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An Uncertain Future For Section 5 Of The Voting Rights Act: The Need For A Revised Bailout System, Christopher B. Seaman
An Uncertain Future For Section 5 Of The Voting Rights Act: The Need For A Revised Bailout System, Christopher B. Seaman
Scholarly Articles
In Northwest Austin Municipal Utility District No. 1 v. Holder ("NAMUDNO"), 129 S. Ct. 2504 (2009), the Supreme Court declined to decide one of last Term's most prominent issues: the constitutionality of the 2006 renewal of Section 5 of the Voting Rights Act. Instead, the Court adopted an unexpected statutory construction permitting the plaintiff to seek an exemption called "bailout" from continued coverage under this provision. But even though the Court avoided directly ruling on its constitutionality, NAMUDNO left little doubt that Section 5 remains on shaky constitutional ground. A revised bailout system is likely the best approach for placing …
Minnesota's Control Share Acquisition Statute And The Need For New Judicial Analysis Of State Takeover Legislation, Lyman P. Q. Johnson
Minnesota's Control Share Acquisition Statute And The Need For New Judicial Analysis Of State Takeover Legislation, Lyman P. Q. Johnson
Scholarly Articles
Conventional wisdom holds that corporate takeovers benefit both shareholders and society in general. In examining the constitutionality of state takeover statutes, numerous courts have uncritically adopted this view of takeovers. As a result, they have consistently invalidated state statutes as burdening interstate commerce, both by depriving shareholders of premiums and supposedly impeding an efficient reallocation of resources. This conventional wisdom has been challenged by recent empirical evidence on the adverse efficiency effects of many mergers. In light of this evidence indicating a divergence of investor and other interests in takeovers, Professor Lyman Johnson argues for revised judicial analysis of takeover …