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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

Congratulations to the Moritz Class of 2008

Posted on May 11, 2008
Saturday was the graduation ceremony for the Moritz Law School Class of 2008. All those attending had a great time. Thanks again for the honor of selecting me to address you so that I would embarrass myself once again in...

Wireless Deal Forms a New Blockbuster Company

Posted on May 10, 2008
On Wednesday, Sprint Nextel and Clearwire agreed to combine their wireless broadband businesses in a $14.5 billion deal to form a new communications company. The new company, which will be named Clearwire, will deploy the first nationwide mobile WiMax network...

The Government "Fix" of the Student Loan Mess

Posted on May 08, 2008
Congress has decided to "fix" the student loan mess by purchasing those student loans that it guarantees against default (technically the guarantee is only for 90% of the default). Direct government lending now accounts for only 22 percent or so...

Plaintiff's Securities Lawsuits

Posted on May 08, 2008
Plaintiffs lawyers who have filed class action securities suits relating to the sub-prime loan crisis face Congressionally mandated higher pleading standards. The standards were a crude attempt by Congress to stop an acknowledge problem in the United States - an...

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Yahoo's Deal with Google: A Takeover Defense?

Posted on May 07, 2008
Yahoo negotiated a strategic partnership with Google contingent on Yahoo staying independent (i.e. not selling to Microsoft). The deal lead Yang to demand a higher price, too high a price for Microsoft to pay. Shareholders of Yahoo can bring a...

Shell and BP "Retention Bonuses"

Posted on May 07, 2008
Shell and BP roiled their investors by announcing plans to pay huge, one-time ("one-off") "retention bonuses" to senior executives. They make no sense. A "one-off" retention bonus, once made, will not retain anybody once the bonus is paid. The bonus,...

Hedge Fund Investors Still Bullish

Posted on May 07, 2008
Despite selected academic studies showing hedge fund investors that the investments do not "beat the market," the hedge fund investors themselves disagree. The investors expect to put $200 billion in hedge funds this year and expect their funds to make...

"Say on Pay" a Bust?

Posted on May 06, 2008
Pundits have spent years, years, trying to get a shareholder vote on executive pay packages. Be careful what you wish for. First, shareholders have voted for some time on parts of executive pay packages (most option programs) and overwhelmingly supported...

Google's Clever

Posted on May 06, 2008
Google used a carrot and a stick to meddle in the Microsoft bid for Yahoo. It state that it would fight the deal on anti-trust grounds and then cut a contingent deal with Yahoo to share valuable technology if Yahoo...

Yahoo Successfully Blocks Microsoft Offer

Posted on May 05, 2008
Microsoft has withdrawn its offer for Yahoo. The Yahoo board demanded $37 a share and Microsoft only offered in the low 30s. The Yahoo board demand is cheeky considering that the Microsoft offer came on the heels of a four...

Ohio Has Elected a Buffoon as Its State Attorney General

Posted on May 04, 2008
Marc Dann is Ohio's Attorney General and he is a buffoon. We elected him on his populist rants and an anti-Republican vote stemming from corruption in then Governor Taft's office. He became the darling of the national media because he...

The Markets and Sup-prime

Posted on May 04, 2008
The markets are correcting. Distress financial buyers of sub-prime mortgages from banks are getting distress prices and willing to work with borrowers to forgive loan terms to keep them in their houses. The market is clearing. The major problem is...

Sup-prime and Governmnet Rationale Creep

Posted on May 04, 2008
An increase in mortgage defaults in the sup-prime market have hurt the country's financial institutions and, according to the press, hurt cities as abandoned housed devalue neighborhoods. Government, angry over abuse by mortgage brokerage agents of borrowers, has put programs...

Sarbanes-Oxley Compliance Costs Decline

Posted on May 01, 2008
A survey of 185 companies by Financial Executives International found that compliance costs for Sarbanes-Oxley's internal controls audit requirements, Section 404, had declined 5.4% last year. Total audit costs were up 2%, however. The data will give some solace to...

We Are Not in a Recession

Posted on April 30, 2008
The Commerce Department released preliminary data on the GDP for the first quarter of this year. It showed a growth rate of .06%. Granted this is not stunning but is it not negative -- we are not now and have...

