROXY SOLICITATION" * 525
LONG ISLAND LIGHTING COMPANY V. BARBASH 526 QUESTIONS 528 3. SHAREHOLDER
COMMUNICATIONS 528 E. SHAREHOLDER PROPOSALS 530 1. EVOLUTION OF THE
SHAREHOLDER PROPOSAL RULE 532 2. RULE 14A-8 IN OPERATION 534 LOVENHEIM
V. IROQUOIS BRANDS, LTD. 538 QUESTIONS 540 3. ORDINARY BUSINESS VS.
PUBLIC POLICY 540 4. EVALUATING THE SHAREHOLDER PROPOSAL RULE 544 5.
SHAREHOLDER NOMINATION OF DIRECTORS - 547 AMERICAN FEDERATION OF STATE,
COUNTY & MUNICIPAL EMPLOY- EES, EMPLOYEES PENSION PLAN V. AMERICAN INT'L
GROUP, INC. 549 QUESTIONS AND NOTES - 553 CHAPTER 16. DISCLOSURE DUTIES
TO SHAREHOLDERS 555 A. OVERVIEW OF THE CHAPTER-- 557 B. IMPLIED FEDERAL
PRIVATE ACTION FOR PROXY FRAUD 558 C. MATERIALITY 560 1. MATERIALITY
ORTHODOXY 560 TSC INDUSTRIES, INC. V. NORTHWAY, INC. 560 BASIC, INC. V.
LEVINSON - 563 NOTE: MUST MATERIALITY ALWAYS BE FINANCIAL? 56 7 2.
EXPANDED CONCEPTS OF MATERIALITY 569 SANTA FE INDUSTRIES, INC. V. GREEN
569 VIRGINIA BANKSHARES, INC. V. SANDBERG 573 NOTE: VIRGINIA BANKSHARES
AND MATERIALITY 579 D. CAUSATION 580 1. "ESSENTIAL LINK" IN THE
TRANSACTION 580 MILLS V. ELECTRIC AUTO-LITE CO 580 2. CAUSATION WHEN
SOLICITATION NOT REQUIRED 586 VIRGINIA BANKSHARES, INC. V. SANDBERG 586
TABLE OF CONTENTS XXIII PAGE D. CAUSATION*CONTINUED 3. CONSTRUCTIVE
FRAUD: UNFAIRNESS AS DECEIT 592 E. CULPABILITY IN PROXY FRAUD ACTION 595
F. STATE LAW DUTIES OF DISCLOSURE 596 1. FIDUCIARIES' DUTY OF DISCLOSURE
UNDER STATE LAW - 597 2. FIDUCIARIES' LIABILITY FOR BREACH OF THE DUTY
OF DISCLOSURE 599 MALONE V. BRINCAT 599 NOTE: SECTION 102(B)(7) AND THE
IMPLICATIONS OF MALONE V. BRINCAT 603 3. MATERIALITY UNDER STATE LAW 605
4. "VOLUNTARY" DISCLOSURES AND STATE REMEDIES 607 CHAPTER 17. CORPORATE
GOVERNANCE IN THE PUBLIC CORPORA- TION 608 A. PROLOGUE: THE ENRON
SCANDAL 609 WILLIAM W. BRATTON, ENRON AND THE DAEK SIDE OF SHAREHOLDER
VALUE 611 B. SOURCES OF CORPORATE GOVERNANCE 615 1. STATE LAW 615 2.
FEDERAL LAW 615 3. STOCK EXCHANGE LISTING STANDARDS 617 C. THE BOARD OF
DIRECTORS 619 1. BOARD COMPOSITION AND BOARD COMMITTEES 620 A. AUDIT
COMMITTEE 621 B. COMPENSATION COMMITTEE 622 C. NOMINATING COMMITTEE -.
622 2. JUDICIAL EVALUATION OF DIRECTOR INDEPENDENCE 622 IN RE EBAY, INC.
SHAREHOLDERS LITIGATION 623 D. BOARD STRUCTURE AND CORPORATE PERFORMANCE
626 1. ARE THE BENEFITS WORTH THE COSTS? 626 2. BOARDROOM DIVERSITY 627
3. THE EFFECTIVENESS OF INDEPENDENT DIRECTORS 627 LAURA LIN, THE
EFFECTIVENESS OF OUTSIDE DIRECTORS AS A CORPORATE GOVERNANCE MECHANISM:
THEORIES AND EVIDENCE 628 E. EPILOGUE: ENRON REVISITED 630 LEO E.
