| Preface |
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xxi | |
| Acknowledgments |
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xxv | |
| Introduction |
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1 | (6) |
| 1 Acting Through Others: The Law Of Agency |
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7 | (26) |
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1.1 Introduction To Agency |
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7 | (1) |
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1.2 Agency Formation, Agency Termination, And Principal's Liability |
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8 | (19) |
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8 | (1) |
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9 | (1) |
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1.2.3 Parties' Conception Does Not Control |
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9 | (4) |
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Jenson Farms Co. v. Cargill, Inc. |
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9 | (4) |
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1.2.4 Liability in Contract |
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13 | (9) |
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1.2.4.1 Actual and Apparent Authority |
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13 | (3) |
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14 | (2) |
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1.2.4.2 Inherent Authority |
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16 | (20) |
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Gallant Ins. Co. v. Isaac |
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17 | (5) |
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22 | (5) |
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Humble Oil & Refining Co. v. Martin |
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22 | (2) |
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24 | (3) |
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1.2.6 Liability in Tort Under the Apparent Authority Doctrine |
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27 | (1) |
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1.3 The Governance Of Agency (The Agent's Duties) |
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27 | (6) |
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1.3.1 The Nature of the Agent's Fiduciary Relationship |
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27 | (1) |
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1.3.2 The Agent's Duty of Loyalty to the Principal |
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28 | (2) |
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28 | (2) |
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1.3.3 The Trustee's Duty to Trust Beneficiaries |
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30 | (4) |
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31 | (2) |
| 2 Joint Ownership Of A Business: The Law Of Partnerships And Limited Liability Companies |
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33 | (42) |
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2.1 Introduction To Partnership: Why Joint Ownership? |
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34 | (5) |
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The Need To Assemble At-Risk Capital |
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36 | (3) |
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2.2 Partnership Formation |
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39 | (3) |
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39 | (3) |
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2.3 Relations With Third Parties |
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42 | (4) |
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2.3.1 Partnership Creditors' Claims Against Departing Partners |
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43 | (1) |
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2.3.2 Third-Party Claims Against Partnership Property |
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44 | (1) |
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2.3.3 Claims of Partnership Creditors to Partner's Individual Property |
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45 | (1) |
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2.4 Partnership Governance And Issues Of Authority |
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46 | (2) |
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National Biscuit Co. v. Stroud |
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46 | (2) |
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2.5 Termination (Dissolution And Dissociation) |
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48 | (11) |
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2.5.1 Accounting for Partnership's Financial Status and Performance |
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49 | (6) |
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Sample Partnership Balance Sheet |
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49 | (1) |
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Sample Partnership Income Statement |
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49 | (1) |
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Accounting for Partners' Capital |
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50 | (1) |
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51 | (4) |
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2.5.2 Statutory Dissolution of a Partnership at Will |
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55 | (1) |
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2.5.3 Opportunistic Dissolution and the Partner's Duty of Loyalty |
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56 | (7) |
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56 | (3) |
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2.6 Agency Conflicts Among Co-Owners: Fiduciary Duties |
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59 | (4) |
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59 | (4) |
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2.7 Limited Liability Successors Of The General Partnership |
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63 | (12) |
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2.7.1 The Limited Partnership |
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64 | (1) |
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2.7.2 The Limited Liability Partnership |
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65 | (1) |
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2.7.3 The Limited Liability Company |
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66 | (11) |
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67 | (1) |
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2.7.3.2 Contractual Flexibility |
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68 | (19) |
