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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

Electronic Arts Plans Tender Offer for Take-Two

Posted on March 13, 2008
Electronic Arts plans a tender offer for all shares of Take-Two at $26. Take-Two's board previously rejected its unsolicited bid for the same price, which at that time was a 50% premium over the market price, and described the offer...

SEC Suspends Trading in 26 Stocks in Corporate Hijacking Cases

Posted on March 13, 2008
The SEC suspended trading in the securities of 26 companies that appear to have usurped the identity of defunct or inactive publicly-traded corporations using a tactic known as corporate hijacking. The Commission ordered the suspensions because of questions regarding the...

SEC Charges Three with Insider Trading in Connection with Eurex Merger with ISE

Posted on March 13, 2008
The SEC filed an insider trading case against three individuals alleging illegal tipping and trading in advance of the April 30, 2007, announcement of Eurex Frankfurt A.G.'s $2.8 billion cash merger agreement with International Securities Exchange Holdings, Inc...

FINRA Issues Notice on Developing New Consolidated Rulebook

Posted on March 13, 2008
Following the consolidation of NASD and NYSE Regulation into FINRA, FINRA established a process to develop a new consolidated rulebook, which is outlined in the attached Notice. The new FINRA Rules will apply to all FINRA members and will be...

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NASAA Announces 2008 Public Policy Conference

Posted on March 13, 2008
The North American Securities Administrators Association (NASAA) today announced the line-up of speakers and panels for its 2008 Public Policy Conference, which will be held April 1 in Washington, D.C. The conference brings together securities regulators, financial services industry representatives,...

SEC Publishes Text of Proposed Rule on ETFs

Posted on March 12, 2008
The SEC released the text of a proposed new rule under the Investment Company Act of 1940 that would exempt exchange-traded funds (?ETFs?) from certain provisions of that Act and its rules. The rule would permit certain ETFs to begin...

SEC Trading & Markets Director Testifies on Municipal Bond Turmoil

Posted on March 12, 2008
Erik R. Sirri, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission, testified on Municipal Bond Turmoil: Impact on Cities, Towns and States, before the Committee on Financial Services, U.S. House of Representatives, on March 12, 2008...

Spitzer's Legacy on Wall St.

Posted on March 12, 2008
What will be Governor Spitzer's legacy as the crusading Attorney General? Did he accomplish meaningful reforms in the Global Settlement and market-timing investigations, or was it all for show? The Wall St. Journal quotes Professor Tamar Frankel, at Boston University...

Corporate Buyback Programs Are Down

Posted on March 11, 2008
Have buybacks become passe? CFO.com reports that, even when their stock prices could use the boost, corporation are cutting back on stock repurchases, with the exception of IBM, which announced a huge buyback program last month. Corporations may feel they...

Court Enters Default Judgment in Phony Tender Offer Manipulation Case

Posted on March 11, 2008
The federal district court for the Southern District of New York entered a judgment permanently enjoining the partnership Hollingsworth, Rothwell & Roxford ("HRR") from future violations of the anti-manipulation and tender offer anti-fraud provisions of the federal securities laws...

SEC Files Civil Charges Against Promoters of "Teach Me to Trade" Program

Posted on March 11, 2008
I have often wondered why there was not a crackdown on the infomercials shown on television and other"investor workshops." The SEC today filed civil fraud charges against Linda Woolf and David Gengler, two promoters who allegedly made millions selling a...

SEC and CFTC Announce New Cooperation Agreement

Posted on March 11, 2008
Turf wars between the SEC and the CFTC have existed since the latter agency's creation and have only intensified over the years with the proliferation of complex products. Today the agencies announced what the press release describes as a "ground-breaking...

Private Equity on the Skids

Posted on March 11, 2008
The reversals of fortune for private equity firm continue to confound, as The Blackstone Group (which, you will remember went public just last year)announced an 89% earnings drop for the last quarter in 2007 and Carlyle Capital may be close...

Activist Shareholder Considers Withhold Vote Campaign Against Morgan Stanley's Mack

Posted on March 11, 2008
At last year's annual meeting, Morgan Stanley CEO and Chair John J. Mack said: "Do we take a lot of risk? Yes, I think this firm has the capacity to take a lot more risk than it has in the...

University of Cincinnati Symposium on Dysfunctional Boards

Posted on March 10, 2008
The University of Cincinnati College of Law and Law Review Present The Dysfunctional Board: Causes and Cures March 14, 2008, 8:00 a.m. - 3:30 p.m. This Program will be Webcast at the Corporate Law Center website. In addition, you will...

