Law Commons^™

Business Combination Antitakeover Statutes, The Unintended Repudiation Of The Internal Affairs Doctrine, And Constitutional Constraints On Choice Of Law, Robert E. Suggs

Robert E. Suggs

This article examines the constitutional validity of business combination antitakeover statutes. Delaware and other important corporate law jurisdictions enacted these statutes during the 1980s to inhibit hostile leveraged corporate takeovers and protect incumbent managements. These statutes work by prohibiting transactions which enable a hostile acquirer with a mere majority of target stock to sell target assets for cash and retain all the cash to service acquisition debt while paying off with securities the minority shareholders' interest in the assets sold. This allows the takeover to be financed with the assets acquired. Analyzing the structural operation of these statutes in greater …

Racial Discrimination In Business Transactions, Robert E. Suggs

Robert E. Suggs

When the Supreme Court invalidated a municipal minority business set-aside in City of Richmond v. J.A. Croson Co., it failed to recognize the special circumstances confronting the minority entrepreneur. Contrary to the Court’s own erroneous assertion that “[s]tates and their local subdivisions have many legislative weapons at their disposal both to punish and prevent present [business] discrimination ….” – they do not. Nor can they create effective antidiscrimination remedies as a practical matter. As a result that decision leaves minority business owners vulnerable to discrimination from other business firms but without a remedy. Part I identifies the glaring failure of …

Rethinking Minority Business Development Strategies, Robert E. Suggs

Robert E. Suggs

Minority business set-asides were created as a prophylactic measure to redress discrimination against minority owned business firms. Predominantly minority jurisdictions found them especially attractive because they promised to provide minority firms a share of the procurement dollars expended by these jurisdictions. The Croson decision invalidated Richmond’s ordinance and posed substantial barriers to further enactments. This article proposes an alternative to such set-aides. It argues that the proposed alternative, an Equal Opportunity Rating Agency (EORA), provides a superior business development policy tool and does not have the constitutional vulnerabilities of set-asides. An EORA would operate much like a credit rating agency, …

The Madoff Scandal, Market Regulatory Failure And The Business Education Of Lawyers, Robert Rhee

Robert Rhee

This essay suggests that a deficiency in legal education is a contributing cause of the regulatory failure. The most scandalous malfeasance of this new era, the Madoff Ponzi scheme, evinces the failure of improperly trained lawyers and regulators. It also calls into question whether the prevailing regulatory philosophy of disclosure of disclosure is sufficient in a complex market. This essay answers an important question underlying these considerations: What can legal education do to better train business lawyers and regulators for a market that is becoming more complex? One answer, it suggests, is a simple one: law schools should teach a …

Bonding Limited Liability, Robert J. Rhee

Robert Rhee

Limited liability is considered a “birthright” of corporations. The concept is entrenched in legal theory, and it is a fixed reality of the political economy. But it remains controversial. Scholarly debate has been engaged in absolute terms of defending the rule or advocating its abrogation. Though compelling, these polar positions, often expressed in abstract arguments, are associated with disquieting effects. Without limited liability, efficiency may be severely compromised. With it, involuntary tort creditors bear some of the cost of an enterprise. Most other proposals for reforming limited liability have been incremental, such as modifying veil piercing. However, neither absolutism nor …

The Illegal-Settlements Myth, David Phillips

David M. Phillips

No abstract provided.

Conference On Delaware Fiduciary Duty Of Good Faith After Disney: Meaningful Or Mickey Mouse, Renee Jones

Renee Jones

No abstract provided.

Corporate Law And The Current Financial Crunch, Christine G. Ondimu

Christine G Ondimu Ms.

The essence of this article is to discuss the increased over lapping regulatory supervision of the various federal and state entities. The issue is whether the federal government should be allowed to encroach into a state territory of corporate regulation. Stricter government regulation of corporations simply means that instead of trying to create the incentives for private sector actors to do the right thing, the government has the power to simply demand that they do the right thing, or at least, they not do the wrong thing. We read in various media of the current administration’s plans to ask congress …

Will The Sec Survive Financial Regulatory Reform?, Renee Jones

Renee Jones

No abstract provided.

Conference On The Past, Present, And Future Of The Sec, Renee Jones

Renee Jones

No abstract provided.

Panelist, The International Network For Tax Research And The American Journal Of Comparative, Conference On "Comparative Tax Law: Theory And Practice, Hugh Ault

Hugh J. Ault

No abstract provided.

The Future Of Financial Regulation, Renee Jones

Renee Jones

No abstract provided.

Individual Liability Of Company Officers, Neil J. Foster

Neil J Foster

It has been recognised for some time that a key strategy in changing corporate behaviour is the possibility of personal liability being sheeted home to individual company officers. This paper argues for the desirability of laws imposing personal liability, discusses the operation of law imposing such liability in the law of occupational health and safety in the UK, and compares that law with the operation of similar law in another common law jurisdiction, the Australian State of New South Wales. It is hoped that the comparison and review of the fairly extensive case law which has developed under the NSW …

Award Presentation: 63rd International Fiscal Association Annual Meeting, Hugh Ault

Hugh J. Ault

No abstract provided.

