Corporation law and economics:
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
New York, NY
Foundation Press
2002
|
| Schriftenreihe: | University textbook series
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013189887&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Spätere Aufl. u.d.T.: Corporate law / Bainbridge, Stephen M. - Includes bibliographical references and index |
| Umfang: | XXVII, 884 S. |
| ISBN: | 1587781395 1587781409 9781587781407 |
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| 245 | 1 | 0 | |a Corporation law and economics |c by Stephen M. Bainbridge |
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| 490 | 0 | |a University textbook series | |
| 500 | |a Spätere Aufl. u.d.T.: Corporate law / Bainbridge, Stephen M. - Includes bibliographical references and index | ||
| 650 | 4 | |a Droit et économie politique | |
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Datensatz im Suchindex
| _version_ | 1819310579692601344 |
|---|---|
| adam_text | TABLE OF CONTENTS
PREFACE..-- __ V
CHAPTER 1. AN INTRODUCTION TO THE CORPORATION 1
SEC.
1.1 WHAT IS A CORPORATION? 1
A. SOME FUNDAMENTAL DISTINCTIONS - 2
B. SOME KEY TERMINOLOGY 3
1.2 ESSENTIAL ATTRIBUTES 4
A. ALTERNATIVES TO THE CORPORATION 5
B. FORMAL CREATION 5
C. LEGAL PERSONALITY 7
D. SEPARATION OF OWNERSHIP AND CONTROL 8
E. INDEFINITE DURATION 11
F. TRANSFERABILITY - 11
G. LIMITED LIABILITY 12
1.3 SOURCES OF CORPORATE LAW 13
A. STATE CORPORATE LAW 14
B. FEDERAL LAW.*- 16
1.4 LAW AND ECONOMICS __. 18
A. POSITIVE V. NORMATIVE LAW AND ECONOMICS 19
B. THE WEALTH MAXIMIZATION NORM * - 20
1. EVASIVE MANEUVERS-- 21
2. THE PARTIAL CONCESSION GAMBIT - 21
C. RATIONAL CHOICE ~- 23
1.5 ECONOMIC MODELS OF THE BUSINESS FIRM 26
A. THE CORPORATION AS NEXUS OF CONTRACTS 27
1. IMPLICATIONS OF THE CONTRACTARIAN MODEL 28
2. CHOOSING DEFAULT RULES: THE HYPOTHETICAL BARGAIN 29
3. CRITICISMS OF THE CONTRACTARIAN MODEL - 31
B. TRANSACTION COSTS 33
C. AGENCY COSTS 35
D. SUMMATION 38
CHAPTER 2, FORMING THE CORPORATION 39
SEC.
2.1 INTRODUCTION 39
2.2 FORMING THE CORPORATION 40
2.3 DRAFTING THE ORGANIC DOCUMENTS 41
A ARTICLES OF INCORPORATION 41
B. BYLAWS* 43
1. ADOPTION AND AMENDMENT 43
2. LEGALITY 45
2.4 PREINCORPORATION TRANSACTIONS BY PROMOTERS 48
XIII
TABLE OF CONTENTS
SEC.
A. CORPORATION AS PARTY * 49
B. PROMOTER S LIABILITY AFTER THE CORPORATION IS FORMED 49
C. PROMOTER S LIABILITY IN THE EVENT THE CORPORATION NEVER
COMES INTO EXISTENCE 51
D. ANALYSIS- * 51
2.5 DEFECTIVE INCORPORATION -- 52
A. DE FACTO CORPORATION - * 52
B. CORPORATION BY ESTOPPEL -- - 54
C. STATUTORY EFFORTS TO ABOLISH THE COMMON LAW DOCTRINES -... 55
2.6 PROMOTER S FIDUCIARY DUTIES -- 56
2.7 CORPORATE POWERS AND PURPOSES: HEREIN OF ULTRA VIRES 58
CHAPTER 3, FINANCING THE CORPORATION .... 61
SEC.
3.1 INTRODUCTION 62
3.2 CORPORATE SECURITIES * 64
A. OVERVIEW --- -- 64
B. EQUITY SECURITIES --- -- 65
1. TERMINOLOGY- --- 65
2. COMMON STOCK 66
3. PREFERRED STOCK ... 66
C. DEBT SECURITIES - 68
1. BOND VALUE AND INTEREST RATES 68
2. THE INDENTURE 69
D. CONVERTIBLE SECURITIES 70
E. ASSET BACKED SECURITIES --- 71
F. IS THERE AN OPTIMAL CAPITAL STRUCTURE? - 72
3.3 ISSUANCE OF SECURITIES: THE BUSINESS CONTEXT 75
A. OFFERING TERMINOLOGY 75
B. THE GOING PUBLIC DECISION 76
3.4 ISSUANCE OF SECURITIES: CORPORATE LAW ASPECTS -- 76
A. THE RESPECTIVE ROLES OF THE BOARD AND SHAREHOLDERS 77
B. LEGAL CAPITAL - 78
C. SUBSCRIPTION AGREEMENTS- - 78
D. PREEMPTIVE RIGHTS * -- -- 79
3.5 ISSUANCE OF SHARES: FEDERAL LAW 80
A. DEFINITION OF SECURITY - - 80
B. THE REGISTRATION PROCESS 83
C. REGISTRATION STATEMENT DISCLOSURES 86
D. EXEMPTIONS FROM REGISTRATION 87
1. PRIVATE PLACEMENTS 88
2. REG D 89
3. INTRASTATE OFFERINGS 90
E. CIVIL LIABILITIES FOR SECURITIES FRAUD AND OTHER VIOLATIONS .-. 92
1. SECURITIES ACT § 11 94
2. SECURITIES ACT § 12(A)(2) 96
3. SECURITIES EXCHANGE ACT § 10(B) AND RULE 10B-5 98
XIV
TABLE OF CONTENTS
SEC.
