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Corporate & Securities Law

Business Law Prof Blog

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Post Frequency: 11.8/day

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

New Short Sale Rule Fades Without a Wimper

Posted on August 13, 2008
The new SEC short sale rule died Monday without much of a notice. It was, from the beginning, only a technical change, applied only to 17 companies. The creation and death were political, giving something showy to Congressmen and women...

DHL/UPS Vendor Agreement Hits the National News

Posted on August 11, 2008
The New York Times ran a feature on the DHL/UPS vendor agreement that will close the package sorting operation at a privately owned airport in Wilmington Ohio, costing Ohio 6,000 to 8,000 jobs. As noted here, McCain helped broker a...

Market Bottom?

Posted on August 11, 2008
The governments efforts, well-intentioned, to cushion the current economic situation have a side effect -- they obscure the bottom. Market participants are sitting on the sidelines with cash waiting for a clear indication that the market has bottomed so they...

Government Tinkering with the Student Loan Market

Posted on August 11, 2008
The federal government is now running the student loan market. How's it doing? Private sector lenders have left the market in droves and private-sector lending has dried up. In for a penny, in for a dollar. We are in danger...

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Government Tinkering with the Student Loan Market

Sherrod Brown and the Old Byrd Amendment

Posted on August 11, 2008
My Senator, Sherrod Brown, is sponsoring a bill to return the disgraced Byrd Amendment to law. The the WTO declared illegal in 2006 the Byrd Amendment to a federal trade bill passed in 2000. The Amendment gave American businesses an...

Corporate Boards and Environmentalism Subcommittees

Posted on August 11, 2008
Twenty-five percent of the the Fortune 500 companies now have a subcommittee of the their board of directors overseeing environmental concerns. Environmental activists are delighted. The debate is over whether these subcommittees are seriously engaged or just marketing (window dressing)...

Nancy Rogers and the DHL Contract: Politics in the Raw

Posted on August 07, 2008
Ohio State Attorney General Nancy Rogers has asked DHL and UPS to save records on their recent contract to have UPS handle DHL's North American air shipments. DHL is the American subsidiary of a German company, Deutsche Post World Net....

Harvard Endowment Shines. Oh the Irony!

Posted on August 07, 2008
The Harvard endowment returned seven to nine percent in the last fiscal year ending in June. The market? Down 12 to 15 percent. It was a stellar performance. Big gains came from treasurys, commodities (oil and gas, among others), and,...

GM Losing $1 Billion a Month

Posted on August 07, 2008
GM is losing $1 billion a month and the board reaffirmed its support for the CEO Robert Stempel. That's a pretty low bar. The company is running on its considerable cash reserves and will do so until it turns a...

Yahoo Recount Raises Questions

Posted on August 06, 2008
The recount in the Yahoo board of directors election more than doubled the "asbtain" votes for several of the inside directors, including the CEO. The asbtain votes are the only way to vote no on management sponsered proxies. The recount...

Missouri will Come to Appreciate New InBev CEO

Posted on August 05, 2008
The new InBev CEO, Carlos Brito, is something rare in the United States -- frugal. Anheuser-Busch is a typcial American beer company with numerous perks for employees -- corporate jets, free beer, tickets to sporting events -- and high profile...

Hedge Funds and Tough Times

Posted on August 04, 2008
Some are celebrating the troubles of some hedge funds in the current investment market. Their celebrations are false, however, as hedge funds, even though going through a difficult period, still seem on pace to beat common market indexes, which show....

Boards and ClawBacks

Posted on August 04, 2008
Several boards of major financial institutions have made the decision not to exercise "clawback" provisions in CEO compensation agreements. The contracts permit boards to reclaim parts of a CEOs salary and benefit package if the CEO presides over periods of...

Martin' Conditions on the XM-Sirius Merger

Posted on August 02, 2008
Keven Martin cast the deciding vote at the FCC in favor of the XM-Sirius Merger but imposed conditions. Among other things, Martin insisted on rate freezes, channel sale packages, and set aside channels for "minority" broadcasters and education. In so...

