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Full-Text Articles in Securities Law
The Bespeaks Caution Doctrine: Revisiting The Application Of Federal Securities Law To Opinions And Estimates, Royce De R. Barondes
The Bespeaks Caution Doctrine: Revisiting The Application Of Federal Securities Law To Opinions And Estimates, Royce De R. Barondes
Faculty Publications
Disclosure of estimates and opinions, which are often referred to as ‘soft information,‘ has presented a number of difficult issues to courts, the Securities and Exchange Commission (SEC) and companies issuing offering materials or required to file periodic reports with the SEC. Although this type of information often consists of projections, historical financial statements also include this type of information to varying degrees. For example, a bank's statement of financial position requires specification of loan loss reserves and is therefore dependent on an assessment of future events (the timing and extent of repayment). Similarly, determination of the timing of a …
An Economic Analysis Of The Potential For Coercion In Consent Solicitations For Bonds, Royce De R. Barondes
An Economic Analysis Of The Potential For Coercion In Consent Solicitations For Bonds, Royce De R. Barondes
Faculty Publications
This Article examines why issuers frequently cannot present bondholders with an offer that draws on collective action problems to force the acceptance of the offer by the bondholders. The analysis is restricted to publicly offered bonds. For a number of reasons, privately placed debt presents fewer opportunities for coercion. A prior business relationship among various purchasers, which facilitates cooperation, may be more likely with respect to privately placed debt. Privately placed debt often has more significant protection for the bondholders than public debt with the same level of seniority