F. BECOMING A REPORTING COMPANY: REGISTRATION UNDER THE
SECURITIES EXCHANGE ACT 105
G. THE BOUNDARY BETWEEN STATE CORPORATE AND FEDERAL SECU-
RITIES LAW ..- 106
3.6 READING CORPORATE FINANCIAL STATEMENTS ILL
3.7 THE ECONOMICS OF SECURITIES MARKETS 112
A. EFFICIENT CAPITAL MARKETS - 112
B. PORTFOLIO THEORY 116
C. SECURITIES LAW IMPLICATIONS: INTEGRATED AND MANDATORY
DISCLOSURE 119
CHAPTER 4. LIMITED LIABILITY 126
SEC.
4.1 INTRODUCTION 126
4.2 THINKING ABOUT LIMITED LIABILITY. * 128
A. THE CLASSIC CASE: WALKOVSZKY V. CARLTON -... ._ 128
B. LIMITED LIABILITY AND THE CONTRACTARIAN MODEL 130
C. JUSTIFYING LIMITED LIABILITY 132
1. CONTRACT CREDITORS OF PUBLIC CORPORATIONS - - - - - - 132
2. TORT CREDITORS OF PUBLIC CORPORATIONS ._ 138
3. CONTRACT CREDITORS OF A CLOSE CORPORATION 145
4. TORT CREDITORS OF CLOSE CORPORATIONS 148
4.3 VEIL PIERCING AND RELATED DOCTRINES 151
A. STANDARDS 152
B. CRITICAL FACTORS IN ANY VEIL PIERCING CASE 155
1. NATURE OF THE CLAIM-- 155
2. THE NATURE OF THE DEFENDANT 156
3. THE LAUNDRY LIST 157
4. IS UNDERCAPITALIZATION, STANDING ALONE, ENOUGH? 161
5. THE TAKE-HOME LESSON: OPERATIONALIZING VEIL PIERCING-. 163
C. WHAT LAW APPLIES? *- 164
D. RELATED DOCTRINES 165
1. REVERSE VEIL PIERCING 165
2. ENTERPRISE LIABILITY 168
4.4 RETHINKING VEIL PIERCING 171
A. CONTRACT CREDITORS AND OTHER BARGAIN SETTINGS 174
1. COMMERCIAL MISREPRESENTATION 174
2. EX POST UNDERCAPITALIZATION 177
B. TORT CREDITORS 179
C. ENTERPRISE LIABILITY AND PARENT-SUBSIDIARY CORPORATIONS * 183
CHAPTER 5. DIRECTOR PRIMACY: THE FORMAL STRUCTURES OF
CORPORATE GOVERNANCE - 191
SEC.
5.1 AN OVERVIEW OF CORPORATE GOVERNANCE 192
5.2 THE ALLOCATION OF CORPORATE DECISIONMAKING POWER.. 194
XV
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SEC.
5.3 DIRECTOR PRIMACY: HEREIN OF THE SEPARATION OF OWNERSHIP AND
CONTROL -- - - - 195
A. THE SEPARATION OF OWNERSHIP AND CONTROL IN HISTORICAL
PERSPECTIVE* -- ---- --- 196
B. THE SEPARATION OF OWNERSHIP AND CONTROL IN ECONOMIC
PERSPECTIVE - - 197
1. THE CONTRACTARIAN FOUNDATIONS OF DIRECTOR PRIMACY 199
2. LOCATING THE NEXUS - - -- 203
3. DIRECTOR PRIMACY V. MANAGERIALISM - ---- 205
C. CONSEQUENCES OF THE SEPARATION OF OWNERSHIP AND CONTROL 207
5.4 THE BOARD AS COLLECTIVE- - * -- 208
A. WHY A BOARD? - - - - 208
1. THE BOARD AS AN ADAPTIVE RESPONSE TO BOUNDED RATION-
ALITY .-- - ----- - 209
2. THE BOARD AS A CONSTRAINT ON AGENCY COSTS - - 210
B. IMPLICATIONS: BOARD OF DIRECTORS HOUSEKEEPING RULES 213
1. THE REQUIREMENT THAT BOARDS ACT COLLECTIVELY BY MEET-
ING - - -- 213
2. BOARD SIZE * -- * -- * 214
3. ELECTRONIC PARTICIPATION IN BOARD MEETINGS 215
4. NOTICE OF BOARD MEETINGS 215
5. QUORUM AND VOTING 216
6. BOARD TERM LIMITS- 216
5.5 BOARD COMPOSITION--- -- -- 217
A. FORMALITIES: HEREIN OF BOARD QUALIFICATIONS 217
B. PROPOSALS FOR REFORM: HEREIN OF INDEPENDENT DIRECTORS ---- 217
1. DEFINING OUR TERMS: WHO IS AN INDEPENDENT DIRECTOR? 219
2. INDEPENDENT DIRECTORS UNDER THE ALI
PRINCIPLES
219
3. STOCK EXCHANGE LISTING STANDARDS - - 222
4. DO CORPORATIONS REALLY NEED INDEPENDENT DIRECTORS? ~~ 223
5.6 REMOVAL AND VACANCIES - - - - - 230
5.7 BOARD COMMITTEES * - - 230
5.8 OFFICERS - - - - - -.. 231
A. DELEGATION OF CORPORATE POWERS TO OFFICERS - - 231
B. THE ECONOMICS OF HIERARCHY* .- 231
1. HIERARCHY AND INFORMATION - 232
2. HIERARCHY AND AGENCY COSTS-- 233
C. OFFICER POWERS: HEREIN OF AGENCY AUTHORITY IN THE CORPO-
RATE SETTING 234
1. THE AGENCY RELATIONSHIP DEFINED 235
2. AUTHORITY OF AGENTS 235
3. AUTHORITY OF CORPORATE OFFICERS 237
CHAPTER 6. THE DUTY OF CARE AND THE BUSINESS JUDGMENT
RULE 241
SEC.