Ryan v Lyondell: Good Faith Reappears

Posted on August 01, 2008
On July 29th, 2008, Vice Chancellor Noble published his opinion in Ryan v Lyondell. The Vice Chancellor denied summary judgment on a claim by shareholders that the management of Lyondell Chemical has sold the company to Basell AF for an...

KKR Goes Public

Posted on July 28, 2008
KKR, the country's premier private equity fund manager, is going public. Apart from the obvious irony, a firm that made its money taking firms private is going private, there are other lessons here. First, KKR is not using the traditional...

Judges and Foreclosure

Posted on July 28, 2008
The headlines proclaim that the country's judges are showing hostility to home foreclosures. In the body of the story are details of judges demanding technical correctness in proof of mortgagee rights to foreclose. Since many of the banks and the...

FCC Vote on XM and Sirius Expected

Posted on July 24, 2008
On Wednesday, the FCC agreed to fine XM Satellite Radio Holdings and Sirius Satellite Radio Inc. $17.5 million and $2.2 million, respectively, to resolve the issue of interference the satellite radios cause with land-based radio stations. The two radio companies...

Housing Market Legislation Update

Posted on July 24, 2008
On Wednesday, President Bush dropped his opposition to the current housing market legislation despite his objections to a $3.9 billion provision. It includes about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time home...

New Short Rule Causes Technical Problems

Posted on July 19, 2008
The new technical rule on short sales has technical problems. Small banks, not covered by the rule, wonder whether it will drive short sellers their way. Market makers, exempted by the rule, wonder have the exemption works. A short sale...

New "Emergency" Short Sale Rules

Posted on July 16, 2008
There is an advantage to having Cox, a politician, as head of the SEC. When a false crisis is in the press he knew to respond with a largely symbolic answer that the press can trumpet as well -- emergency...

Wait for It, Wait for It...

Posted on July 15, 2008
August Busch IV announced that Anheuser-Busch would never be sold to a foreign buyer "on his watch." He is now extolling the virtures of the new deal with InBev. We know he gets a seat on the InBev board of...

Short the Regional Banks

Posted on July 14, 2008
The national banks get all the news but the real rot is in the small regional banks. They hold bad paper and have much less cushion to survive the hard times. caveat emptor

Fannie Mae and Freddie Mac

Posted on July 14, 2008
Well, the other shoe has finally dropped. Fannie Mae and Freddie Mac, government sponsored entities, are essentially bankrupt and Paulson is trying to figure out how to keep them afloat. They are "too big to fail" because they are too...

Dow Chemical Signals that Big Deals are Still Being Done

Posted on July 14, 2008
On Thursday, Dow Chemical Co. announced that it will buy rival Rohm and Haas Co. for $18.8 billion. Financing for the acquisition includes an equity investment by Berkshire Hathaway and the Kuwait Investment Authority in the form of convertible preferred...

InBev Negotiates to Buy Anheuser-Busch

Posted on July 14, 2008
Early Monday, Anheuser-Busch agreed to a $52 billion buyout by Belgian brewer InBev. When reporters called me about the case and asked for predictions they were always a bit disappointed by my view that the buyout would go through at...

Small Business Subsidies

Posted on July 08, 2008
The federal government subsidies small business through a variety of programs. The necessary reauthorization of one of those programs, The Innovation Research Program, has put the focus on the vagaries of federal subsidies of business. Should small businesses that have...

InBev Announces Insurgent Slate of Directors for Anheuser-Busch

Posted on July 08, 2008
InBev, the Belgian brewer attempting to purchase Anheuser-Busch has announced a slate of directors that it will run in its consent solicitation contest. Eventually, Anheuser-Busch will negotiate with InBev, which it currently refused to do, demand a higher price of...

CSX Ruling on Beneficial Ownership Confounds

Posted on July 07, 2008
Judge Kaplan's ruling that swaps should be counted in the calculation of five percent ownership under Rule 13D disclosures has the corporate bar wondering whether swaps will be counted in a host of other stock calculations that trigger regulations, Rule...

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