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Corporate & Securities Law

Business Law Prof Blog

Business law resources, information, and news for the academic community

Post Frequency: 11.8/day

Last Entry: April 01, 2011 at 11:04:42

P&G sells Foldgers to Smuckers

Posted on June 04, 2008
On Tuesday, J.M. Smucker Co. stated its intent to purchase the Folgers brand from Proctor and Gamble in an all-stock deal. Given Folger's annual sales in excess of $1.6B, the price for the business could be upwards of $2B. The...

Corporate Income Tax

Posted on June 02, 2008
Scholarly research is supporting what corporate executives have known for years, corporations do not pay corporate income tax, they pass it on. At issue has been to whom. Most assumed consumers get hit but no research is showing that company...

Exxon Shareholder Meeting: Resolutions Lose

Posted on May 30, 2008
Everyone is claiming victory after three notable shareholder resolutions failed at the spring Exxon annual shareholder meeting. The shareholder's, supported by Rockefeller heirs, attracted close to 40 percent of the votes cast. One of the resolutions was structural -- to...

Shareholders Approve Bear Stearns Deal

Posted on May 30, 2008
On Thursday, Bear Stearns Company shareholders approved JPMorgan Chase & Co.'s $2.2 billion buyout of the investment bank. The Bank is buying Bear Stearns for approximately $10 per share. the meeting was short and lightly attended. Commenting on the ten...

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The SEC Going the Wrong Direction on New Ratings Agency Regulations

Posted on May 29, 2008
The SEC is going the wrong direction again. The poor performance of the country's rating agencies in the current structured financial debacle should be no surprise. The agencies have been performing poorly for some time. It just took the current...

Airline Mergers

Posted on May 29, 2008
US Air and United will not merge. We should not weep. Airline mergers have a terrible recent history. Most are prompted by airline desires to restructure. A merger ought not be needed to restructure a poorly performing airline; CEOs find...

First Quarter GDP Figures: No Recession

Posted on May 29, 2008
The final figures are in for the first quarter of the year and the estimate was low. The final figure is a GDP growth of .9 percent; the estimate was .6 percent. So once again, we are not in a...

Germany Backs VW Anti-Takeover Law

Posted on May 28, 2008
For some time I have watched the dispute over the a special German law that protects VW from takeovers. The law also gives a government sub-unit, Lower Saxony, effective veto power of all significant strategic decisions. It also capped voting...

The Evil Financials

Posted on May 27, 2008
Kevin Phillips new book will be the sacred text for those who want to blame financials for the fall of the American economy. Oh, by the way, fianancials position as number one in its shares of the S&P 500, has...

US Auto Companies

Posted on May 26, 2008
On Friday, General Motors Corp.'s stock dropped 5 percent after the company reported that strikes at some of its own plants and parts supplier American Axle will cost the automaker about $2 billion, before taxes, in the second quarter. This...

Canadian Courts and the Bell Canada Buyout

Posted on May 23, 2008
As mentioned yesterday on this site, a Canadian appeals court permitted Bell Canada debt holders to complain about the effects of a negotiated leveraged buyout on the value of the debt securities. The effect? The deal is in danger and...

Sixth Circuit and Mutual Fund Fees

Posted on May 23, 2008
Judge Frank Easterbrook, chief judge of the Sixth Circuit, has released an opinion that withdraws federal courts from overseeing the fees of mutual fund managers. If fund managers make full disclosure, the judge says courts should not "cap" the fees,...

Say on Pay: A Bust?

Posted on May 22, 2008
The Wall Street Journal todays has a nice piece by Tom McGinty on shareholders resolutions that ratify executive pay. Investors in struggling banks do not seem to want to vote for the resolutions. I am not surprised. I suspect that...

Canada on Shareholder Primacy: Not

Posted on May 22, 2008
A Canadian Court of Appeals, reversing the trial court, has held that debenture holders in the leveraged buyout of Bell Canada have a right to contest to terms of the deal. Canada has a provision found in Commonwealth corporate codes...