6.1 AUTHORITY AND ACCOUNTABILITY-.-- 241
XVI
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SEC.
6.2 A SUBSTANTIVE STANDARD OR A RULE OF ABSTENTION? 242
A. SHLENSKY AND ABSTENTION 243
B. TECHNICOLOR AND SUBSTANTIVE REVIEW 246
C. WHERE IS DELAWARE NOW? 249
6.3 THE BUSINESS JUDGMENT RULE WITHIN A THEORY OF THE FIRM - 251
A. FIRST PRINCIPLES--- 251
B. DEFENDING DEFERENCE TO BOARD AUTHORITY 253
1. JUDGES ARE NOT BUSINESS EXPERTS, BUT SO WHAT? 254
2. CORPORATE DECISIONS AFFECT NONSHAREHOLDER CONSTITUEN-
CIES, BUT SO WHAT? - 257
3. ENCOURAGING OPTIMAL RISK-TAKING .. 259
4. THE BOARD AS A CONSENSUS-BASED TEAM..-- 264
5. SUMMARY 267
6.4 THE LAW OF BUSINESS JUDGMENT 269
A. THE NATURE OF THE RULE 269
B. PRECONDITIONS 270
1. AN EXERCISE OF JUDGMENT - 270
2. DISINTERESTED AND INDEPENDENT DECISIONMAKERS 270
3. ABSENCE OF FRAUD OR ILLEGALITY- 272
4. RATIONALITY 274
5. AN INFORMED DECISION (A.K.A. PROCESS DUE CARE) * 276
C. THE CONTEXTUAL BUSINESS JUDGMENT RULE -- 283
D. APPLICATION TO OFFICERS-- *_ 285
6.5 THE DUTY OF CARE *- 286
A. IS THE DUTY OF CARE A NEGLIGENCE STANDARD? .* 286
B. CAUSATION --.. 287
C. RELIANCE ON OFFICERS 290
D. OVERSIGHT CASES *. 291
E. SHAREHOLDER RATIFICATION 296
F. THE NEW MBCA PROVISIONS 297
6.6 STATUTORY RESPONSES TO VAN GORKOM AND THE D & O LIABILITY
CRISIS* -- 299
A. LIABILITY LIMITATION STATUTES 299
B. INDEMNIFICATION STATUTES 301
CHAPTER 7. THE DUTY OF LOYALTY-- 305
7.1 AUTHORITY AND ACCOUNTABILITY REVISITED 306
7.2 CONFLICTED INTEREST TRANSACTIONS 307
A. COMMON LAW EVOLUTION * 308
B. INTERESTED DIRECTOR STATUTES _. 310
1. APPROVAL OF CONFLICTED INTEREST TRANSACTIONS BY A DIS-
INTERESTED BOARD MAJORITY 311
2. APPROVAL OF CONFLICTED INTEREST TRANSACTIONS BY SHARE-
HOLDERS -. 312
3. A BRIEF DIGRESSION ON THE MEANING OF WASTE 314
4. FAIRNESS ABSENT VALID APPROVAL OR RATIFICATION 315
XVII
TABLE OF CONTENTS
SEC.
