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Full-Text Articles in Law

The Validity Of Washington's Antitakeover Act Under The Commerce And Supremacy Clauses, Maureen B. Callahan, David J. Burman Jan 1989

The Validity Of Washington's Antitakeover Act Under The Commerce And Supremacy Clauses, Maureen B. Callahan, David J. Burman

Seattle University Law Review

This Article addresses the constitutionality of the Washington Act under the Commerce and Supremacy Clauses of the United States Constitution, and concludes that despite its extension to a limited group of foreign corporations, the Act is indeed constitutional under both clauses.


United States Report: The Protection Of Worker's Rights In The Event Of Insolvency And Business Reorganization: A Symposium, Phillip Blumberg Jan 1989

United States Report: The Protection Of Worker's Rights In The Event Of Insolvency And Business Reorganization: A Symposium, Phillip Blumberg

Faculty Articles and Papers

No abstract provided.


Designing And Executing A "Fair" Revlon Auction, Steven B. Katz Jan 1989

Designing And Executing A "Fair" Revlon Auction, Steven B. Katz

Fordham Urban Law Journal

The author analyzes the role of corporate boards of directors during takeover and control transactions, specifically in regards to auctions. Courts have consistently considered unfair auction attempts in light of the importance of the business judgment rule. The author examines Delaware case law and highlights the Revlon case, which holds that once an auction begins, the board’s duty shifts from preservation of the corporate entity to maximization of value shareholders will receive from the sale. The author argues that a good understanding of auction theory will not only give courts a better perspective through which to examine directors’ actions but …


The Mandatory/Enabling Balance In Corporate Law: An Essay On The Judicial Role, John C. Coffee Jr. Jan 1989

The Mandatory/Enabling Balance In Corporate Law: An Essay On The Judicial Role, John C. Coffee Jr.

Faculty Scholarship

A half-filled glass of water can be described as either half full or half empty. The structure of American corporate law – partly enabling, partly mandatory in character – can be viewed in much the same way. Some commentators see American corporate law as primarily composed of mandatory rules that the shareholders themselves cannot waive or modify, In their view, this mandatory component compensates both for the absence of true bargaining among the parties and for the inevitable divergence of interests between the principals (the shareholders) and their agents (the managers and directors). Conversely, other commentators, to whom this Article …


Taxing Corporate Acquisitions: A Proposal For Mandatory Uniform Rules, Glenn E. Coven Jan 1989

Taxing Corporate Acquisitions: A Proposal For Mandatory Uniform Rules, Glenn E. Coven

Faculty Publications

No abstract provided.


Symposium: Is The Maryland Director And Officer Liability Statute Based On A Male-Oriented Ethical Model?, Paul Zwier Jan 1989

Symposium: Is The Maryland Director And Officer Liability Statute Based On A Male-Oriented Ethical Model?, Paul Zwier

University of Baltimore Law Review

No abstract provided.


Symposium: Let Stockholders Decide: The Origins Of The Maryland Director And Officer Liability Statute Of 1988, James J. Hanks Jr., Larry P. Scriggins Jan 1989

Symposium: Let Stockholders Decide: The Origins Of The Maryland Director And Officer Liability Statute Of 1988, James J. Hanks Jr., Larry P. Scriggins

University of Baltimore Law Review

No abstract provided.


Quality Of Care And Market Failure Defenses In Antitrust Health Care Litigation, Thomas L. Greaney Jan 1989

Quality Of Care And Market Failure Defenses In Antitrust Health Care Litigation, Thomas L. Greaney

All Faculty Scholarship

This article considers quality-based justifications for antitrust challenges to collaboration among health care professionals. It first examines doctrinal developments resisting such justifications and, with a skeptical eye, analyzes attempts to interject quality of care and worthy motive defenses into antitrust appraisals of horizontal restraints of trade. Next the article assesses the economic basis and the risks and benefits of a market failure defense that would allow some quality-enhancing restraints of trade to escape antitrust challenge. Its principle recommendation is that courts recognize a narrow, market failure defense subject to several limiting principles to cabin its reach. The article concludes by …


Ird And S Corporations, Gregory V. Gadarian, Jonathan G. Blattmachr Jan 1989

Ird And S Corporations, Gregory V. Gadarian, Jonathan G. Blattmachr

Touro Law Review

No abstract provided.


Comments On Why Punitive Damages Don't Deter Corporate Misconduct Effectively, Michael Wells Jan 1989

Comments On Why Punitive Damages Don't Deter Corporate Misconduct Effectively, Michael Wells

Scholarly Works

Professor Elliott begins his Article by proclaiming that “a fundamental revolution has reshaped the intellectual underpinnings of tort law.”


University Of Richmond Law Review Jan 1989

University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.


