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Corporate & Securities Law

Business Law Prof Blog

Business law resources, information, and news for the academic community

Post Frequency: 11.8/day

Last Entry: April 01, 2011 at 11:04:42

Delaware Innovates, Agains

Posted on July 03, 2008
Delaware will test its new law that gives its courts jurisdiction to respond to inquiries from the SEC on what Delaware corporate law provides. The SEC, in Rule 18-A8, allows firms to deny ballot space to shareholder resolutions that are...

Grasso Wins

Posted on July 02, 2008
The ex-Chief Executive of the NYSE, Richard Grasso, won his long lawsuit filed by the state of New York over his compensation. The win was technical, the state had no standing, but a win nonetheless. Obscured in this fight is...

Exxon Valdez Damages Reduced

Posted on June 30, 2008
On Wednesday, the Supreme Court ruled to cut the punitive damages for the 1989 Exxon Valdez disaster to $507.5 million. A jury decided in 1994 that Exxon should pay $5 billion in punitive damages and in 2006, a federal appeals...

InBev Goes Hostile

Posted on June 30, 2008
On Thursday, Anheuser-Busch rejected the unsolicited $46 billion purchase offer from InBev. A copy of the letter to InBev CEO, Carlos Brito, stated, "we see that now could be opportunistic timing for you to make this acquisition, given the weak...

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Governor Strickland's Gamble

Posted on June 24, 2008
The Governor of Ohio, Strickland, is a nice fellow. He has decided to gamble with taxpayer's money. Pushing through a 1.6 billion dollar bond issue, he will use the money to "attract more business to Ohio." Of course, if he...

Attack on Oil Speculators

Posted on June 24, 2008
I love to start the day with a chuckle. The news reports of the hearing Monday before the House Energy and Commerce Subcommittee on Oversight and Investigations are a hoot. Dingell (D-Mich) and others want to attack "speculators" in the...

SEC Gets it Right??

Posted on June 24, 2008
The SEC has proposed rules that reduce long standing requirements that certain investments have specified ratings from rating agencies. The requirements give rating agencies a government backed monopoly (oligopoly perhaps). The governments response has been to complain about the rating...

Huntsman Sues Appollo

Posted on June 24, 2008
A few days ago I noted that Appollo has filed for declaratory judgment in Delaware to get "permission" to abort its buyout of Huntsman. Huntsman has now sued Appollo in Texas attempting to force Appollo to close. We again have...

Cox and the SEC

Posted on June 23, 2008
Washington is humming with the buzz that Chairman Cox of the SEC was left out of the Bear Stearns buyout planning. Now comes news that a "formal agreement" between the Fed and the SEC will, in essence, cede some of...

Bear Stearns Hedge Fund Managers Indicted

Posted on June 23, 2008
Former Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin, were arrested and indicted on wire and securities fraud charges on Thursday following a federal criminal probe into the collapse of two funds they managed. The failure of the...

Canada Gets it Right, Darn

Posted on June 21, 2008
The Canadian Supreme Court, without a written opinion, ruled unanimously in favor of Bell Canada and its buyout group, overruling a lower court that had ruled in favor of bondholders and held up the buyout. Now the buyers, who are...

Courts and Mergers, Closed or Not

Posted on June 19, 2008
If one company wants to acquire another or the companies want to merge, the parties must now expect a court hearing and a certification from a judge is required to close. Now if one party wants to call off a...

Governor Blunt on the Anheuser-Busch Takeover

Posted on June 18, 2008
Missouri Governor Roy Blunt, a vehement opponent of InBev's proposed takeover of Anheuser-Busch, has asked the Federal Trade Commission to review the deal, saying that he is "concerned that this sale would have destabilizing impacts on our nation and state's...

Buffett for the Insurgents

Posted on June 18, 2008
On Wednesday, Belgian newspaper De Standard reported that Warren Buffett supports InBev in its cash offer for Anheuser-Busch. Buffett's company, Berkshire Hathaway, has a 35 million share stake in the beer conglomerate, worth approximately 5% of the company...

Anheuser-Busch on the Block: What a Difference Fifteen Years Makes

Posted on June 17, 2008
The potential sale of Anheuser Busch to a Belgian company, InBev, has produced the normal local efforts to block the sale from the Missouri governor, the St. Louis mayor, and St. Louis employees. What is different is the heavy push...