5. THE ALI ALTERNATIVE - - 316
6. MBCA SUBCHAPTER F - 318
C. EXECUTIVE COMPENSATION 320
7.3 CORPORATE OPPORTUNITIES - 321
A. DELAWARE S STANDARD 323
B. ALTERNATIVES TO DELAWARE 327
1. A PROPOSAL - 327
2. THE MILLER TWO-STEP - ----- 328
3. THE ALI APPROACH - 331
C. DEFENSES 332
1. CAPACITY - 332
2. FINANCIAL OR TECHNICAL INABILITY 333
3. REFUSAL TO DEAL - - - 334
7.4 FIDUCIARY DUTIES OF CONTROLLING SHAREHOLDERS - -- - 335
A. INTRODUCTION -- - - * - 335
B. IDENTIFYING CONTROLLING SHAREHOLDERS - --- - - 336
C. PARENT-SUBSIDIARY TRANSACTIONS - ~~ ---- - 338
1. THE CANONICAL SINCLAIR OIL OPINION - * 338
2. ZAHN V. TRANSAMERICA AND CONFLICTS BETWEEN CLASSES OF
STOCK - - *~- - - - - 340
D. SALES OF CONTROL * 343
1. THE GENERAL RULE * - 344
2. SALE TO A LOOTER- - * 344
3. SALE OF OFFICE-* -- -- - - 345
4. USURPING A CORPORATE OPPORTUNITY* * --- 346
5. BUILDING A BETTER APPROACH TO SALES OF CONTROL 348
6. REFUSALS TO SELL - - - 349
E. FREEZEOUTS * * - *-- *-- 351
1. THE BUSINESS CONTEXT: WHY FREEZEOUT THE MINORITY?---- 353
2. THE BUSINESS PURPOSE TEST - 354
3. FREEZEOUTS AND FAIRNESS - 355
4. FREEZEOUTS, FIDUCIARY DUTIES, AND APPRAISAL. * 358
5. EFFECT OF SHAREHOLDER RATIFICATION --. 360
CHAPTER 8. SHAREHOLDER LITIGATION 361
SEC.
8.1 INTRODUCTION - 361
8.2 DIRECT V. DERIVATIVE LITIGATION 362
8.3 ATTORNEYS FEES: HEREIN OF STRIKE SUITS AND THEIR CONVERSE 365
8.4 PROCEDURAL ASPECTS - - 368
A. FRCP 23.1 368
B. CHOICE OF LAW 369
C. VERIFICATION 370
D. CONTEMPORANEOUS OWNERSHIP 371
1. THE BASIC REQUIREMENT 371
2. BONDHOLDER STANDING TO SUE DERIVATIVELY 374
3. DIRECTOR QUA DIRECTOR STANDING 378
XVIII
TABLE OF CONTENTS
SEC.
E. COLLUSIVE JURISDICTION AND REALIGNMENT OF PARTIES 378
F. FAIR AND ADEQUATE REPRESENTATION---- - 379
G. JUDICIAL APPROVAL OF SETTLEMENTS 381
H. RECOVERY - 381
I. SECURITY FOR EXPENSES STATUTES 382
J. JURY TRIAL 385
8.5 DEMAND AND BOARD CONTROL OF DERIVATIVE LITIGATION 385
A. THE DEMAND REQUIREMENT 385
1. NEW YORK S DEMAND FUTILITY STANDARD 386
2. DELAWARE S DEMAND FUTILITY STANDARD 388
B. BOARD CONTROL OF DERIVATIVE LITIGATION 393
1. DEMAND REQUIRED CASES - 393
2. DEMAND EXCUSED CASES 395
3. JUDICIAL CONCERN WITH STRUCTURAL BIAS 399
4. POLICY 400
C. THE ALI AND MBCA UNIVERSAL DEMAND ALTERNATIVES 404
1. MBCA§ 7.44 405
2. ALI
PRINCIPLES
PART VII 405
3. EVALUATING UNIVERSAL DEMAND 406
CHAPTER 9. THE LIMITS OF FIDUCIARY OBLIGATION 408
SEC.
9.1 INTRODUCTION 408
9.2 SHAREHOLDER WEALTH MAXIMIZATION IN LAW AND PRACTICE 410
A. THE LAW OF SHAREHOLDER WEALTH MAXIMIZATION 410
1. CASE LAW - 410
2. NONSHAREHOLDER CONSTITUENCY STATUTES 414
B. THE SHAREHOLDER WEALTH MAXIMIZATION NORM IN PRACTICE.-- 417
9.3 THE CORPORATE SOCIAL RESPONSIBILITY DEBATE 418
A. SHAREHOLDER WEALTH MAXIMIZATION NORM AND THE NEXUS OF
CONTRACTS MODEL 419
1. A QUICK REVIEW OF THE HYPOTHETICAL BARGAIN METHODOL-
OGY 420
2. IDENTIFYING THE BARGAINERS 420
3. THE BARGAIN OVER ENDS 421
4. ANOTHER PERSPECTIVE 423
B. QUASKRENTS AND FIDUCIARY DUTIES 424
9.4 EXTRA-CONTRACTUAL DUTIES TO BONDHOLDERS 429
9.5 EXTRA-CONTRACTUAL DUTIES TO PREFERRED SHAREHOLDERS 433
9.6 THE SPECIAL PROBLEM OF CORPORATE PHILANTHROPY 435
CHAPTER 10. SHAREHOLDER VOTING .. 439
SEC.
10.1 INTRODUCTION 440
10.2 STATE LAW- 442
A. OVERVIEW 442
B. NOTICE, QUORUM, AND VOTES REQUIRED 443
XIX
TABLE OF CONTENTS
SEC.