Anti-Doping Suspensions And Restraint Of Trade In Sport, Annette Greenhow

Annette Greenhow

The regulator of doping in sport seeks to preserve the spirit of sport and act as the paternalistic protector of the sports participant. But sanctions originally designed to stop drug cheats using artificial performance enhancers in Olympic competition have expanded to cover the use of recreational drugs. There is emerging support for the view that the penalty must fit the crime and that governing bodies must ensure that their legitimate interests outweigh the detriment to the athlete. With doping sanctions imposed for the use of recreational drugs, a restraint of trade claim has prospects of success on the basis of …

Devilry, Complicity, And Greed: Transitional Justice And Odious Debt, David C. Gray

David C. Gray

The doctrine of odious debts came into its full in the eighteenth and early nineteenth century to deal with the financial injustices of colonialism and its stalking horse, despotism. The basic rule, as articulated by Alexander Sack in 1927, is that debts incurred by an illegitimate regime that neither benefit nor have the consent of the people of a territory are personal to the regime and are subject to unilateral recision by a successor government. While the traditional doctrine focused on the nature and circumstances of individual debts, it has been expanded in recent years, moving the focus from the …

The Legal And Practical Aspects Of Atm's In Tanzania, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

The concern of our study was to examine the legal and practical aspects of ATMs in Tanzania. The major problems that were being examined are; the 24 hours operation on ATMs vis-à-vis system failure or error and the system of one bank allowing cardholders of another bank to use its ATMs. With the first problem, all banks in Tanzania with ATMs have attractive advertisements to customers that affirm sufficient services in any time of the day but in reality, the machines usually fail to respond the instructions of the cardholder regardless the fact that the cardholder inserts the card and …

Why Financial Regulatory Overhaul Is Overrated, Renee Jones

Renee Jones

No abstract provided.

The Madoff Scandal, Market Regulatory Failure And The Business Education Of Lawyers, Robert J. Rhee

Robert Rhee

This essay suggests that a deficiency in legal education is a contributing cause of the regulatory failure. The most scandalous malfeasance of this new era, the Madoff Ponzi scheme, evinces the failure of improperly trained lawyers and regulators. It also calls into question whether the prevailing regulatory philosophy of disclosure of disclosure is sufficient in a complex market. This essay answers an important question underlying these considerations: What can legal education do to better train business lawyers and regulators for a market that is becoming more complex? One answer, it suggests, is a simple one: law schools should teach a …

Corporate Ethics, Agency, And The Theory Of The Firm, Robert J. Rhee

Robert Rhee

This conference paper suggests that the problem of corporate ethics cannot be reduced to the autonomous person. Although the greatest influence on action and choice is one's moral constitution, it does not follow that the agent's behavior is the same within or without the firm. Ethics is a function of corporate form. The theory of agency cannot dismiss the firm as a fiction or metaphorical shorthand since that which does not exist should not be able to cause ethical breakdowns in corporate action. Thus, the theory of the firm, which emphasizes profit and wealth maximization, should incorporate a richer, more …

Bonding Limited Liability, Robert J. Rhee

Robert Rhee

Limited liability is considered a “birthright” of corporations. The concept is entrenched in legal theory, and it is a fixed reality of the political economy. But it remains controversial. Scholarly debate has been engaged in absolute terms of defending the rule or advocating its abrogation. Though compelling, these polar positions, often expressed in abstract arguments, are associated with disquieting effects. Without limited liability, efficiency may be severely compromised. With it, involuntary tort creditors bear some of the cost of an enterprise. Most other proposals for reforming limited liability have been incremental, such as modifying veil piercing. However, neither absolutism nor …

Las Obligaciones Negociables Convertibles En Acciones, Gaston Mirkin

Gaston Mirkin

No abstract provided.

Cuarto Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García

Bruno L. Costantini García

Memorias del Cuarto Congreso Nacional de Organismos Públicos Autónomos

"El papel de los Organismos Públicos Autónomos en la Consolidación de la Democracia"

The Origins And Costs Of Short-Term Management, Kent Greenfield

Kent Greenfield

Why is a fixation on the short term a problem for American businesses? One might hasten to answer that management is compensated for short-term successes. Another answer might be that some investors—particularly professional investors—value only the short term and manipulate the market in a particular stock so they can profit on the movement. These answers undoubtedly are part of the answer. But a puzzle remains: why does the market not punish such short-termism? This essay will present a possible answer.

Panelist, Confederation Of Swedish Enterprise, Tax Aspects Of Tradable Emissions Permits, Hugh Ault

Hugh J. Ault

No abstract provided.

Inheritance Law, Marcis Liors Skadmanis

Marcis Liors Skadmanis Mr.

Latvia's inheritance laws affect everyone who owns property in Latvia. The main laws are: The Constitution of the Republic of Latvia, Civil Law, Notary law; Civil Procedure Law; Law On Orphan's Courts; Land Register Law and Immigration Law and acts of the Cabinet of Ministers.

The Supreme Court, Empathy, And The Science Of Decision Making, Kent Greenfield

Kent Greenfield

No abstract provided.

Private Equity Transaction In India, Ved Prakash

VED PRAKASH

Private equity investors has realised that India is an ideal destination for private equity investments. Indian company and investor has benefited due to increased foreign equity participation and valuation of investment in recent past. This article covers some of the terms used in private equity transaction and the rights of the shareholders.

2008 Oecd Model: The New Arbitration Provision, Hugh Ault

Hugh J. Ault

New Art. 25(5), added to Art. 25 (Mutual agreement procedure) of the OECD Model as part of the 2008 Update, provides for the mandatory arbitration of unresolved issues arising in the course of a mutual agreement procedure. This article first examines the various factors that led to the adoption of Art. 25(5) and the stages of its development by the OECD. The article then discusses some technical aspects of the new arbitration provision, including the Sample Mutual Agreement setting out some procedural rules, which is attached as an Annex to Art. 25.

Of Big And Small Tents: Arlen Specter As A Dem, And The Obama Storm At Notre Dame, Kent Greenfield

Kent Greenfield

No abstract provided.