STRINE, JR., DERIVATIVE IMPACT? SOME EARLY REFLECTIONS ON THE
CORPORATION LAW IMPLICATIONS OF THE ENRON DEBACLE 630 PART VII.
FIDUCIARY DUTIES CHAPTER 18. THE DUTY OF CARE OF CORPORATE DIRECTORS 638
A. OVERVIEW OF THE STANDARDS OF CARE 638 B. DUTY OF OVERSIGHT 643 1.
SUPERVISION OF ONGOING BUSINESS 643 FRANCIS V. UNITED JERSEY BANK 643 2.
MONITORING OF LEGAL COMPLIANCE AND CONTROLS - 650 IN RE CAREMARK
INTERNATIONAL INC. DERIVATIVE LITIGATION 654 3. DIRECTOR'S CRIMINAL
LIABILITY .- 660 C. BUSINESS JUDGMENT RULE - 663 1. SCOPE OF THE
BUSINESS JUDGMENT RULE 663 XXIV TABLE OF CONTENTS PAGE C. BUSINESS
JUDGMENT RULE*CONTINUED SHLENSKY V. WRIGLEY 664 2. BUSINESS JUDGMENT
RULE AND DIRECTORIAL NEGLIGENCE 667 D. DUTY TO BECOME INFORMED 672 1.
THE TRANS UNION CASE 673 SMITH V. VAN GORKOM 673 FRANK PARTNOY, ADDING
DERIVATIVES TO THE CORPORATE LAW MIX 694 2. DUE CARE AND THE BUSINESS
JUDGMENT RULE 698 3. RELIANCE 700 4. LACK OF OBJECTIVITY 701 5.
CAUSATION 702 6. REBUTTING THE PRESUMPTION OF THE BUSINESS JUDGMENT
RULE-- 705 E. AVOIDANCE OF LIABILITY 707 1. PROTECTIONS AGAINST
DIRECTORIAL LIABILITY 708 2. STATUTORY EXCULPATION OF DIRECTORS 709 3.
INDEMNIFICATION 712 AMERICAN BAR ASSOCIATION COMMITTEE ON CORPORATE
LA\VS,CHANGES IN THE MODEL BUSINESS CORPORATION ACT* AMENDMENTS
PERTAINING TO INDEMNIFICATION AND ADVANCE FOR EXPENSES 712 E. NORMAN
VEASEY, JESSE A. FINKELSTEIN & C. STEPHEN BIGLER, DELAWARE SUPPORTS
DIRECTORS WITH A THREE-LEGGED STOOL OF LIMITED LIABILITY,
INDEMNIFICATION AND INSURANCE 714 4. DIRECTORS' AND OFFICERS'INSURANCE
720 F. THE EVOLUTION OF "GOOD FAITH" 722 STONE V. RITTER 724 ATR-KIM ENG
FINANCIAL CORP. V. ARANETA 731 QUESTIONS 735 CHAPTER 19. DUTY OF LOYALTY
736 A. DIRECTOR SELF-DEALING 737 1. NATURE OF DIRECTOR SELF-DEALING 739
2. COMMON LAW: 1880-1960 740 3. CONTEMPORARY STATUTORY APPROACHES 741 A.
TRADITIONAL ANALYSIS 741 REMILLARD BRICK CO. V. REMILLARD-DANDINI CO.
