Digital Commons Network^™

Takeover Defense Tactics: A Comment On Two Models, Jeffrey N. Gordon, Lewis A. Kornhauser

Faculty Scholarship

One of the most important debates of current corporate law practice and scholarship is about the appropriate role of target management confronted with a takeover bid. The controversy turns on the identification of a criterion for evaluating takeovers and target management defensive tactics. An influential body of opinion contends that maximization of shareholder wealth is the appropriate criterion because, first, traditional notions of fiduciary duty generally require managers to act in the shareholders' interest, and, second, shareholder wealth maximization is seen as the best available proxy for social wealth maximization. On this view, takeovers are desirable because they can increase …

Through Bankruptcy With The Creditors' Bargain Heuristic, Robert E. Scott

Faculty Scholarship

It is a commonplace, but nonetheless true: the study of bankruptcy has attained a new respectability in American law schools. After years of modest enrollments and few genuine scholarly contributions, bankruptcy courses are now fully subscribed and many young academics are turning their attention to the technical complexities and conceptual underpinnings of modern bankruptcy law. A number of factors contribute to this new-found glamour. Most obviously, the enactment of the new Bankruptcy Code has fueled scholarly interest in reporting its modifications and changes and in exploring its theoretical unity. Simultaneously, there has been increasing resort to the bankruptcy process to …

Sterilization Of Mentally Retarded Persons: Reproductive Rights And Family Privacy, Elizabeth S. Scott

Faculty Scholarship

Sterilization is one of the most frequently chosen forms of contraception in the world; many persons who do not want to have children select this simple, safe, and effective means of avoiding unwanted pregnancy. For individuals who are mentally disabled, however, sterilization has more ominous associations. Until recently, involuntary sterilization was used as a weapon of the state in the war against mental deficiency. Under eugenic sterilization laws in effect in many states, retarded persons were routinely sterilized without their consent or knowledge.

Sterilization law has undergone a radical transformation in recent years. Influenced by a distaste for eugenic sterilization …

New Rules: A Pocket Introduction, James Hambleton, Jim Paulsen

Faculty Scholarship

All in all, though, the new Rules of Appellate Procedure, effective Sept. 1, 1986, should be welcomed by bench and bar alike. The cooperation of this state's two high courts has produced a coordinated system of rules that should reduce confusion among attorneys and court personnel. In the process, the rules formerly applicable only to civil appeals have been reorganized, and are now presented in a format that more logically follows the flow of an appeal.

An Unconstitutional Fiction: The Felony-Murder Rule As Applied To The Supply Of Drugs, Lynne H. Rambo

Faculty Scholarship

James Wong and Kent Louie were looking for a good time in Chinatown, and around nine o'clock they got lucky. Two young women agreed to join them. The women, however, wanted some heroin first, so they gave their new companions money and asked them to purchase the drug. After the men obliged, both women injected themselves, and everyone proceeded to a hotel. The next morning, only one of the women woke up. James and Kent, it turned out, had really not been lucky at all; both were tried, convicted and sentenced for felony-murder.

Although the men probably did not know …

Distinguishing Justifications From Excuses, Kent Greenawalt

Faculty Scholarship

Ann swings her arm and injures Ben. She faces moral condemnation and legal liability unless she can offer an explanation that absolves her of full blame. She might make a claim of justification that, despite initial appearances, her action was desirable or proper, or she might make a claim of excuse that she does not bear full responsibility for injuring Ben. If Ann is fully justified, she will not be subject to blame or to classification as a weak or defective person. If Ann is excused, she may be regarded as wholly or partly free of blame, but she will …

Curtiss-Wright Comes Home: Executive Power And National Security Secrecy, Harold Edgar, Benno C. Schmidt Jr.

Faculty Scholarship

Collectively we face no greater challenge than maintaining sensible perspectives on national security issues. Central to this task is the need to achieve a tolerable balance between secrecy and openness in public debate on such issues. There are real threats to our nation, and we would be foolish to ignore them; history teaches that no culture is guaranteed survival. Yet, how to respond to such threats must be profoundly controversial. The virtue of liberal society is that it values highly the realization of private preferences; the sacrifice of those desires to attain another's vision of collective security will never be …

Judicial Clerkships And Elite Professional Culture, William H. Simon

Faculty Scholarship

Clerkships have become increasingly prominent in the culture of elite law schools in recent years. More students are seeking clerkships; the application process starts earlier and lasts longer; and the quest seems to generate more anxiety and absorb more energy than in the past.