Marsden Study on Taxes

Posted on June 16, 2008
Keith Marsden has released a new study, "Big, Not Better," on the tax policies of 20 countries over the past 20 years. He grouped the countries into two groups, those with slimmer governments (revenue and expenditure under 40 percent of...

Another Hatchet Job By Morgenson

Posted on June 15, 2008
In today's business section of the New York Times, Gretchen Morgenson writes, under her op-ed title "Fair Game", of the buyout by a private equity firm, TPG, of the otherwise failing savings and loan bank Washington Mutual. It is total...

Equity Swaps Count To 13D Calculation

Posted on June 13, 2008
A federal district court judge in New York City has ruled that a group of hedge funds that used equity swaps to gain future positions in CSX should have disclosed those positions in their 13D filing. The equity swaps gave...

Outsourcing and Fuel Costs

Posted on June 13, 2008
There is strong evidence that high fuel costs have stopped outsourcing of American jobs to foreign factories. Ohio unions should welcome the high cost of crude.

Speculators Under Attack, Again

Posted on June 13, 2008
When a major market in the United States exhibits price rises and, later, price declines, we like to blame "speculators." The New York Times has a front page story noting that "financial speculators...have a target on their backs..for high gas...

Microsoft Drives Yahoo into Arms of Google

Posted on June 13, 2008
Microsoft's attempt to buy Yahoo drove Yahoo into an agreement with Google to share ad revenue. Google is, in essence, a white knight, a party that cuts a deal with a target of a hostile bid to foil the bidder....

Buffet on "Fund of Funds"

Posted on June 12, 2008
Warren Buffett, the value investor who runs Berkshire Hathaway, has entered into a bet with a firm that runs funds of hedge funds over whether or not funds handpicked by experts can beat the S&P 500 index over a 10...

This Bud's for Belgium

Posted on June 12, 2008
American beer giant Anheuser-Busch confirmed Wednesday that it had received a cash offer from Belgium-based InBev for $65 per share. The buyout sum totals $46B USD, but only 30B euro. The governor of Missouri is in a panic, trying to...

Employees in Employee Buyout Get Fired

Posted on June 09, 2008
Tribune Co. Chairman, Sam Zell, disclosed Thursday he plans to cut the staffing size of newspapers across the board. Tribune Co. intends to downsize and sell assets to pay down $13 billion in debt Zell incurred when he took it...

Krugman on Stagflation

Posted on June 09, 2008
A student, Jordan French wrote the following: Unions Make the Wage-Price Spiral Go Round: Paul Krugman argues we aren't about to see a return of 70's style stagflation because there's no sign whatsoever of the wage-price spiral that, in the...

Insurance Brokerage Buyouts

Posted on June 09, 2008
On Monday, No. 3 global brokerage Willis Group agreed to buy Hilb Rogal & Hobbs for $2.1B. In 1998, leveraged-buyout giant KKR had bought out then-troubled Willis for about $3 a share and took it private. Industry leaders Aon Corp.,...

Ratings Agency Rules

Posted on June 04, 2008
New York Attorney General Cuomo has cut a deal with the rating agencies to change the way they will be for fees. The agencies at present are solicited by issuers, issue ratings, and then ask for fees. Issuers that are...

Brocade and Stock Options Backdating

Posted on June 04, 2008
Late Monday, Brocade Communications Systems, Inc., agreed to pay the plaintiffs in a class-action lawsuit $160 million to settle allegations the network equipment maker injured investors by backdating stock options between 1999 and 2004. Arkansas Public Employees Retirement System filed...

A Dutch Company Blocks an Acquisition

Posted on June 04, 2008
On Tuesday, Staples Inc. raised to $2.6 billion its hostile bid for Dutch office supplies distributor Corporate Express NV. Under Dutch bidding rules, Staples cannot raise its offer again. Rather than accepting two previous buyout offers from Staples, Corporate Express...

Germany Plans to Privatize Freight Railroad

Posted on June 04, 2008
Last Friday, according to the decision passed by Germany's parliament, the Bundestag, Deutsche Bahn's passenger, freight and logistics railway divisions will be spun off into a holding company, of which 24.9 percent will be privatized. The government plans to partially...

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