741 QUESTIONS AND NOTES 744 B. DELAWARE SECTION 144 744 BENIHANA OF
TOKYO, INC. V. BENIHANA, INC. 747 QUESTIONS AND NOTES 752 C. MBCA
SUBCHAPTER F 752 QUESTIONS 755 B. SUBSTANTIVE FAIRNESS 755 C. PROCEDURAL
FAIRNESS 757 1. DISCLOSURE 757 2. APPROVAL BY DISINTERESTED AND
INDEPENDENT DIRECTORS 759 IN RE THE WALT DISNEY COMPANY DERIVATIVE
LITIGATION 762 NOTE: THE ORACLE STORY 766 QUESTIONS 776 TABLE OF
CONTENTS XXV PAGE C. PROCEDURAL FAIRNESS*CONTINUED 3. SHAREHOLDER
APPROVAL 776 LEWIS V. VOGELSTEIN 777 HARBOR FINANCE PARTNERS V. HUIZENGA
781 D. CORPORATE OPPORTUNITIES 786 1. TRADITIONAL CORPORATE OPPORTUNITY
DOCTRINE 787 FARBER V. SERVAN LAND COMPANY, INC. - 787 2. WHAT IS A
CORPORATE OPPORTUNITY? 793 3. WHEN CAN MANAGER TAKE CORPORATE
OPPORTUNITY? 796 4. REMEDIES FOR USURPING CORPORATE OPPORTUNITY 802
CHAPTER 20. EXECUTIVE COMPENSATION 803 A. COMPENSATION PUZZLE 804 1.
FORMS OF EXECUTIVE COMPENSATION 804 QUESTIONS 808 2. PROCESS FOR SETTING
EXECUTIVE COMPENSATION 809 QUESTIONS 812 3. DEBATE OVER EXECUTIVE
COMPENSATION 813 B. FEDERAL LAW 815 1. DISCLOSURE--^ 815 2.
DEDUCTIBILITY OF EXECUTIVE COMPENSATION 816 3. SARBANES-OXLEY ACT 817 C.
STATE JUDICIAL REVIEW 820 1. TRADITIONAL "WASTE STANDARD" - * 821 2.
EVOLVING DELAWARE STANDARD 824 LEWIS V. VOGELSTEIN 824 QUESTIONS 829 D.
DISNEY LITIGATION 829 1. INITIAL DELAWARE RESPONSE: DISNEY I 831 2.
RESPONSE TO AMENDED COMPLAINT: DISNEY II --- 833 IN RE THE WALT DISNEY
COMPANY DERIVATIVE LITIGATION ("DIS- NEY II") 834 NOTE ON "GOOD FAITH"
836 QUESTIONS 837 3. DECISION AFTER TRIAL: DISNEY III - 837 IN RE THE
WALT DISNEY COMPANY DERIVATIVE LITIGATION ("DIS- NEY III") 838 QUESTIONS
843 4. AFFIRMANCE OF TRIAL DECISION 844 QUESTIONS 847 CHAPTER 21. DUTIES
OF CONTROLLING SHAREHOLDERS 849 A. TRANSACTIONS WITHIN CORPORATE GROUPS
851 SINCLAIR OIL CORP. V. LEVIEN 851 QUESTIONS -- 856 B. CASH-OUT
TRANSACTIONS - 857 1. CASH-OUT MERGERS: WEINBERGER ANALYTICAL FRAMEWORK
858 WEINBERGER V. UOP, INC * - ----- 860 QUESTIONS AND NOTES * - - 8 74
2. BUSINESS PURPOSE TEST OUTSIDE OF DELAWARE 875 XXVI TABLE OF CONTENTS
PAGE B. CASH-OUT TRANSACTIONS*CONTINUED 3. EXCLUSIVITY OF APPRAISAL
AFTER WEINBERGER 876 4. ENTIRE FAIRNESS: RELATIONSHIP OF FAIR DEALING
AND FAIR PRICE 878 WILLIAM T. ALLEN, INDEPENDENT DIRECTORS IN MBO
TRANSAC- TIONS: ARE THEY FACT OR FANTASY? 879 KAHN V. LYNCH
COMMUNICATION SYS., INC. ("LYNCH I") 882 KAHN V. LYNCH COMMUNICATION
SYS., INC. ("LYNCH II") 888 5. DIRECTOR LIABILITY IN CASH-OUT
TRANSACTION 892 IN RE EMERGING COMMUNICATIONS, INC. SHAREHOLDERS LITIGA-
TION 892 QUESTIONS AND NOTES 904 6. ALTERNATIVES TO CASH-OUT MERGER 905
IN RE PURE RESOURCES, INC., SHAREHOLDERS LITIGATION 907 IN RE COMPUCOM
SYSTEMS, INC. STOCKHOLDERS LITIGATION 91 9 QUESTIONS 924 C. SALE OF A
CONTROLLING INTEREST 924 1. CONTROL PREMIUM 924 2. DUTY OF CARE *- 928
HARRIS V. CARTER 928 QUESTIONS 934 3. DUTY OF LOYALTY-- 934 PERLMAN V.