Introduction To The Edwin S. Cohen Tax Symposium: An Overview Of Business Taxation, Michael J. Graetz

Faculty Scholarship

It is an honor and pleasure for me to be here today to launch this symposium on current tax reform topics in honor of Edwin S. Cohen on the occasion of his retirement from the University of Virginia as Professor of Law. This is the second occasion I have been asked to speak honoring Ed Cohen on his retirement and, knowing him well, I look forward to many more of his retirements in years ahead.

My assignment today is to provide a brief overview of issues in business taxation. I was tempted simply to repeat the program for this symposium, …

Rethinking The Theory Of Legal Rights, Jules S. Coleman, Jody S. Kraus

Faculty Scholarship

In the economic approach to law, legal rights are designed, in part, to overcome the conditions under which markets fail. In correcting for market failure, economic analysis endorses two rules for assigning legal rights. The first specifies the allocation of rights under conditions of rational cooperation, full information and zero transaction costs. Provided that exchange is available and that obstacles to exercising it are insignificant, rational cooperators will negotiate around inefficiencies. Under these conditions, legal rights are not assigned in order to establish optimal levels of resource deployment directly; rather, they establish well-defined entitlements or negotiation points which create a …

State Law Wrongs, State Law Remedies, And The Fourteenth Amendment, Henry Paul Monaghan

Faculty Scholarship

Parratt v. Taylor is among the most puzzling Supreme Court decisions of the last decade, and the lower federal courts have been thrown into considerable confusion in their efforts to implement it. In large part, this confusion stems from the fact that Parratt decided two independent points: first, the negligent loss or destruction of property by state officials could constitute a "deprivation" thereof for purposes of the due process clause of the fourteenth amendment; and second, the existence of an adequate state remedy to redress the wrong meant that the deprivation was not "without due process of law." In this …

A Modified Approach To Article 9 Deficiencies In Missouri, William H. Henning

Faculty Scholarship

Unlike real property foreclosures, which are the subject of detailed statutory regulation, Part 5 of Article 9 establishes a free-wheeling system for personal property foreclosures which gives significant latitude to secured creditors. The secured party can "sell, lease or otherwise dispose of any or all of the collateral" so long as proper notice is given and "every aspect of the disposition including the method, manner, time, place and terms. . . [is] . . . commercially reasonable." If the disposition creates a surplus, it must be turned over to the debtor; if part of the debt remains unpaid, the secured …

A New Employment Policy For The 1980’S: Learning From The Victories And Defeats Of Twenty Years Of Title Vii, Jerome M. Culp

Faculty Scholarship

No abstract provided.

Avoidance Of Completed Real Estate Foreclosures In Bankruptcy, William H. Henning, Grant S. Nelson

Faculty Scholarship

The Eighth Circuit has ruled that in certain situations noncollusive real estate foreclosures can be set aside as fraudulent conveyances. This theory has generated considerable debate, but even if it is reversed legislatively trustees may be able to obtain comparable results under a preference theory.

Confidence In Probability: Burdens Of Persuasion In A World Of Imperfect Knowledge, Neil B. Cohen

Faculty Scholarship

No abstract provided.

The Scandal Of Smith And Buchanan: The Skeletons In The Mcculloch Vs. Maryland Closet, David S. Bogen

Faculty Scholarship

McCulloch v. Maryland announced principles of constitutional interpretation, federal power and federal immunity which are now basic doctrines of constitutional law. Yet it was quickly the most widely attacked of all John Marshall’s decisions. A reader of the case today may have a great difficulty understanding the criticisms. One key lies in understanding the people behind McCulloch.

The Reluctant Witness For The Prosecution: Grand Jury Subpoenas To Defense Counsel, Stacy Caplow

Faculty Scholarship

No abstract provided.

Fair Representation As Equal Protection, Michael C. Harper, Ira C. Lupu

Faculty Scholarship

In this Article, Professors Harper and Lupu argue that a model of "principled democracy" can systematize the now-disjointed body of labor law that imposes upon labor unions a duty of fair representation (DFR). The authors derive the framework for this model from the normative principle at the core of equal protection theory - that decisionmakers must accord "equal respect" to all within their jurisdiction. To transform equal protection doctrine into standards for the DFR, the authors strip away the institutional components of equal protection doctrine that are appropriate for judicial review of decisions made by public officials but inapplicable to …

A Truce In The Takeover Wars?, Gary S. Lawson

Faculty Scholarship

To a casual observer, hostile corporate takeovers may seem as pointless and destructive a form of modern warfare as the Iran/Iraq conflict. "Raiders" strike with bear hugs, junk bonds, and two-tier tender offers. Incumbent managers respond with poison pills, greenmail payments, shark repellents, and golden parachutes. Congress is wearying of the strife, and may soon impose a cease-fire on the combatants -but to whose benefit?

