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Full-Text Articles in Secured Transactions

The Economics Of Deal Risk: Allocating Risk Through Mac Clauses In Business Combination Agreements, Robert T. Miller Apr 2009

The Economics Of Deal Risk: Allocating Risk Through Mac Clauses In Business Combination Agreements, Robert T. Miller

Working Paper Series

In any large corporate acquisition, there is a delay between the time the parties enter into a merger agreement (the signing) and the time the merger is effected and the purchase price paid (the closing). During this period, the business of one of the parties may deteriorate. When this happens to a target company in a cash deal, or to either party in a stock-for-stock deal, the counterparty may no longer want to consummate the transaction. The primary contractual protection parties have in such situations is the merger agreement’s “material adverse change” (MAC) clause. Such clauses are heavily negotiated and …


Five Decades Of Corporation Law - From Conglomeration To Equity Compensation, Richard A. Booth Apr 2008

Five Decades Of Corporation Law - From Conglomeration To Equity Compensation, Richard A. Booth

Working Paper Series

This brief essay recounts developments in corporation law over the last fifty years. It begins with the rise of finance capitalism and the conglomerate corporation which was followed by the emergence of hostile takeovers in the late 1970s and 1980s. One of the key events in this saga was the February 1, 1983 decision by the Delaware Supreme Court in Weinberger v. UOP, Inc. that effectively permitted the at-will elimination of minority stockholders through cashout mergers. Takeovers were also facilitated by two major financial developments: (1) the growth of institutional investors coupled with the growing taste of diversified investors for …


The Paulson Report Reconsidered: How To Fix Securities Litigation By Converting Class Actions Into Issuer Actions, Richard A. Booth Jan 2008

The Paulson Report Reconsidered: How To Fix Securities Litigation By Converting Class Actions Into Issuer Actions, Richard A. Booth

Working Paper Series

This short essay considers the findings and recommendations of the Paulson Report relating to securities fraud class actions under the 1934 Act and Rule 10b-5. While the report exposes numerous problems with securities litigation in the United States, it understates the problems inherent in stock-drop actions. As a result, the report fails to propose an effective fix. As the report recognizes, diversified investors gain nothing from stock-drop actions: Because the corporation pays, holders effectively reimburse buyers and sellers keep their gains. In other words, the system suffers from circularity akin to a game of musical chairs in that stock-drop actions …


The Duty To Creditors Reconsidered - Filling A Much Needed Gap In Corporation Law, Richard A. Booth Dec 2006

The Duty To Creditors Reconsidered - Filling A Much Needed Gap In Corporation Law, Richard A. Booth

Working Paper Series

The most fundamental question of corporation law is to whom does the board of directors of a corporation owe its fiduciary duty. Recently, the question has tended to be whether and under what circumstances the board of directors has the duty to maximize stockholder wealth. But if a corporation is insolvent (or close to it), business decisions designed to maximize stockholder wealth may result in a reduction of creditor wealth. Although the conventional wisdom is that creditors must protect themselves by contractual means, there is a substantial body of case law that says that creditors can assert claims sounding in …


Unregisterred Securities In The National Football League: Can The Securities Act Of 1933 Protect Season Ticket Holders And Personal Seat License Holders, Mark Levengood Jan 2004

Unregisterred Securities In The National Football League: Can The Securities Act Of 1933 Protect Season Ticket Holders And Personal Seat License Holders, Mark Levengood

Jeffrey S. Moorad Sports Law Journal (1994 - )

No abstract provided.


The Past And Future Of Implied Causes Of Action Under The Investment Company Act Of 1940, Arthur S. Gabinet, George M. Gowen Iii Jan 2002

The Past And Future Of Implied Causes Of Action Under The Investment Company Act Of 1940, Arthur S. Gabinet, George M. Gowen Iii

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Money Laundering Requirements For Broker-Dealers And Hedge Funds Under The Usa Patriot Act Of 2001, Marc C. Cozzolino Jan 2002

Money Laundering Requirements For Broker-Dealers And Hedge Funds Under The Usa Patriot Act Of 2001, Marc C. Cozzolino

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Introduction To The Symposium On Religion And Investing, Mark A. Sargent Jan 2002

Introduction To The Symposium On Religion And Investing, Mark A. Sargent

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


The Bishops And The Corporate Stakeholder Debate, Stephen M. Bainbridge Jan 2002

The Bishops And The Corporate Stakeholder Debate, Stephen M. Bainbridge

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Business And The Common Good In The Catholic Social Tradition, Robert G. Kennedy Jan 2002

Business And The Common Good In The Catholic Social Tradition, Robert G. Kennedy

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Comments On Bainbridge And Kennedy, Margaret Blair Jan 2002

Comments On Bainbridge And Kennedy, Margaret Blair

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Investing In Morality, Samuel Gregg Jan 2002

Investing In Morality, Samuel Gregg

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


During The Tender Offer (Or Some Other Time Near It): Insider Transactions Under The All Holders/Best Price Rule, Michael D. Ebert Jan 2002

During The Tender Offer (Or Some Other Time Near It): Insider Transactions Under The All Holders/Best Price Rule, Michael D. Ebert

Villanova Law Review (1956 - )

No abstract provided.