FELDMANN 934 QUESTIONS AND NOTES * 939 4. SALE OF OFFICE - 940 ESSEX
UNIVERSAL CORP. V. YATES 940 QUESTIONS - 945 CHAPTER 22. SHAREHOLDER
LITIGATION * 946 A. INTRODUCTION 946 B. DIRECT AND DERIVATIVE ACTIONS
948 TOOLEY V. DONALDSON, LUFKIN, & JENRETTE, INC 951 QUESTIONS 954 C.
WHO QUALIFIES AS A PLAINTIFF? * - 954 1. ADEQUACY- . 954 IN RE FUQUA
INDUSTRIES, INC. SHAREHOLDER LITIGATION 955 2. STANDING ._. 957 A.
CONTEMPORANEOUS OWNERSHIP 957 B. CONTINUING INTEREST 959 C. SECURITY
OWNERSHIP 959 3. CHOOSING LEAD PLAINTIFF/LEAD COUNSEL 961 IN RE
CAVANAUGH 961 D. THE DEMAND REQUIREMENT 970 1. THE TRADITIONAL
(DELAWARE) APPROACH 970 A. DEMAND 970 ARONSON V. LEWIS 971 B.
TERMINATION WHEN DEMAND IS EXCUSED 979 2. THE MBCA AND ALI APPROACHES
983 EINHORN V. CULEA 985 TABLE OF CONTENTS XXVII PAGE E. SETTLEMENT AND
ATTORNEYS' FEES - 988 1. INTRODUCTION -. 988 2. JUDICIAL REVIEW OF
SETTLEMENTS 989 3. ATTORNEYS' FEES -- 992 4. WORLDCOM 994 IN RE
WORLDCOM, INC. SECURITIES LITIGATION - - - 995 PART VIII. SHAREHOLDER
LIQUIDITY CHAPTER 23. REGULATION OF INSIDER TRADING *. *. 1006 A.
SECURITIES TRADING: MARKETS AND THEORY - 1006 1. INFORMATION AND
SECURITIES MARKETS 1006 2. ECONOMIC THEORY: INSIDER TRADING AND
CORPORATE DISCLOSURE 1008 B. INSIDER TRADING: STATE CORPORATE LAW 1018
1. DUTY TO SHAREHOLDERS AND INVESTORS -- - - 1018 GOODWIN V. AGASSIZ - -
1018 2. DUTY TO THE CORPORATION - --1023 DIAMOND V. OREAMUNO--- - - 1024
3. INSIDER TRADING: DELAWARE AND CALIFORNIA 1029 C. INSIDER TRADING:
RULE 10B-5 1032 1. OVERVIEW OF FEDERAL REGULATION OF INSIDER TRADING
1032 2. EARLY HISTORY - -.1033 IN THE MATTER OFCADY, ROBERTS & CO 1034
3. MATERIALITY 1040 4. DUTY TO "DISCLOSE OR ABSTAIN" -.1040 CHIARELLA V.
UNITED STATES 1040 5. TIPPER-TIPPEE LIABILITY 1046 DIRKS V. SECURITIES
AND EXCHANGE COMMISSION 1047 6. MISAPPROPRIATION THEORY - 1057 UNITED
STATES V. O'HAGAN * - 1058 R. FOSTER WINANS, LET EVERYONE USE WHAT WALL
STREET KNOWS. NEW YORK TIMES -*. --. - .*-1067 7. LIFE AFTER CHIARELLA,
DIRKS AND O'HAGAN -- 1069 8. REMEDIES FOR INSIDER TRADING VIOLATIONS
1075 D. DISGORGEMENT LIABILITY: SECTION 16 -. - 1076 E. COMPARATIVE
REGULATION OF INSIDER TRADING 1078 CHAPTER 24. PROTECTING AND SELLING
CONTROL 1081 A. SETTING THE SCENE- 1082 B. THE POLICY DEBATE - 1083 1.
CORPORATE GOVERNANCE --- 1083 2. MANAGEMENT DISCIPLINE - 1085 3.
ECONOMIC THEORY - - --1086 4. REGULATORY ISSUES 1087 C. CONTESTS FOR
CONTROL: METHODS AND DEFENSES -. 1088 1. TENDER OFFERS - - - 1088 A.