C. ELECTION OF DIRECTORS * 444
1. CUMULATIVE VOTING 444
2. CLASSIFIED BOARDS 446
D. GROUP VOTING 448
E. THE ONE VOTE-ONE SHARE NORM AND DEPARTURES THEREFROM-- 450
1. A BRIEF HISTORY OF CORPORATE VOTING RIGHTS 450
2. STATE LAW TODAY 453
3. THE REVIVAL OF DUAL CLASS STOCK PLANS AS A TAKEOVER
DEFENSE *- 454
4. DO PRINCIPLES OF CORPORATE DEMOCRACY JUSTIFY A MANDA-
TORY ONE SHARE-ONE VOTE STANDARD? 456
5. DOES THE PRINCIPLE OF DIRECTOR ACCOUNTABILITY JUSTIFY A
MANDATORY ONE SHARE-ONE VOTE STANDARD? 456
6. DOES THE POTENTIAL FOR SHAREHOLDER INJURY JUSTIFY A
MANDATORY ONE SHARE-ONE VOTE STANDARD? 457
7. DO MANAGERIAL CONFLICTS OF INTEREST JUSTIFY A MANDATO-
RY ONE SHARE-ONE VOTE STANDARD? --- -- 457
F. SHAREHOLDER INSPECTION RIGHTS - - * 461
10.3 WHY SHAREHOLDERS AND ONLY SHAREHOLDERS? - 464
A. THE NECESSITY OF AUTHORITY * - - 464
1. INFORMATION - - - - -- 464
2. INTERESTS * - - 465
B. THE INEFFICIENCY OF MULTIPLE CONSTITUENCIES - 466
C. WHY ONLY SHAREHOLDERS? *- - -- 469
10.4 FEDERAL REGULATION OF PROXIES - 472
A. ORIGINS 472
B. THE REGULATORY FRAMEWORK 473
1. WHAT IS A SOLICITATION OF PROXIES? - - 474
2. THE PROXY RULES - - - 476
3. DISCLOSURE OF DIRECTOR AND EXECUTIVE COMPENSATION * 481
4. DISCLOSURE OF DIRECTOR MISCONDUCT -- 482
C. PROXY CONTESTS - 483
1. DISINCENTIVES TO PROXY CAMPAIGNS - 483
2. REIMBURSEMENT OF EXPENSES *. 484
3. SHAREHOLDER APATHY AND RELATED PROBLEMS 485
4. THE PROXY CONTEST S (SLIGHT) RESURGENCE 485
D. PROXY LITIGATION-- .* ..- 486
1. THE IMPLIED PRIVATE RIGHT OF ACTION 486
2. KEY ELEMENTS OF THE PROXY CAUSE OF ACTION* 490
3. MATERIALITY - -- - * * .* 490
4. CAUSATION * 492
5. RELIANCE -... 492
6. STATE OF MIND - ...- _* 495
7. REMEDIES 495
10.5 SHAREHOLDER PROPOSALS UNDER RULE 14A-8 ~~ -- -- 495
A. SEC REVIEW 496
XX
TABLE OF CONTENTS
SEC.
B. ELIGIBILITY - 497
C. PROCEDURAL ISSUES ... 498
1. NUMBER OF SUBMISSIONS* 498
2. PRIOR SUBMISSIONS 498
3. SHOWING UP 498
4. TIMING 498
5. LENGTH -* 498
D. SUBSTANTIVE GROUNDS FOR EXCLUDING A PROPOSAL - - 500
1. PROPER SUBJECTS FOR SHAREHOLDER ACTION 500
2. FALSE OR MISLEADING PROPOSALS 501
3. NOT OTHERWISE SIGNIFICANT 501
4. ORDINARY BUSINESS ~- 503
10.6 THE BOUNDARY BETWEEN FEDERAL PROXY REGULATION AND STATE
CORPORATE LAW 505
A. SEC RULE 19C-4 AND THE BUSINESS ROUNDTABLE DECISION .* 506
B. IMPLICATIONS OF BUSINESS ROUNDTABLE FOR SEC REGULATION
OF PROXIES _. 509
C. THE TROUBLING EPILOGUE 510
10.7 WHY NOT SHAREHOLDER DEMOCRACY?- - 512
A. DISINCENTIVES TO SHAREHOLDER ACTIVISM 512
1. DISCLOSURE REQUIREMENTS RELATING TO LARGE HOLDERS 512
2. SHAREHOLDER COMMUNICATION RULES 513
3. INSIDER TRADING RULES 513
4. NET EFFECT: THE WALL STREET RULE 514
B. SHAREHOLDER ACTIVISM AND AGENCY COSTS 514
C. THE COSTS OF SHAREHOLDER ACTIVISM 515
CHAPTER 11. INSIDER TRADING 518
SEC.