Non-Compete Obligations Of Departing Star Partners And The Right Of Clients To Their Continued Services, Tamar Frankel Jan 2001

Non-Compete Obligations Of Departing Star Partners And The Right Of Clients To Their Continued Services, Tamar Frankel

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Investment Company Act Of 1940: Why The Time Has Come To Revive Section 3(B)(1), Brian J. Lane, Gillian Mcphee Jan 2001

Investment Company Act Of 1940: Why The Time Has Come To Revive Section 3(B)(1), Brian J. Lane, Gillian Mcphee

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Mutual Fund Boards And Shareholder Action, David J. Carter Jan 2001

Mutual Fund Boards And Shareholder Action, David J. Carter

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


What Role Is There For Independent Directors Of Mutual Funds, Kenneth E. Scott Jan 2000

What Role Is There For Independent Directors Of Mutual Funds, Kenneth E. Scott

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Sec Regulation Of Investment Company Investments In Securities Related Businesses Under The Investment Company Act Of 1940, Lawrence P. Stadulis, Timothy W. Levin Jan 2000

Sec Regulation Of Investment Company Investments In Securities Related Businesses Under The Investment Company Act Of 1940, Lawrence P. Stadulis, Timothy W. Levin

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Regulatory Developments Affecting The Italian Investment Fund Market, Jeffrey Paul Greenbaum Jan 2000

Regulatory Developments Affecting The Italian Investment Fund Market, Jeffrey Paul Greenbaum

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Straightening Out Strougo: The Maryland Legislative Response To Strougo V. Scudder, Stevens & (And) Clark, Inc., James J. Hanks Jr. Jan 1999

Straightening Out Strougo: The Maryland Legislative Response To Strougo V. Scudder, Stevens & (And) Clark, Inc., James J. Hanks Jr.

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Trends In The Regulation Of Investment Companies And Investment Advisers, Tamar Frankel Jan 1999

Trends In The Regulation Of Investment Companies And Investment Advisers, Tamar Frankel

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Commentary On A Rare Luddite Victory - The Templeton Dragon Fund Shareholder Proposal No-Action Letter, Howard M. Friedman Jan 1999

Commentary On A Rare Luddite Victory - The Templeton Dragon Fund Shareholder Proposal No-Action Letter, Howard M. Friedman

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


The Contribution Of The Fund Profile To Investor Education, James A. Fanto Jan 1999

The Contribution Of The Fund Profile To Investor Education, James A. Fanto

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Participant Self-Direction Of Account Balances: Investment Advice Or Investment Education, Marcia S. Wagner, Robert N. Eccles Jan 1999

Participant Self-Direction Of Account Balances: Investment Advice Or Investment Education, Marcia S. Wagner, Robert N. Eccles

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Enhancing The Effectiveness Of Independent Directors: Is The System Broken, Creaking Or Working, David A. Sturms Jan 1999

Enhancing The Effectiveness Of Independent Directors: Is The System Broken, Creaking Or Working, David A. Sturms

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Rethinking Brokerage Rebate Arrangements: The Case For Collective Cash Pass-Through Arrangements, Joseph A. Franco Jan 1999

Rethinking Brokerage Rebate Arrangements: The Case For Collective Cash Pass-Through Arrangements, Joseph A. Franco

Villanova Journal of Law and Investment Management (1999 - 2002)

No abstract provided.


Environmental Remediation Liabilities: An Accountant's Perspective, Amy A. Ripepi Jan 1994

Environmental Remediation Liabilities: An Accountant's Perspective, Amy A. Ripepi

Villanova Environmental Law Journal (1991 - )

No abstract provided.


Disclosing Expenses And Liabilities Under The Clean Air Act Amendments Of 1990 In Securities Filings, Mark A. Stach Jan 1994

Disclosing Expenses And Liabilities Under The Clean Air Act Amendments Of 1990 In Securities Filings, Mark A. Stach

Villanova Environmental Law Journal (1991 - )

No abstract provided.


Opening Remarks Of The Panelists, Editors Jan 1994

Opening Remarks Of The Panelists, Editors

Villanova Environmental Law Journal (1991 - )

No abstract provided.


The Pendulum Swings Back: Why The Sec Should Rethink Its Policies On Disclosure Of Environmental Liabilities, Elizabeth Glass Geltman Jan 1994

The Pendulum Swings Back: Why The Sec Should Rethink Its Policies On Disclosure Of Environmental Liabilities, Elizabeth Glass Geltman

Villanova Environmental Law Journal (1991 - )

No abstract provided.