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Full-Text Articles in Law
The Non-Merger Virtual Merger: Is Corporate Law Ready For Virtual Reality?, Stuart Cohn
The Non-Merger Virtual Merger: Is Corporate Law Ready For Virtual Reality?, Stuart Cohn
Stuart R. Cohn
The term virtual mergers describes the relatively recent phenomenon of companies entering into contractual arrangements that are functionally, but not legally, equivalent to mergers prescribed by corporate statutes. Virtual mergers usually involve the shared use of assets contributed by each of the companies. A central element of the transaction is that the two companies remain legally independent, each with its own directors, officers, and shareholders. The arrangements can usually be terminated by either party, allowing each company to return to the status quo ante or exercise buyout rights if contractually provided. Although virtual mergers have occurred among public companies in …
The Worst Of Both Worlds: The Wild West Of The “Legal” Marijuana Industry, Luke Scheuer
The Worst Of Both Worlds: The Wild West Of The “Legal” Marijuana Industry, Luke Scheuer
Luke M Scheuer
As states have legalized marijuana, they have created a booming industry that operates in violation of the federal Controlled Substances Abuse Act. Like the tobacco and alcohol industries, this new legal marijuana industry has the potential to do great harm to American consumers and communities if it is not disciplined and restrained in how it sells and develops its products. Unfortunately the federal government has not yet stepped in to regulate the industry and state governments have imposed only limited controls. In addition, because of the increased threat of criminal and civil liability hanging over the industry, it has been …
The “Legal” Marijuana Industry's Challenge For Business Entity Law, Luke M. Scheuer
The “Legal” Marijuana Industry's Challenge For Business Entity Law, Luke M. Scheuer
Luke M Scheuer
In recent years many states have legalized the use and sale of marijuana for medical or even recreational purposes. This has led to the booming growth of a “legal” marijuana industry. Businesses openly growing and selling marijuana products to the consuming public are faced with some unusual legal hurdles. Significantly, although the sale of marijuana may be legal at the state level, it is still illegal under federal law. This article explores the conflict between state and federal marijuana laws from a business entity law perspective. For example, managers owe a fiduciary duty of good faith to their businesses and …
Enlightened Shareholder Value, Social Responsibility, And The Redefinition Of Corporate Purpose Without Law, David Millon
Enlightened Shareholder Value, Social Responsibility, And The Redefinition Of Corporate Purpose Without Law, David Millon
David K. Millon
No abstract provided.
The Moral Responsibility Of The Corporate Lawyer, Judith A. Mcmorrow, Luke M. Scheuer
The Moral Responsibility Of The Corporate Lawyer, Judith A. Mcmorrow, Luke M. Scheuer
Luke M Scheuer
Lawyers traditionally claim that they are not morally accountable for the goals or activities of their clients that are within the bounds of the law. This essay explores this concept of non-accountability in the context of corporate transactional representation. We argue that corporate lawyers, whose practice is forward looking, undertaken on behalf of corporate clients who have legally impaired ability to engage in independent moral reasoning, and who function in a world of relatively minimal legal oversight (i.e. whose work is furthest from the model of the adversary system) cannot persuasively claim that they are not morally responsible for the …
Corporate Control And The Need For Meaningful Board Accountability, Michelle Harner
Corporate Control And The Need For Meaningful Board Accountability, Michelle Harner
Michelle M. Harner
Corporations are vulnerable to the greed, self-dealing and conflicts of those in control of the corporation. Courts historically have regulated this potential abuse by designating the board of directors and senior management as fiduciaries. In some instances, however, shareholders, creditors or others outside of corporate management may influence corporate decisions and, in the process, extract corporate value. Courts generally address this type of corporate damage in one of two ways: they designate controlling shareholders as corporate fiduciaries and they characterize creditors, customers and others as contract parties with no fiduciary duties. The traditional roles of corporate shareholders and creditors may …
Communitarianism In Corporate Law: Foundations And Law Reform Strategies, David Millon
Communitarianism In Corporate Law: Foundations And Law Reform Strategies, David Millon
David K. Millon
No abstract provided.