11.1 INTRODUCTION 519
11.2 ORIGINS OF THE INSIDER TRADING PROHIBITION 520
A. STATE COMMON LAW 520
1. FACE TO FACE TRANSACTIONS 521
2. DO SELLING DIRECTORS OWE A FIDUCIARY DUTY TO THEIR
NONSHAREHOLDER PURCHASERS? 522
3. STOCK MARKET TRANSACTIONS 523
B. ORIGINS OF THE FEDERAL PROHIBITION 524
1. THE STATUTORY BACKGROUND AND ITS LEGISLATIVE HISTORY.-- 525
2. CADY, ROBERTS 528
3. TEXAS GULF SULPHUR 528
11.3 THE MODERN FEDERAL INSIDER TRADING PROHIBITION EMERGES: THE
DISCLOSE OR ABSTAIN RULE AND THE SUPREME COURT 531
A. CHIARELLA 532
1. THE FACTS 532
2. A DIGRESSION ON THE DIFFERENCE BETWEEN INSIDE AND
MARKET INFORMATION 533
3. THE HOLDING 533
XXI
TABLE OF CONTENTS
SEC.
B. DIRKS ~~ * 534
1. SELECTIVE DISCLOSURE AND REGULATION FD 536
2. TIPPING CHAINS * 536
11.4 THE PROHIBITION EVOLVES: THE MISAPPROPRIATION THEORY AND
RULE 14E-3 EMERGE AS POST-CHIARELLA GAP-FILLERS 537
A. RULE 14E-3 -- -- - 537
B. MISAPPROPRIATION ...- 539
1. ORIGINS * * 539
2. O HAGAN AND BRYAN: THE MISAPPROPRIATION THEORY IS
CALLED INTO QUESTION--- -- -- - -- -- 541
3. O HAGAN: FACTS - - *- *- 542
4. O HAGAN: ISSUES---- ..- -- - - 542
5. O HAGAN: HOLDING - - 546
6. OPEN QUESTIONS -- --- - -- -- -- --- 548
11.5 ELEMENTS OF THE MODERN PROHIBITION -- -- 551
A. MATERIAL NONPUBLIC INFORMATION -- -- 551
1. MATERIALITY - ~ - - - - 551
2. NONPUBLIC INFORMATION: WHEN CAN INSIDERS TRADE? 552
B. THE REQUISITE FIDUCIARY RELATIONSHIP - - 553
1. DEFINING THE FIDUCIARY DUTY REQUIREMENT 554
2. A STATE OR FEDERAL DUTY? * - - 555
C. WHO IS AN INSIDER? 561
1. CLASSIC INSIDERS - - - -- 561
2. CONSTRUCTIVE INSIDERS * - - - - 563
3. TIPPERS AND TIPPEES .* 564
4. NONTRADITIONAL RELATIONSHIPS - - 565
5. WHAT DOES OTHER RELATIONSHIP OF TRUST AND CONFI-
DENCE MEAN? 568
D. POSSESSION OR USE? 568
E. IS THERE LIABILITY FOR TRADING IN DEBT SECURITIES? 570
F. REMEDIES AND PENALTIES..-- 571
11.6 INSIDER TRADING UNDER STATE CORPORATE LAW TODAY 573
A. DO DIRECTORS HAVE A STATE LAW FIDUCIARY DUTY PROHIBITING
INSIDER TRADING TODAY? 573
B. DERIVATIVE LIABILITY FOR INSIDER TRADING UNDER STATE CORPO-
RATE LAW* - - 574
11.7 SECTION 16(B) *. - - - 578
11.8 INSIDER TRADING POLICY - - 583
A. THE POLITICAL ECONOMY OF INSIDER TRADING 583
B. THE CASE FOR DEREGULATION - ... 586
1. INSIDER TRADING AND EFFICIENT PRICING OF SECURITIES .- 587
2. INSIDER TRADING AS AN EFFICIENT COMPENSATION SCHEME -. 590
C. THE CASE FOR REGULATION _ 592
1. MANDATORY DISCLOSURE --- 592
2. FAIRNESS 593
3. INJURY TO INVESTORS.- 594
XXII
TABLE OF CONTENTS
SEC.
4. PROPERTY RIGHTS 598
D. SCOPE OF THE PROHIBITION 607
E. STATE OR FEDERAL? 608
CHAPTER 12. MERGERS AND ACQUISITIONS 610
SEC.