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69 | (6) |
| 3 The Corporate Form |
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75 | (28) |
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3.1 Introduction To The Corporate Form |
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75 | (2) |
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3.2 Creation Of A Fictional Legal Entity |
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77 | (8) |
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3.2.1 A Note on the History of Corporate Formation |
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78 | (4) |
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3.2.2 The Process of Incorporating Today |
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82 | (1) |
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3.2.3 The Articles of Incorporation, or "Charter" |
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83 | (1) |
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3.2.4 The Corporate Bylaws |
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84 | (1) |
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3.2.5 Shareholders' Agreements |
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85 | (1) |
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85 | (4) |
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Limited Liability and the Corporation |
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87 | (2) |
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89 | (1) |
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3.5 Centralized Management |
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90 | (13) |
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3.5.1 Legal Construction of the Board |
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92 | (6) |
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3.5.1.1 The Holder of Primary Management Power |
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92 | (3) |
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Automatic Self-Cleansing Filter Syndicate Co., Ltd. v. Cunninghame |
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92 | (3) |
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3.5.1.2 Structure and Function of the Board |
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95 | (2) |
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3.5.1.3 Formality in Board Operation |
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97 | (1) |
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3.5.1.4 A Critique of Boards |
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98 | (1) |
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3.5.2 Corporate Officers: Agents of the Corporation |
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98 | (7) |
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Jennings v. Pittsburgh Mercantile Co. |
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99 | (4) |
| 4 The Protection Of Creditors |
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103 | (40) |
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104 | (1) |
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105 | (7) |
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4.2.1 Financial Statements |
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105 | (4) |
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4.2.2 Distribution Constraints |
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109 | (2) |
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4.2.3 Minimum Capital and Capital Maintenance Requirements |
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111 | (1) |
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4.3 Standard-Based Duties |
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112 | (19) |
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112 | (3) |
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4.3.2 Creditor Protection: Fraudulent Transfers |
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115 | (1) |
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4.3.3 Shareholder Liability |
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116 | (27) |
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4.3.3.1 Equitable Subordination |
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116 | (6) |
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116 | (6) |
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4.3.3.2 Piercing the Corporate Veil |
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122 | (66) |
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Sea-Land Services, Inc. v. The Pepper Source |
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123 | (4) |
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Kinney Shoe Corp. v. Polan |
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127 | (4) |
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4.4 Veil Piercing On Behalf Of Involuntary Creditors |
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131 | (12) |
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132 | (11) |
| 5 Debt, Equity, And Economic Value |
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143 | (20) |
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143 | (4) |
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5.1.1 Legal Character of Debt |
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144 | (1) |
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5.1.2 Legal Character of Equity |
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145 | (2) |
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5.2 Basic Concepts Of Valuation |
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147 | (7) |
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5.2.1 The Time Value of Money |
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147 | (2) |
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149 | (3) |
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5.2.3 Diversification and Systematic Risk |
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152 | (2) |
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154 | (9) |
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5.3.1 The Discount Cash Flow (DCF) Approach |
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154 | (3) |
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5.3.2 The Relevance of Prices in the Securities Market |
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157 | (9) |
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In re Emerging Communications Inc., Shareholder Litigation |
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158 | (5) |
| 6 Normal Governance: The Voting System |
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163 | (66) |
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6.1 Introduction: Shareholder Voting In The New Corporate Governance |
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163 | (3) |
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6.2 Electing And Removing Directors |