The Corporate Attorney-Client Privilege: A Study Of The Participants, Vincent C. Alexander Jan 1989

The Corporate Attorney-Client Privilege: A Study Of The Participants, Vincent C. Alexander

Faculty Publications

Empirical research on the practical effects of the attorney-client privilege in the corporate context has been almost nonexistent. This Article seeks to help fill the gap by synthesizing traditional doctrinal analysis with the results of a survey of individuals with first-hand information about the subject: corporate attorneys, corporate management, and federal judges and magistrates. The survey, which consisted of 182 interviews in New York City, produced a broad range of information about some of the assumptions underlying the corporate privilege, the forms and processes of corporate attorney-client communications and the adjudication of privilege claims.


Toward An Auction Market For Corporate Control And The Demise Of The Business Judgment Rule, Mark J. Loewenstein Jan 1989

Toward An Auction Market For Corporate Control And The Demise Of The Business Judgment Rule, Mark J. Loewenstein

Publications

No abstract provided.


Cable Traffic And The First Amendment Must-Carry Under A Diversity Approach And Antitrust As Possible Alternative, Bruno Vandermeulen Jan 1989

Cable Traffic And The First Amendment Must-Carry Under A Diversity Approach And Antitrust As Possible Alternative, Bruno Vandermeulen

LLM Theses and Essays

Recent technological progress in the field of telecommunications has greatly changed the competitive structure between broadcasters, cable operators, and telephone companies. The legal and economic environment for these media participants has shifted, and new problems have arisen. One major problem is the enhanced threat of concentration of media corporations, as corporate bigness becomes desirable and the number of diversified owners of media outlets continues to decrease. This paper analyzes broadcasting regulations and subsequent case law to show the concern by the legislature and regulatory agencies to preserve diversity in opinion and media-ownership through emphasis on “localism” and a “marketplace of …


Corporate Audit Committees And Director’S Liability, Thomas M. Bentler Jan 1989

Corporate Audit Committees And Director’S Liability, Thomas M. Bentler

LLM Theses and Essays

This thesis covers the creation and function of audit committees and its increasing utilization by companies that consequently increase their dependence on outside directors and the subsequent liability of non-committee board members. The first part of this article gives a general overview of the audit committee with a focus on the scope of its duties, its composition, its way of working, and the possible benefits and hazards for the corporation resulting from the establishment of such a committee. The second part will examine the impact of an audit committee on director’s liability under the federal securities law and state corporation …


Towards A European Company Law, Dominique Carreau, William L. Lee Jan 1989

Towards A European Company Law, Dominique Carreau, William L. Lee

Northwestern Journal of International Law & Business

The prospect of creating a genuine "European" company law was raised as early as 1959, just two years after the signing of the Treaty of Rome establishing the European Economic Community. Curiously, the initiative was taken by practitioners and scholars and not by the business community, which expressed little interest in such an innovation at that time. The first steps were taken by the French Notaries Public who, at their 57th Annual Congress, suggested that it might be desirable "to adopt, by means of an international convention, a comprehensive company law, probably restricted to societes anonymes (large, publicly held [French] …


The Bigness Mystique And The Merger Policy Debate: A Comment From West Germany, Ingo L.O. Schmidt Jan 1989

The Bigness Mystique And The Merger Policy Debate: A Comment From West Germany, Ingo L.O. Schmidt

Northwestern Journal of International Law & Business

After eight years of an antitrust policy dominated by the principles of the Chicago School, which is better characterized as a protrust merger policy, the United States and the European Community are confronted with a new wave of mergers. The arguments for mergers are the same as in the 1960s: merger-induced bigness promotes international competition, efficiency, and technological progress. In this context, Adams and Brock in their excellent analysis ask the right questions. But did merger-induced corporate giantism provide salvation for European industry? Did it provide world-class competitiveness? Was it a success and a model of industrial policy worthy of …


Shareholder Rights Plans: Shields Or Gavels?, Patrick J. Thompson Jan 1989

Shareholder Rights Plans: Shields Or Gavels?, Patrick J. Thompson

Vanderbilt Law Review

Since 1980 corporate takeover transactions have increased dramatically in size and volume.' Along with the rise in acquisition activity has come a marked increase in the number of contested or hostile take-overs. The proliferation of hostile bids for corporate control' has brought about the development of new offensive and defensive take-over tactics. One of the newest defensive devices is known as a "poison pill," or shareholder rights plan. This device is designed to make the target corporation (target) prohibitively expensive to an acquiring corporation (acquiror) in the event of a hostile takeover or tender offer.'Since the 1985 decision in Moran …


Unstable Coalitions: Corporate Governance As A Multi-Player Game, John C. Coffee Jr. Jan 1989

Unstable Coalitions: Corporate Governance As A Multi-Player Game, John C. Coffee Jr.