12.1 THE URGE TO MERGE 612
A. DO TAKEOVERS CREATE WEALTH? 612
1. TARGET V. ACQUIRER SHAREHOLDERS 613
2. INVESTORS V. NONSHAREHOLDER CONSTITUENCIES --- 614
B. WHERE DO TAKEOVER GAINS COME FROM? 617
1. CREATING VALUE BY DISPLACING INEFFICIENT MANAGERS 617
2. STRATEGIC ACQUISITIONS 620
3. SUMMARY ._ 622
12.2 A TYPOLOGY OF ACQUISITION TECHNIQUES 622
12.3 STATUTORY ACQUISITION TECHNIQUES--- - 623
A. THE MERGER 623
B. THE SALE OF ALL OR SUBSTANTIALLY ALL CORPORATE ASSETS 625
1. WHAT DOES ALL OR SUBSTANTIALLY AIR MEAN? 626
2. CHOOSING BETWEEN A MERGER AND AN ASSET SALE 628
C. TRIANGULAR TRANSACTIONS - 629
D. ENSURING EXCLUSIVITY 630
12.4 THE APPRAISAL REMEDY 632
A. MECHANICS 633
1. AVAILABILITY OF APPRAISAL 633
2. ELIGIBILITY FOR APPRAISAL 633
3. EXCLUSIVITY OF APPRAISAL 634
B. VALUATION IN APPRAISAL PROCEEDINGS 634
1. VALUATION BASICS: THE TIME VALUE OF MONEY AND DIS-
COUNTING TO PRESENT VALUE 634
2. VALUATION METHODS BASED ON THE PRESENT VALUE OF
FUTURE DIVIDENDS 636
3. THE DELAWARE BLOCK METHOD 637
4. WEINBERGER AND ITS DISCOUNTED CASH FLOW PROGENY - 640
5. ELEMENTS OF VALUE ARISING FROM THE MERGER 642
C. MARKETABILITY AND MINORITY DISCOUNTS 644
12.5 DE FACTO MERGERS -- 645
12.6 THE TARGET BOARD S PROPER ROLE IN STATUTORY ACQUISITIONS - 648
12.7 NONSTATUTORY ACQUISITION TECHNIQUES - - 651
A. SHARE PURCHASES V. TENDER OFFERS 651
B. TENDER OFFERS V. PROXY CONTESTS --- 652
12.8 FEDERAL REGULATION OF TENDER OFFERS - 654
A. BEACHHEAD ACQUISITIONS 655
1. THE OBLIGATION TO DISCLOSE _. 655
2. THE CONTENT OF A SCHEDULE 13D DISCLOSURE STATEMENT * 658
3. SECTION 13(D) LITIGATION 659
B. TENDER OFFER DISCLOSURE AND PROCEDURAL RULES - 662
XXIII
TABLE OF CONTENTS
SEC.
1. DEFINITION OF TENDER OFFER 662
2. COMMENCEMENT OF A TENDER OFFER ---- 665
3. CONTENT OF REQUIRED DISCLOSURE 665
4. PROCEDURAL RULES- -- 669
5. TARGET OBLIGATIONS - - * 669
C. TENDER OFFER LITIGATION 672
12.9 TAKEOVER DEFENSES: THE ARSENAL 677
A. SHARK REPELLENTS * - 677
1. CLASSIFIED BOARDS * - - - 677
2. SUPERMAJORITY VOTE REQUIREMENTS -- 678
3. THE FAIR PRICE VARIANT- -- 679
4. SUPERMAJORITY AND FAIR PRICE PROVISIONS IN ACTION 679
B. POISON PILLS -* - - - - - - - -- 680
1. FIRST GENERATION PILLS * - 680
2. SECOND GENERATION PILLS - - - - - 683
3. REDEMPTION PROVISIONS - -- 684
4. VARIANTS ON THE SECOND GENERATION PILL 684
5. THE THIRD GENERATION: DEAD HAND AND NO HAND PILLS ---- 685
C. OTHER DEFENSES *- - - - 690
1. PRE-OFFER PLANNING - - * 690
2. EARLY WARNING SYSTEMS* 690
3. DEFENSIVE ACQUISITIONS - 691
4. DUAL CLASS STOCK PLANS - 691
5. STOCK REPURCHASES 692
6. LOCK-UPS - - - 692
12.10 THE PROPRIETY OF TARGET BOARD RESISTANCE TO UNSOLICITED OFFERS 693
A. CHEFF V. MATHES: DELAWARE S FIRST TRY 695
B. THE ACADEMIC CRITIQUE OF CHEFF 697
C. UNOCAL AND REVLON: DELAWARE TRIES AGAIN 700
1. UNOCAL 701
2. REVLON 703
D. STRIKING A BALANCE BETWEEN AUTHORITY AND ACCOUNTABILITY 705
1. THE QUESTION OF COMPARATIVE ADVANTAGE 706
2. THE BYPASS ARGUMENT 708
3. THE STRUCTURAL ARGUMENT (A.K.A. SHAREHOLDER CHOICE)-.- 709
4. THE CONFLICTED INTEREST ARGUMENT 712
E. EVALUATING DELAWARE S BALANCE 718
1. THE EVOLUTION TOWARDS A MOTIVE-BASED INQUIRY 719
2. THE MERITS OF A MOTIVE-BASED INQUIRY 724
3. THE PIVOTAL PARAMOUNT CASES - 725
4. UNITRIN 737
5. SUMMATION 738
12.11 CONSIDERATION OF NONSHAREHOLDER CONSTITUENCY INTERESTS 738
A. DELAWARE CASE LAW 739
B. A NOTE ON THE ALI PRINCIPLES APPROACH 741
C. NONSHAREHOLDER CONSTITUENCY STATUTES - 741
XXIV
TABLE OF CONTENTS
SEC.
12.12 STATE ANTI-TAKEOVER LEGISLATION - 747
A. THE FIRST GENERATION AND MITE .... 747
1. PREEMPTION STANDARDS 747
2. DID THE WILLIAMS ACT PREEMPT THE IBTA? 748
B. THE SECOND GENERATION AND CTS-- 751
1. THE SECOND GENERATION STATUTES 751
2. POWELL S CTS OPINION 753
C. INTERPRETING CTS 755
1. A MEANINGFUL OPPORTUNITY FOR SUCCESS 755
2. AMANDA ACQUISITION 756
3. CHOOSING A STANDARD 758
4. COMMERCE CLAUSE ISSUES 761
D. THE THIRD GENERATION 762
CHAPTER 13- DIVIDENDS AND OTHER LEGAL CAPITAL ARCANA .. 768
SEC.