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166 | (6) |
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166 | (3) |
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169 | (3) |
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6.3 Shareholder Meetings And Alternatives |
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172 | (1) |
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6.4 Proxy Voting And Its Costs |
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173 | (4) |
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Rosenfeld v. Fairchild Engine & Airplane Corp. |
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175 | (2) |
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177 | (2) |
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6.6 Shareholder Information Rights |
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179 | (2) |
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6.7 Techniques For Separating Control From Cash Flow Rights |
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181 | (20) |
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6.7.1 Circular Control Structures |
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181 | (7) |
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182 | (6) |
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188 | (9) |
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188 | (1) |
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189 | (8) |
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6.7.3 Controlling Minority Structures |
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197 | (4) |
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Stock Pyramids, Cross-Ownership, and Dual Class Equity |
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197 | (4) |
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6.8 Mitigating A Collective Problem Today: Activist Investors |
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201 | (2) |
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Hedge Funds in Corporate Governance and Corporate Control |
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202 | (1) |
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6.9 The Federal Proxy Rules |
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203 | (21) |
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6.9.1 Rules 14a-1 Through 14a-7: Disclosure and Shareholder Communication |
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203 | (4) |
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6.9.2 Activist Investors and the Short Slate Proxy Contest |
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207 | (1) |
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6.9.3 Access to the Company's Proxy Statement: Rule 14a-8: Shareholder Proposals |
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208 | (6) |
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6.9.4 Rule 14a-9: The Antifraud Rule |
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214 | (19) |
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Virginia Bankshares, Inc. v. Sandberg |
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216 | (8) |
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6.10 Fiduciary Superintendence Of Shareholder Voting |
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224 | (5) |
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Schnell v. Chris-Craft Industries, Inc. |
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225 | (4) |
| 7 Normal Governance: The Duty Of Care |
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229 | (54) |
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7.1 Introduction To The Duty Of Care |
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229 | (1) |
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7.2 The Duty Of Care And The Need To Mitigate Director Risk Aversion |
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230 | (3) |
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Gagliardi v. TriFoods International, Inc. |
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231 | (2) |
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7.3 Statutory Techniques For Limiting Director And Officer Risk Exposure |
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233 | (6) |
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233 | (5) |
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Waltuch v. Conticommodity Services, Inc. |
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233 | (5) |
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7.3.2 Directors and Officers Insurance |
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238 | (1) |
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7.4 Judicial Protection: The Business Judgment Rule |
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239 | (9) |
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Kamin v. American Express Co. |
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240 | (3) |
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7.4.1 Understanding the Business Judgment Rule |
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243 | (1) |
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7.4.2 The Duty of Care in Takeover Cases: A Note on Smith v. Van Gorkom |
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244 | (2) |
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7.4.3 Additional Statutory Protection: Authorization for Charter Provisions Waiving liability for Due Care Violations |
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246 | (2) |
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7.5 The Board's Duty To Monitor: Losses "Caused" By Board Passivity |
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248 | (29) |
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Francis v. United Jersey Bank |
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249 | (6) |
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Graham v. Allis-Chalmers Manufacturing Co. |
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255 | (4) |
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In the Matter of Michael Marchese |
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259 | (6) |
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In re Caremark International Inc. Derivative Litigation |
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265 | (7) |
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In re Citigroup Inc. Shareholder Derivative Litigation |
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272 | (5) |
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7.6 "Knowing" Violations Of Law |
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277 | (6) |
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278 | (5) |
| 8 The Duty Of Loyalty: Conflict Transactions |
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283 | (60) |
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284 | (8) |
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8.1.1 The Shareholder Primacy Norm |