Political Arbitrage

Posted on April 29, 2008
Business is focusing on the election and guessing that a very liberal Democratic will win the White House and that Democrats will control both houses of Congress. Politics will change and business parameters will change. We will see higher investment...

Liberty Mutual to buy Safeco

Posted on April 28, 2008
On Wednesday, property and casualty insurer Safeco Corp. agreed to be acquired by Liberty Mutual Group in a $6.2 billion deal. The acquisition would make Liberty Mutual the fifth-largest property and casualty insurance-provider in the U.S. and the second-largest surety...

Mars to Acquire Wrigley

Posted on April 28, 2008
Today, Mars, Inc., and Berkshire Hathaway, Inc., agreed to acquire Wrigley Jr. Company for about $23 billion. Mars will spend $11 billion, with Goldman Sachs providing a $5.7 billion credit facility, and Berkshire will provide provide $4.4 billion of subordinated...

Clear Channel Will Win or Lose in Texas

Posted on April 28, 2008
The New York Court has refused to block the Texas suit by Clear Channel against the lenders of the buyout group for tortuous interference with the Clear Channel buyout. The lenders have refused to lend. So we are back to...

Hedge Fund Mavericks

Posted on April 28, 2008
Reading about David Einhorn of Greenlight Capital is a delight. He is a maverick with strong opinions on the SEC, boards of directors, and the fed. A financial system that can supports such folks (as opposed to concentrations of power...

SEC Asleep at the Switch or Did It Throw the Wrong Switch?

Posted on April 27, 2008
Critics have long suggested that the SEC has been asleep at the switch when it comes to new financial frauds. The SEC may have done more--it may have thrown the switch to the wrong track. In 2004, the SEC changed...

Questions About National City's Outside Directors and Executives

Posted on April 27, 2008
There is a very telling note to the recent $7 billion infusion of money into National City Bank by a hedge fund club. The leader of the hedge fund group, Corsair Capital Vice Charmian Richard Thornburgh, is joining the board...

Arbitration: "Be Careful What You Wish For"

Posted on April 26, 2008
Not long ago arbitration was one of the darlings of the anti-court, anti-lawyer crowd. Courts and lawyers cheated poor people and arbitration was a solution. Now mandatory arbitration clauses are common in consumer industries and there is a bill pending...

Wendy's Bought by Peltz

Posted on April 25, 2008
Thursday, Wendy's International, Inc. agreed to be acquired by Arby's parent Triarc in a stock deal valued at about $2.3 billion excluding debt. The deal will create the third-largest fast-food company, with approximately 10,000 restaurants and annual sales of more...

Private Equity Still Flush with Cash

Posted on April 25, 2008
Private equity funds are sitting on close to one trillion dollars, one trillion dollars, on uninvested cash. Investors believe the funds will do better than alternative investments -- no matter what the academics say.

Rating Agencies

Posted on April 25, 2008
The SEC is finally, finally, tackling the problem of rating agencies. They are very, very late to the party on the matter. Moreover, the SEC has found that its running up against Reg. FD and insider trading rule problems in...

Student Loans: Wrecked

Posted on April 24, 2008
Right-thinking people have long fussed about the "burden of student loans" on idealistic young students who want to go to school on other people money and do "do good". We have devised forgiveness programs and capped interest rates. The wife...

States as Creditors in Bankruptcy: Ohio and Skybus

Posted on April 23, 2008
Ohio has found itself as a major creditor in the bankruptcy of Skybus Airlines and it will, as other creditors will, get nothing. The Ohio Department of Development gave Skybus 1.5 million taxpayer dollars to locate in Columbus. One year...

National City's Woes Affect Ohio Pension Plans

Posted on April 23, 2008
It was an easy prediction to anticipate shareholder lawsuits over the National City buyout. Shareholders have lost 84% from highs and the hedge fund buyout group is diluting existing shareholders by close to 70 percent at a below trading market...

Zell to Sell Newsday to Murdoch?

Posted on April 23, 2008
Tribune CEO Sam Zell indicated in a conference call last week that he may sell Newsday and other Tribune assets, a reversal of his plan to keep Tribune's paper businesses in place. Rupert Murdoch indicated interest in buying Newsday from...

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