POISON PILLS 1090 B. STAGGERED BOARDS 1091 2. PROXY CONTESTS -----1091
XXVIII TABLE OF CONTENTS PAGE D. THE REGULATORY FRAMEWORK 1092 1.
FEDERAL REGULATION 1092 A. TENDER OFFERS 1092 B. PROXY CONTESTS 1093 2.
STATE REGULATION 1094 E. JUDICIAL REVIEW OF TAKEOVER DEFENSES 1095 1.
THE BUSINESS JUDGMENT RULE- 1096 CHEFFV. MATHES 1096 QUESTIONS 1102 2.
INTERMEDIATE STANDARD OF REVIEW*THE PROPORTIONALITY TEST 1103 UNOCAL
CORPORATION V. MESA PETROLEUM CO. 1104 QUESTIONS 1112 3. WHEN THE
CORPORATION IS "FOR SALE" 1114 A. REVLON 1114 REVLON, INC. V. MACANDREWS
& FORBES HOLDINGS, INC. 1114 B. PARAMOUNT V. TIME AND "JUST SAY NO" 1122
PARAMOUNT COMMUNICATIONS, INC. V. TIME, INC 1123 C. THE QVC STANDARD
1132 4. CONTEMPORARY JURISPRUDENCE 1137 A. THE INTERSECTION OF PROXY
CONTESTS AND TENDER OFFERS: THE STANDARD OF REVIEW 1137 CHESAPEAKE
CORPORATION V. SHORE 1139 B. DEAL PROTECTION MEASURES 1147 F. EUROPEAN
TAKEOVER REGULATION 1150 1. THE BRITISH CITY CODE ON TAKEOVERS AND
MERGERS 1151 2. EU TAKEOVER DIRECTIVE 1152 INDEX 1155 |
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| author | Bauman, Jeffrey D. Palmiter, Alan R. Partnoy, Frank |
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| discipline | Rechtswissenschaft |
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| edition | 6. ed. |
| format | Book |
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| geographic_facet | USA |
| id | DE-604.BV022870620 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T18:47:07Z |
| indexdate | 2024-07-09T21:07:23Z |
| institution | BVB |
| isbn | 9780314166289 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016075724 |
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| physical | XXXV, 1164 S. |
| publishDate | 2007 |
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| publisher | Thomson/West |
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| series2 | American casebook series |
| spelling | Bauman, Jeffrey D. Verfasser aut Corporations - Law and policy materials and problems by Jeffrey D. Bauman ; Alan R. Palmiter ; Frank Partnoy 6. ed. St. Paul, Minn. Thomson/West 2007 XXXV, 1164 S. txt rdacontent n rdamedia nc rdacarrier American casebook series Corporation law United States Cases Gesellschaftsrecht (DE-588)4020646-4 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Gesellschaftsrecht (DE-588)4020646-4 s DE-604 Palmiter, Alan R. Verfasser aut Partnoy, Frank Verfasser aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016075724&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bauman, Jeffrey D. Palmiter, Alan R. Partnoy, Frank Corporations - Law and policy materials and problems Corporation law United States Cases Gesellschaftsrecht (DE-588)4020646-4 gnd |
| subject_GND | (DE-588)4020646-4 (DE-588)4078704-7 |
| title | Corporations - Law and policy materials and problems |
| title_auth | Corporations - Law and policy materials and problems |
| title_exact_search | Corporations - Law and policy materials and problems |
| title_exact_search_txtP | Corporations - Law and policy materials and problems |
| title_full | Corporations - Law and policy materials and problems by Jeffrey D. Bauman ; Alan R. Palmiter ; Frank Partnoy |
| title_fullStr | Corporations - Law and policy materials and problems by Jeffrey D. Bauman ; Alan R. Palmiter ; Frank Partnoy |
| title_full_unstemmed | Corporations - Law and policy materials and problems by Jeffrey D. Bauman ; Alan R. Palmiter ; Frank Partnoy |
| title_short | Corporations - Law and policy |
| title_sort | corporations law and policy materials and problems |
| title_sub | materials and problems |
| topic | Corporation law United States Cases Gesellschaftsrecht (DE-588)4020646-4 gnd |
| topic_facet | Corporation law United States Cases Gesellschaftsrecht USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016075724&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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