13.1 INTRODUCTION * 768
13.2 MONEY IN: HEREIN OF WATERED STOCK 770
A. WATERED STOCK IN DELAWARE LAW TODAY 771
B. WATERED STOCK UNDER THE MBCA TODAY 772
13.3 MONEY OUT: DIVIDEND STATUTES.- 772
A. MODERN DIVIDEND STATUTES 773
1. DELAWARE-.-. 773
2. MBCA: OLD AND NEW *- * 776
B. DIVIDENDS AND ASSET REVALUATION .~. 778
C. A CRITIQUE OF MODERN DIVIDEND STATUTES 779
13.4 REDEMPTIONS AND REPURCHASES 780
A. DELAWARE LAW 781
B. MBCA - 782
C. NOTE ON RELATED LEGAL ISSUES 782
13.5 STOCK SPLITS AND DIVIDENDS 784
A. STOCK DIVIDENDS 784
B. STOCK SPLITS 785
C. REVERSE STOCK SPLITS AND FREEZE-OUTS* 786
13.6 DIVIDENDS ON PREFERRED STOCK 787
A. CUMULATIVE DIVIDENDS - 787
B. CONTINGENT VOTING RIGHTS * 789
13.7 DOES DIVIDEND POLICY AFFECT FIRM VALUE? ~~ 789
13.8 SUITS TO COMPEL DECLARATION OF A DIVIDEND 793
CHAPTER 14. CLOSE CORPORATIONS .- 797
SEC.
14.1 EXIT VERSUS VOICE *- 797
14.2 PRIVATE ORDERING IN CLOSE CORPORATIONS 799
A. PRIVATE ORDERING OF VOTING RIGHTS 799
1. VOTINGTRUSTS 800
2. VOTE POOLING AGREEMENTS * 801
XXV
TABLE OF CONTENTS
SEC.
B. PRIVATE ORDERING RE DECISIONMAKING AUTHORITY 806
C. PRIVATE ORDERING RE EXIT RIGHTS 810
1. RESTRICTIONS ON TRANSFERABILITY 811
2. BUYOUT AGREEMENTS--- 812
14.3 FIDUCIARY DUTIES IN CLOSE CORPORATIONS 816
A. THE (IN)FAMOUS MASSACHUSETTS LINE OF CASES 816
1. THE FIDUCIARY DUTIES OF MAJORITY SHAREHOLDERS 816
2. THE FIDUCIARY DUTIES OF MINORITY SHAREHOLDERS 821
B. DELAWARE LAW 822
C. PRIVATE ORDERING OF FIDUCIARY OBLIGATION..- 823
14.4 DISSOLUTION 825
14.5 THE LIMITED LIABILITY COMPANY ALTERNATIVE 831
A. WHAT IS A LLC?- *- - 832
B. CHOICE OF FORM - 832
1. TAXATION - 832
2. TRANSFERABILITY OF OWNERSHIP INTERESTS 834
3. FLEXIBILITY OF ORGANIZATIONAL STRUCTURE 834
4. LIMITED LIABILITY -~ 836
5. SUMMARY - * 836
C. VEIL PIERCING IN THE LLC CONTEXT---- ~- ~ 837
D. FREEDOM OF CONTRACT 839
TABLE OF CASES 843
INDEX 863
XXVI
|
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| geographic_facet | USA |
| id | DE-604.BV019865471 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T12:07:33Z |
| institution | BVB |
| isbn | 1587781395 1587781409 9781587781407 |
| language | English |
| lccn | 2002511533 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013189887 |
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| owner_facet | DE-29 DE-M382 DE-19 DE-BY-UBM |
| physical | XXVII, 884 S. |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | Foundation Press |
| record_format | marc |
| series2 | University textbook series |
| spellingShingle | Bainbridge, Stephen M. Corporation law and economics Droit et économie politique Economie gtt Sociétés - Droit - États-Unis Vennootschapsrecht gtt Wirtschaft Corporation law United States Law and economics Kapitalgesellschaft (DE-588)4129472-5 gnd |
| subject_GND | (DE-588)4129472-5 (DE-588)4078704-7 |
| title | Corporation law and economics |
| title_auth | Corporation law and economics |
| title_exact_search | Corporation law and economics |
| title_full | Corporation law and economics by Stephen M. Bainbridge |
| title_fullStr | Corporation law and economics by Stephen M. Bainbridge |
| title_full_unstemmed | Corporation law and economics by Stephen M. Bainbridge |
| title_short | Corporation law and economics |
| title_sort | corporation law and economics |
| topic | Droit et économie politique Economie gtt Sociétés - Droit - États-Unis Vennootschapsrecht gtt Wirtschaft Corporation law United States Law and economics Kapitalgesellschaft (DE-588)4129472-5 gnd |
| topic_facet | Droit et économie politique Economie Sociétés - Droit - États-Unis Vennootschapsrecht Wirtschaft Corporation law United States Law and economics Kapitalgesellschaft USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013189887&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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