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284 | (5) |
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A.P. Smith Manufacturing Co. v. Barlow |
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287 | (2) |
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8.1.2 Constituency Statutes |
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289 | (1) |
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8.1.3 Defining Corporate Purpose in the Charter: Benefit Corporations |
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290 | (2) |
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8.2 Self-Dealing Transactions |
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292 | (6) |
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8.2.1 The Disclosure Requirement |
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293 | (5) |
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State ex rel. Hayes Oyster Co. v. Keypoint Oyster Co. |
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293 | (3) |
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Self-Interested Transactions in Corporate Law |
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296 | (2) |
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8.3 The Effect Of Approval By A Disinterested Party |
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298 | (13) |
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8.3.1 Early Regulation of Fiduciary Self-Dealing |
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298 | (2) |
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8.3.2 Judicial Review of Self-Dealing Today: The Limited Role of Safe Harbor Statutes |
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300 | (5) |
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Cookies Food Products v. Lakes Warehouse |
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300 | (5) |
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8.3.3 Judicial Review When Transaction Has Been Approved by a Disinterested Majority of the Board |
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305 | (4) |
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Self-Interested Transactions in Corporate Law |
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306 | (1) |
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307 | (2) |
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8.3.4 Approval by a Minority of Directors: Special Board Committees |
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309 | (1) |
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8.3.5 Shareholder Ratification of Conflict Transactions |
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309 | (4) |
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310 | (1) |
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8.4 Corporate Directors And The Duty Of Good Faith |
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311 | (2) |
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8.5 Controlling Shareholders And The Fairness Standard |
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313 | (14) |
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8.5.1 Different Treatment for Controlling Shareholders? |
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313 | (13) |
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Sinclair Oil Corp. v. Levien |
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314 | (4) |
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318 | (8) |
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8.5.2 Approval by a Board Minority of "Independent" Directors: Special Committees |
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326 | (1) |
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8.6 Corporate Opportunity Doctrine |
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327 | (3) |
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8.6.1 Determining Which Opportunities "Belong" to the Corporation |
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328 | (1) |
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8.6.2 When May a Fiduciary Take a Corporate Opportunity? |
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329 | (1) |
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8.7 The Duty Of Loyalty In Close Corporations |
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330 | (13) |
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Donahue v. Rodd Electrotype Co. |
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331 | (5) |
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Close Corporations and Agency Costs |
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336 | (19) |
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Smith v. Atlantic Properties, Inc. |
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338 | (5) |
| 9 Executive Compensation |
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343 | (32) |
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343 | (1) |
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9.2 The Challenge Of Executive Pay |
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344 | (8) |
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9.2.1 Creating Incentives That Align Managers with Investors |
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344 | (3) |
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9.2.2 Political and Regulatory Responses to Executive Pay |
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347 | (5) |
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9.3 Are U.S. CEOs Paid Too Much? |
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352 | (6) |
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Pay Without Performance: Overview of the Issues |
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355 | (2) |
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Pay Without Performance and the Managerial Power Hypothesis: A Comment |
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357 | (1) |
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9.4 Judicial Review Of Compensation |
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358 | (10) |
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9.4.1 The Law of Executive Officer Compensation |
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358 | (29) |
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In re The Goldman Sachs Group, Inc. Shareholder Litigation |
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360 | (8) |
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9.5 Judicial Review Of Director Compensation |
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368 | (7) |
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369 | (6) |
| 10 Shareholder Lawsuits |
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375 | (52) |
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10.1 Distinguishing Between Direct And Derivative Claims |
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375 | (4) |
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10.2 Solving A Collective Action Problem: Attorneys' Fees And The Incentive To Sue |