Governor Spitzer, Linked to Prostitution Ring, Apologizes

Posted on March 10, 2008
This afternoon both the New York Times and the Wall St. Journal reported that Governor Eliot Spitzer had been involved in a prostitution ring, apparently caught in a federal wiretap arranging for the services of a prostitute in Washington D.C....

Bainbridge on Say on Pay

Posted on March 09, 2008
Remarks on Say on Pay: An Unjustified Incursion on Director Authority, by STEPHEN M. BAINBRIDGE, University of California, Los Angeles - School of Law, was recently posted on SSRN. Here is the abstract: These remarks were presented to the Penn...

Baker & Griffith on D&O Insurance and Settlements

Posted on March 09, 2008
How the Merits Matter: D&O Insurance and Securities Settlements, by TOM BAKER, University of Connecticut School of Law, and SEAN J. GRIFFITH, Fordham Law School, was recently posted on SSRN. Here is the abstract: This Article seeks what may be...

Rose on SWFs

Posted on March 09, 2008
Sovereigns as Shareholders, by PAUL ROSE, Ohio State University - Michael E. Moritz College of Law, was recently posted on SSRN. Here is the abstract: This paper considers the increasing impact of sovereign wealth funds as equity investors. Sovereign investment...

Chiappinelli on Definition of Security

Posted on March 09, 2008
Reinventing a Security: Arguments for a Public Interest Definition, by ERIC A. CHIAPPINELLI, was recently posted on SSRN. Here is the abstract: The traditional test for evaluating whether a particular investment vehicle is covered under the securities law is in...

Schwarcz on Subprime Mortgage Crisis

Posted on March 09, 2008
Markets, Systemic Risk, and the Subprime Mortgage Crisis, by STEVEN L. SCHWARCZ, Duke University School of Law, was recently posted on SSRN. Here is the abstract: The subprime mortgage crisis is undermining financial market stability and has the potential to...

Executives Defend Pay Before House Committee

Posted on March 07, 2008
The Committee on Oversight and Government Reform held a hearing today on CEO Pay and the Mortgage Crisis. The testimony of the speakers is at the Committee's website, including Countrywide's CEO Angelo Mozilo, former Citigroup CEO Charles Prince, and former...

SEC Charges Financial Fraud Involving Certified Services

Posted on March 07, 2008
The SEC filed a complaint against W. Anthony Huff, Danny L. Pixler, Anthony R. Russo, Otha Ray McCartha, and Charles J. Spinelli in the United States District Court for the Southern District of Florida charging them with a financial fraud...

SEC Obtains Emergency Order Against Unregistered Day-Trading Firm

Posted on March 07, 2008
The SEC obtained an emergency court order against Tuco Trading, LLC, an unregistered securities day-trading firm in La Jolla, Calif., that was not disclosing to traders that more than one-third of their money was being used to cover other traders'...

House Committee Holds Hearing on Executive Compensation

Posted on March 07, 2008
Three poster children for outsized executive compensation -- Countrywide Financial's Angelo Mozilo, former Merrill Lynch chair E. Stanley O'Neal, and former Citigroup CEO Charles O. Prince -- are scheduled to testify today before the House Oversight and Government Reform Committee...

Supervisory Agencies Issue Joint Report on Risk Management Practices

Posted on March 06, 2008
Senior financial supervisors from five countries today issued a report that assesses a range of risk management practices among a sample of major global financial services organizations. The report's key observations and proposed supervisory responses are summarized in a transmittal...

SEC Warns Public Pension Plans about Compliance

Posted on March 06, 2008
The SEC issued a press release reminding public pension funds of their responsibilities under the federal securities laws and the importance of adequate compliance policies and procedures to prevent wrongdoing in their money management functions. The SEC's Report of Investigation...

Yahoo Extends Deadline for Nominating Directors

Posted on March 05, 2008
Yahoo amended its bylaws to extend the deadline for nominating directors from March 14 to 10 days following the public announcement of the date for the 2008 Annual Meeting (which has not yet been announced). This will give Microsoft more...

SEC Settles Charges Against Former Broadcom VP

Posted on March 05, 2008
The SEC filed a settled enforcement action against Nancy M. Tullos, the former vice president of human resources at Broadcom Corporation, for her participation in a five-year scheme to backdate stock options granted to Broadcom employees and officers...

SEC Proposes Rules to Ease Requirements for ETFs

Posted on March 05, 2008
As I reported earlier, the SEC voted to propose two new rules under the Investment Company Act to permit exchange-traded funds (ETFs) to operate without the need to obtain individual exemptive orders from the Commission. Here is more detail about...

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