Formal Justice And Judicial Precedent, David B. Lyons

Faculty Scholarship

Despite the encroachment of legislation on matters that used to lie within the province of the common law, considerable scope remains for the judicial practice of following precedent, without challenging the authority of written law. For decisions must still be rendered where legislation has not yet intervened, and interpretations of written law can be accorded precedential force.

Why should courts follow precedents? When past decisions are unobjectionable on their merits, the practice is relatively unproblematic. It might, perhaps, be justified by the usual argument that it makes judicial decisions more predictable. That justification hardly seems, however, to confront the fact …

A Moderate And Restrained Federal Product Liability Bill: Targeting The Crisis Areas For Resolution, Aaron D. Twerski

Faculty Scholarship

No abstract provided.

Maternal Duties During Pregnancy: Toward A Conceptual Framework, Maxwell L. Stearns

Faculty Scholarship

No abstract provided.

The Insanity Defense In Fact And Fiction: A Review Essay Of Norval Morris's Madness And The Criminal Law, Susan Herman

Faculty Scholarship

No abstract provided.

Modernist Social Theory: Roberto Unger’S Passion, James Boyle

Faculty Scholarship

No abstract provided.

Whose Rights? What Danger?, Michael E. Tigar

Faculty Scholarship

No abstract provided.

Exhaustion Of Administrative Remedies: The Lesson From Environmental Cases, Marcia R. Gelpe

Faculty Scholarship

The law governing exhaustion of administrative remedies is complex and confusing and fosters needless litigation: litigation that is burdensome to the courts and costly to defendants, that adversely affects agency decision making and that by its very existence, wrongly influences courts to dispense with the exhaustion requirement. Exhaustion remains troublesome to the courts; many of the decisions are confusing and poorly reasoned. A reexamination of the exhaustion doctrine is called for, not only to indicate how the cases should be decided, but also to clarify the issues sufficiently to guide parties' behavior so that they may avoid litigation over exhaustion's …

Executive Targeting Of Congressmen As A Violation Of The Arrest Clause, Anita Bernstein

Faculty Scholarship

No abstract provided.

Property Rules, Liability Rules, And Adverse Possession, Thomas W. Merrill

Faculty Scholarship

The law of adverse possession tends to be regarded as a quiet backwater. Both judicial opinions and leading treatises treat the legal doctrine as settled. The theory underlying the doctrine, although routinely discussed in the opening weeks of first-year property courses, is only rarely aired in the law reviews any more. Indeed, the most frequently cited articles on adverse possession date from the 1930s and earlier. Perhaps most tellingly, adverse possession seems to have completely escaped the attention of the modem law and economics movement – almost a sure sign of obscurity in today's legal-academic world.

Nevertheless, two recent events …

A Transaction Theory Of Crime?, George P. Fletcher

Faculty Scholarship

The most difficult questions are foundational. It is no surprise then that one of the most puzzling questions in criminal law frames the whole inquiry: what is the nature of crime? Positivists dispose of the question easily. If the law is whatever the legislature and courts say it is, then crime is whatever these authoritative agencies designate as crime. The question becomes more interesting, however, if we regard crime as a prepositive concept, a concept that exists logically prior to the positive law. It is not that conduct is criminal because the legislature speaks; rather the legislature speaks because conduct …

Federal Tort Claims At The Agency Level: The Ftca Administrative Process, George A. Bermann

Faculty Scholarship

Tort actions against the federal government and its agencies are currently governed by the FTCA and various other statutes, agency rules and procedures. Claims against the government are increasing rapidly, and the agencies enjoy broad settlement authority, often at the expense of coordination among the appropriate statutes. This Article examines the various procedures allowed and those that are actually practiced by the agencies. The author points out that, though claims officers are supposed to be fair-minded, the process can take on an adversarial nature, often a prelude to litigation rather than settlement. He proposes that the current processes be made …