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379 | (6) |
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Fletcher v. Aj. Industries, Inc. |
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380 | (5) |
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10.3 Standing Requirements |
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385 | (2) |
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10.4 Balancing The Rights Of Boards To Manage The Corporation And Shareholders' Rights To Obtain Judicial Review |
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387 | (31) |
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10.4.1 The Demand Requirement of Rule 23 |
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388 | (12) |
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388 | (5) |
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393 | (7) |
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10.4.2 Special Litigation Committees |
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400 | (21) |
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Zapata Corp. v. Maldonado |
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400 | (6) |
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In re Oracle Corp. Derivative Litigation |
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406 | (8) |
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414 | (4) |
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10.5 Dealing With An Abundance Of Shareholder Suits: Exclusive Forum Bylaws |
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418 | (3) |
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10.6 Settlement And Indemnification |
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421 | (4) |
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10.6.1 Settlement by Class Representatives |
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421 | (1) |
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10.6.2 Settlement by Special Committee |
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422 | (7) |
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Carlton Investments v. TLC Beatrice International Holdings, Inc. |
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422 | (3) |
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10.7 When Are Derivative Suits In Shareholders' Interests? |
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425 | (2) |
| 11 Transactions In Control |
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427 | (32) |
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11.1 Sales Of Control Blocks: The Seller's Duties |
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429 | (19) |
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11.1.1 The Regulation of Control Premia |
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429 | (8) |
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Zetlin v. Hanson Holdings, Inc. |
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430 | (1) |
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431 | (6) |
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11.1.2 A Defense of the Market Rule in Sales of Control |
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437 | (23) |
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Corporate Control Transactions |
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437 | (5) |
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In re Delphi Financial Group Shareholder Litigation |
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442 | (6) |
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11.2 Sale Of Corporate Office |
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448 | (1) |
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449 | (1) |
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11.4 Tender Offers: The Buyer's Duties |
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450 | (6) |
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Brascan Ltd. v. Edper Equities Ltd. |
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452 | (4) |
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11.5 The Hart-Scott-Rodino Act Waiting Period |
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456 | (3) |
| 12 Fundamental Transactions: Mergers And Acquismons |
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459 | (72) |
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459 | (1) |
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12.2 Economic Motives For Mergers |
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460 | (4) |
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12.2.1 Integration as a Source of Value |
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460 | (1) |
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12.2.2 Other Sources of Value in Acquisitions: Tax, Agency Costs, and Diversification |
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461 | (2) |
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12.2.3 Suspect Motives for Mergers |
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463 | (1) |
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12.2.4 Do Mergers Create Value? |
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464 | (1) |
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12.3 The Evolution Of The U.S. Corporate Law Of Mergers |
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464 | (2) |
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12.3.1 When Mergers Were Rare |
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465 | (1) |
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465 | (1) |
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12.4 The Allocation Of Power In Fundamental Transactions |
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466 | (3) |
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12.5 Overview Of Transactional Form |
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469 | (9) |
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469 | (5) |
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470 | (4) |
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474 | (1) |
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475 | (2) |
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12.5.4 Triangular Mergers |
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477 | (1) |
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12.6 Structuring The M&A Transaction |
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478 | (9) |
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479 | (1) |
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12.6.2 Regulatory Approvals, Consents, and Title Transfers |
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479 | (1) |
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12.6.3 Planning Around Voting and Appraisal Rights |
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480 | (1) |
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12.6.4 Due Diligence, Representations and Warranties, Covenants, and Indemnification |
