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Securities-Stocklist Authorizations-Solicitation Of Stocklist Authorizations Is Within The Proxy Regulations Of The Securities Exchange Act-Studebaker--Corp. V. Gittlin, Michigan Law Review

Michigan Law Review

Gittlin, a shareholder of the Studebaker Corporation, planned to solicit proxies for the election of directors in opposition to the existing management. As an initial step in the implementation of this plan, he sought to obtain a stockholder's list and accordingly initiated proceedings in a New York court under section 1315(a) of the New York Business Corporation Law which grants a right of access to a shareholder who has obtained authorizations in writing from the holders of at least five per cent of the outstanding shares of the corporation. In order to meet the five per cent requirement, Gittlin had …