Faculty Scholarship

This is an article written in honor of Professor Donald Schwartz, a leading figure in academic corporate law for over two decades, but also a man nearly unique in his willingness to move beyond corporate law to the general study of corporate behavior. In this light, this article will not explore the latest wrinkle in the law – the most recent case, latest SEC ruling, or newest takeover defense tactic – but will instead ask if there are new ways in which we should try to talk about corporate law and corporate behavior. These were questions that Don Schwartz repeatedly …


The Mandatory Structure Of Corporate Law, Jeffrey N. Gordon Jan 1989

The Mandatory Structure Of Corporate Law, Jeffrey N. Gordon

Faculty Scholarship

It has become standard in the law and economics literature to refer to the corporation as a "nexus of contracts." On this view, the corporate entity is nothing more than a gathering point for a series of contracts, express and implied, among assorted actors: shareholders, bondholders, managers, employees, suppliers and customers, for example. This view rankles some sensibilities, because the economists' conception of a "contract" as an arrangement between two or more actors supported by reciprocal expectations and behavior is far broader than the lawyer's conception, which focuses on the existence of judicially cognizable duties and obligations. Thus the lawyer, …


Populist And Economic V. Feudal: Approaches To Industry Self-Regulation In The United States And England, Robert H. Heidt Jan 1989

Populist And Economic V. Feudal: Approaches To Industry Self-Regulation In The United States And England, Robert H. Heidt

Articles by Maurer Faculty

English and American courts treat industry self-regulation very differently. American courts have been generally slow to acknowledge the legitimacy of self-regulation. Once they accept the need for some degree of self-regulation, however, the American courts, under the growing influence of the Chicago school, have become increasingly willing to uphold the regulation on the grounds of economic efficiency. The English courts have had less difficulty recognizing the legitimate role industry self-regulation plays. In determining the reasonableness of the regulatory scheme, however, the English courts adopt a protectionist approach which favours the status quo within the industry. These distinctions, the author argues, …


Annual Survey Of Virginia Law: Business And Corporate Law, Donald E. King Jan 1989

Annual Survey Of Virginia Law: Business And Corporate Law, Donald E. King

University of Richmond Law Review

This article reviews recent developments in the law affecting Virginia businesses and corporations. Part I covers judicial decisions, including: (1) two Eastern District of Virginia cases in which Virginia corporate law was applied to help ward-off hostile takeovers; (2) three Fourth Circuit opinions affecting private actions under the federal securities laws; (3) a Supreme Court of Virginia decision specifically enforcing a close corporation buy-sell agreement against a deceased shareholder's widow; (4) an Eastern District of Virginia case in which close corporation squeeze-out allegations were held sufficient to state a federal claim for securities fraud; and (5) a Western District of …


The Defensive And Offensive Use Of "Poison Pills" Within The Business Judgment Rule, Wendy B. Gayle Jan 1989

The Defensive And Offensive Use Of "Poison Pills" Within The Business Judgment Rule, Wendy B. Gayle

University of Richmond Law Review

Corporate directors owe fiduciary duties of care and loyalty to the corporation and its shareholders as a result of their position of control. In general, the standard for the duty of care owed by a director is one of a prudent person in similar circumstances. The duty of loyalty prohibits directors from engaging in self-dealing transactions and acts of bad faith.


Changing Perceptions Into Reality: Fiduciary Standards To Match The American Directors’ Monitoring Function, James D. Cox Jan 1989

Changing Perceptions Into Reality: Fiduciary Standards To Match The American Directors’ Monitoring Function, James D. Cox

Faculty Scholarship

This paper describes the historical fiduciary obligations of the American outside director and contrasts those obligations with prevailing obligations in today’s environment of the monitoring director. Special attention is devoted to the role of outside directors when their firm is the target of a takeover. In no other context are the demands on the outside director greater and more strain placed on the monitoring model than in the context of a corporate takeover. The final section of this paper examines the relief modern statutory provisions provide to the director and the monitoring function


Executive Loans From Corporate Funds, Jayne W. Barnard Jan 1989

Executive Loans From Corporate Funds, Jayne W. Barnard

Faculty Publications

The author surveys the laws affecting loans made by a corporation to its executives, including the state loan enabling statutes, the applicable tax laws, and any disclosurerequirements. Also discussed is the applicability of Regulation G to loans made by a corporation to facilitate share purchases by its executives. Finally, the author enumerates the risks inherent in executive lending and makes suggestions for risk minimization.


Recent Developments In, The Taxation Of Corporations And Shareholders, Peter P. Weidenbruch Jr. Dec 1988

Recent Developments In, The Taxation Of Corporations And Shareholders, Peter P. Weidenbruch Jr.

William & Mary Annual Tax Conference

No abstract provided.


Employee Plans, What To Do In 1989, Mims Maynard Powell Dec 1988

Employee Plans, What To Do In 1989, Mims Maynard Powell

William & Mary Annual Tax Conference

No abstract provided.


Pass-Through Entities As Investment Vehicles, Bartley F. Fisher Dec 1988

Pass-Through Entities As Investment Vehicles, Bartley F. Fisher

William & Mary Annual Tax Conference

No abstract provided.


Termination Of S Corporations And Of S Shareholder Interests, Morton A. Harris, Russell E. Hinds Dec 1988

Termination Of S Corporations And Of S Shareholder Interests, Morton A. Harris, Russell E. Hinds

William & Mary Annual Tax Conference

No abstract provided.


Operation Of And Distributions From S Corporations, Deborah H. Schenk Dec 1988

Operation Of And Distributions From S Corporations, Deborah H. Schenk

William & Mary Annual Tax Conference

No abstract provided.