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480 | (2) |
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12.6.5 Deal Protections and Termination Fees |
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482 | (1) |
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12.6.6 Accounting Treatment |
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482 | (1) |
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12.6.7 A Case Study: Excerpt from Timberjack Agreement and Plan of Merger |
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482 | (5) |
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12.7 The Appraisal Remedy |
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487 | (11) |
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12.7.1 History and Theory |
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487 | (2) |
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12.7.2 The Appraisal Alternative in Interested Mergers |
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489 | (2) |
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12.7.3 The Market-Out Rule |
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491 | (1) |
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12.7.4 The Nature of "Fair Value" |
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492 | (1) |
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12.7.5 Discounted Cash Flow Analysis |
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493 | (2) |
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12.7.6 Current Developments in Appraisal |
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495 | (3) |
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12.8 The De Facto Merger Doctrine |
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498 | (4) |
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Hariton v. Arco Electronics, Inc. |
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499 | (3) |
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12.9 The Duty Of Loyalty In Controlled Mergers |
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502 | (29) |
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12.9.1 Cash Mergers or Freeze-Outs |
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503 | (17) |
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Kahn v. Lynch Communications Systems, Inc. |
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505 | (7) |
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Kahn v. M&F Worldwide Corp et al. |
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512 | (8) |
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11.9.2 Do Controlling Shareholders Have a Duty to Offer Only a Fair Price on the First Tender Offer Step of a Two Step Freeze-Out? |
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520 | (73) |
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In re CNX Gas Corporation Shareholders Litigation |
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521 | (10) |
| 13 Public Contests For Corporate Control |
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531 | (86) |
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531 | (3) |
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13.2 Defending Against Hostile Tender Offers |
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534 | (7) |
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Unocal Corp. v. Mesa Petroleum Co. |
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534 | (7) |
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13.3 Private Law Innovation: The Poison Pill |
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541 | (6) |
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13.4 Choosing A Merger Or Buyout Partner: Revlon, Its Sequels, And Its Prequels |
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547 | (13) |
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548 | (8) |
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Revlon, Inc. v. MacAndrews and Forbes Holdings, Inc. |
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556 | (4) |
|
13.5 Pulling Together Unocal And Revlon |
|
|
560 | (22) |
|
Paramount Communications, Inc. v. Time, Inc. |
|
|
561 | (7) |
|
Paramount Communications, Inc. v. QVC Network, Inc. |
|
|
568 | (14) |
|
13.6 Regulation Of Takeovers In Other Legal Systems |
|
|
582 | (2) |
|
13.7 Bringing Takeovers Law Down To Date |
|
|
584 | (9) |
|
Lyondell Chemical Co. v. Ryan |
|
|
584 | (6) |
|
C&J Energy Services, Inc. v. City of Miami General Employees and Sanitation Employees Retirement Trust |
|
|
590 | (3) |
|
|
|
593 | (12) |
|
13.8.1 "No Shops/No Talks" and "Fiduciary Outs" |
|
|
596 | (1) |
|
13.8.2 Shareholder Lock-ups |
|
|
597 | (8) |
|
Omnicare, Inc. v. NCS Healthcare, Inc. |
|
|
597 | (8) |
|
13.9 State Antitakeover Statutes |
|
|
605 | (5) |
|
13.9.1 First- and Second-Generation Antitakeover Statutes (1968-1987) |
|
|
605 | (3) |
|
13.9.2 Third-Generation Antitakeover Statutes |
|
|
608 | (2) |
|
13.10 Proxy Contests For Corporate Control |
|
|
610 | (7) |
|
Blasius Industries, Inc. v. Atlas Corp. |
|
|
611 | (6) |
| 14 Trading In The Corporation's Securities |
|
617 | (76) |
|
14.1 Common Law Of Directors' Duties When Trading In The Corporation's Stock |
|
|
617 | (4) |
|
|
|
618 | (3) |
|
14.2 The Corporate Law Of Insider Trading Post-Goodwin |
|
|
621 | (4) |
|
|
|
622 | (3) |
|
14.3 §16(b) And Rule 16-B Under The 1934 Act |
|
|
625 | (2) |
|
14.4 Exchange Act §10(b) And Rule 10b-5 |
|
|
627 | (43) |
|
14.4.1 Evolution of Private Right of Action Under §10 |
|
|
628 | (1) |
|
14.4.2 Elements of a 10b-5 Claim |
|
|
629 | (1) |
|
14.4.3 Early Rule 10b-5 Insider Trading Liability: The Equal Access Theory |
|
|
630 | (10) |
|
SEC v. Texas Gulf Sulphur Co. |
|
|
630 | (6) |
|
Santa Fe Industries, Inc. v. Green |
|
|
636 | (4) |
|
14.4.4 The Equal Access Theory of Rule 10b-5 Liability |
|
|
640 | (1) |
|
14.4.5 Elements of 10b-5 Liability: The Fiduciary Duty Theory |
|
|
641 | (6) |
|
Chiarella v. United States |
|
|
642 | (5) |
|
14.4.6 The Problem of Tippees after Chiarella |
|
|
647 | (13) |
|
|
|
647 | (5) |
|
|
|
652 | (8) |
|
14.4.7 Note on Regulation FD |
|
|
660 | (3) |
|
14.4.8 The Introduction of the Misappropriation Theory |
|
|
663 | (3) |
|
|
|
663 | (3) |
|
14.4.9 Civil Liability, Civil Fines, and Criminal Penalties for Security Fraud Violations |
|
|
666 | (4) |
|
Elkind v. Liggett & Myers, Inc. |
|
|
667 | (3) |
|
14.5 The Other Side Of 10B-5: Fraud-On-The-Market Class Actions |
|
|
670 | (13) |
|
14.5.1 Materiality and Reliance in FOM Class Actions |
|
|
671 | (6) |
|
|
|
671 | (6) |
|
14.5.2 Loss Causation in 10b-5 Class Actions |
|
|
677 | (3) |
|
14.5.3 The Role of Class Certification in Recent Challenges to FOM Actions |
|
|
680 | (3) |
|
14.6 Insider Trading And Fom Class Actions: The Academic Policy Debates |
|
|
683 | (10) |
|
14.6.1 The Insider-Trading Debate |
|
|
683 | (4) |
|
14.6.2 The Academic Policy Debate over FOM Class Actions |
|
|
687 | (6) |
| Table of Cases |
|
693 | (6) |
| Index |
|
699 | |
