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Full-Text Articles in Law

Hedge Fund Activism, Poison Pills, And The Jurisprudence Of Threat, William W. Bratton Aug 2016

Hedge Fund Activism, Poison Pills, And The Jurisprudence Of Threat, William W. Bratton

Faculty Scholarship at Penn Law

This chapter reviews the single high profile case in which twentieth century antitakeover law has come to bear on management defense against a twenty-first century activist challenge—the Delaware Court of Chancery’s decision to sustain a low-threshold poison pill deployed against an activist in Third Point LLC v. Ruprecht. The decision implicated an important policy question: whether a twentieth century doctrine keyed to hostile takeovers and control transfers appropriately can be brought to bear in a twenty-first century governance context in which the challenger eschews control transfer and instead makes aggressive use of the shareholder franchise. Resolution of the ...


Governmental Intervention In An Economic Crisis, Robert K. Rasmussen, David A. Skeel Jr. Jan 2016

Governmental Intervention In An Economic Crisis, Robert K. Rasmussen, David A. Skeel Jr.

Faculty Scholarship at Penn Law

This paper articulates a framework both for assessing the various government bailouts that took place at the onset of Great Recession and for guiding future rescue efforts when they become necessary. The goals for those engineering a bailout should be to be as transparent as possible, to articulate clearly the reason for the intervention, to respect existing priorities among investors, to exercise control only at the top level where such efforts can be seen by the public, and to exit as soon as possible. By these metrics, some of the recent bailouts should be applauded, while others fell short. We ...