New Farm Bill an Embarrassment

Posted on May 22, 2008
President Bush has vetoed the new farm bill and his veto is sure to be overridden. Yet most all economists agree that it is a boondoggle. How do we get such bad pieces of legislation? The rest of the country...

Message to Private Equity: Rescue US Please

Posted on May 20, 2008
Private equity buy-out firms have also had an unfavorable press. According to critics: They buy at dear, distress prices, hurt business constituencies when they restructure operations, flip the business, and suck all the money out of a going business...

The New Target of the Left: Financial Institutions

Posted on May 19, 2008
The left is constantly looking for targets. For some time the target was hedge funds. Now the financial crisis has produced a new target, financial institutions. Hedge funds did not misbehave as an industry in the sub-prime mortgage crisis, some...

The Index Fund Internecine Fight

Posted on May 17, 2008
The New York Times has discovered the index fight. Why? Because academics have come to calling each other names over the dispute. The fight itself is definitional. The traditional "index" fund is a fund that matches a well known market...

Bubbles: Free the Shorts

Posted on May 16, 2008
The Wall Street Journal today has a wonder front page story on developments in the study of financial bubbles. (Justin Lahart does a marvelous job) The problem is in the recommended solution by the new scholars: More government interference. A...

The Recession Scare

Posted on May 15, 2008
Now that the preliminary first quarter GDP data is in showing positive but small growth and the markets have indicated we have bottomed in all but housing prices (under which Congress is trying to put an artificial floor, a mistake)...

Freddic Mac: What a Mess

Posted on May 15, 2008
Freddie Mac, one of two United States chartered companies that own or guarantee the bulk of home mortgages, recorded a net loss for the quarter that was reduced by accounting gimmickry. The true loss is close to $2 billion. Freddie...

GE Starts its Bust Up

Posted on May 15, 2008
GE, a company that should go through a classic series of spin-offs to focus on its core business, has started the process of divesting some of its units. The problem? It is divesting its appliance unit, its best known consumer...

Three SEC Chairs for Obama

Posted on May 14, 2008
Three ex-Chairs of the SEC for Obama, the headlines scream. Two were Democratic appointees -- so what-- they are frontrunners. But one Donaldson, was a Republican appointee--is Obama better for the markets than McCain. No. Donaldson was a Republican appointee...

Univ. of Colorado and the new "Chair for a Conservative"

Posted on May 14, 2008
My old place of employment made the front page of the Wall Street Journal yesterday by announcing a new Chair for a Conservative Thinker. There are so few conservatives on campus that the provost has decided to use reverse affirmative...

Icahn and Yahoo

Posted on May 14, 2008
Carl Icahn is threatening a proxy fight for some seats on the Yahoo board in an effort to restart the deal with Microsoft. The sad part is that he ought not to have to use the proxy fight avenue. He...

Thanks Cox for Helping Me

Posted on May 14, 2008
I hold stock in Goldman Sachs, an investment bank that despite not getting caught holding bad mortgages has been hammered in the stock market (dropping from a high of 210 to a low of 165 or so). Recently sanity has...

Exxon Not Well Managed?

Posted on May 13, 2008
Exxon, a company that had over 12 billion dollars in profits last year (perhaps the highest in real dollars in modern history for any private company), raising howls of protest from Congress and the left, is apparently not well managed....

Foreign Companies Not Registering in the US

Posted on May 13, 2008
Wayne Carnall, Chief Accountant in the Securities and Exchange Commission of Corporation Finance confirmed May 1 what we all have suspected. Fewer foreign based companies are registering in the United States. Moreover, over many foreign companies listed in the United...

Congress to Regulate Oil "Speculators"

Posted on May 12, 2008
Congress is considering a bill that will apply CFTC regulations on oil futures speculators to a London based futures trading market -- the Intercontinental-Exchange (ICE). There are two problems: First, any regulations of this type will not affect international market...

Government Intervention

Posted on May 11, 2008
Oh good gracious. Peter Bernstein article in todays NYT's Sunday business section ("When Should the Fed Crash the Party?") is so predictable it is a bore. He trots out all the cruel statements from "anti-interventionists" and then mentions all the...

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