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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

Intrepid Potash IPO a Success

Posted on April 22, 2008
Agri-business in the United States is booming. Note the success of the Intrepid Potash IPO in the United States yesterday. Shares of the pure-play agricultural nutrient producer, Intrepid Potash, Inc., began trading yesterday on the NYSE. The 30 million-share IPO...

Hedge Funds to the Rescue: National City

Posted on April 22, 2008
In what has to be galling to the many hedge fund critics, the nation's hedge funds are rescuing the country's ailing financial system. After the overblown hysteria directed at hedge funds in the past two years we have discovered that...

A Ridiculous Example of Executive Compensation Disclosure

Posted on April 21, 2008
Footnoted reports on a silly disclosure in a recently filed proxy statement: Here at footnoted, we?re all about better disclosure. But as with most of the other good things in life, there are certain times when there is simply too...

Blockbuster's "Hostile Bid"

Posted on April 21, 2008
There is no such thing as a hostile takeover anymore. A hostile takeover is a takeover that occurs without the support of the incumbent board of directors of the target. Anti-takeover statutes and firm specific defenses make this impossible. A...

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National City Corporation's Deal

Posted on April 21, 2008
The board of directors of National City Corporation is going to sell 50 percent of the company's stock to a club group of hedge funds. The price? Five Dollars a share. The trading price of the shares when the deal...

Income Disparity in United States: It's not a conspiracy

Posted on April 20, 2008
Most now know the data. In the last few years income, as recorded on income tax returns, of the very very wealthy as increased as a percentage of the total amount of income reported. In 1980 the top .01 percent...

How Good People Have Come to Look Like "The Three Stooges"

Posted on April 20, 2008
We have three very talented and experienced people running our capital markets. Chris Cox, a well-respected, capable member of Congress, is Chairman of the SEC; Henry Paulson, who ran the world's best investment bank -- Goldman, is Secretary of the...

It's the Liquidity, Stupid!

Posted on April 18, 2008
Many in the market claim that we are in a "credit crunch." In other words, folks are not loaning each other each money. They are partially right. There is much money on the sidelines waiting to get in; it is...

The Zell Deal for Control of Tribune

Posted on April 18, 2008
I am still somewhat flummoxed about the details of Sam Zell's successful deal for operating control of the Tribune Corporation. In the first step of the transaction, the Zell Entity invests $250 million in Tribune for (1) 1,470,588 shares and...

The Liquidity Crunch Hits Talbots & Sears

Posted on April 18, 2008
Dale's post below brought to mind an example of the liquidity crunch and banks wanting to stay on the sidelines. Here's the report from the AP: According to a filing with the Securities and Exchange Commission, Talbots said HSBC will...

GE's Problems Continue

Posted on April 17, 2008
Ex-CEO John Welch has publicly criticized the current CEO Jeffry R. Immelt for not being correct in Immelt's projections of earnings. It is a very rare public moment. The problem is, of course, deeper. GE's stock has slumbered since Immelt's...

Obama and Investment Taxes

Posted on April 17, 2008
The Dublin Intrade market has Senator Obama as the prohibitive favorite in the Democratic primary and as the favorite for President of the United States in the general election in November. So we ought to pay careful attention to what...

New "Best Practices" Guidelines for Hedge Funds

Posted on April 16, 2008
A group of hedge fund managers, backed by treasury Secretary Hank Paulson, have just published a "Best Practices Guide" of hedge funds. The Guide contains the expected -- more transparency and better internal valuation of assets. Although the Guide is...

Another Large Airline Merger

Posted on April 16, 2008
On Monday, Delta Air Lines reached an agreement to take over Northwest Airlines. Delta said the combined airline will have an enterprise value of $17.7 billion and over $30 billion in revenue placing it ahead of Fort Worth, Texas-based American...

The Expanding Role of the "Financial Stability Forum"

Posted on April 16, 2008
A perhaps underreported aspect of the credit crunch is the growing role of internation regulatory efforts such as the Financial Stability Forum (FSF). The FSF, as described by Treasury Undersecretary David McCormick, "brings together supervisors, central banks, finance ministries, the...

Sorkin's Interview with Stephen A. Feinberg

Posted on April 15, 2008
Sorkin, noted business columnist for the New York Times, has ripped Stephen A. Feinberg, founder of Cerberus Capital Management, for being "cold and ruthless." So, Feinberg, following the dictates of modern public relations specialists, did penance and invited Sorkin in...

Israel, Founder of Bayou Group, a Hedge Fund, Goes to Jail

Posted on April 15, 2008
Samuel Israel, III, the co-founder of a hedge fund, Bayou Group, was sentenced to 20 years in prison two days ago. His Connecticut based hedge fund took $400 from investors and lied to them about profits and losses. They fabricated...

Turn-Around Funds: Apollo and Appalossa's Woes

Posted on April 14, 2008
Turnaround private equity funds that purchased struggling companies in good times, with leverage, have found that their turnaround plans and suffering the with economy. Plans that may have worked in good times have no chance in bad. Apollo Management is...

A Race Between Court in the Clear Channel Busted Buyout

Posted on April 14, 2008
There is a race between two judges in the litigation over the busted Clear Channel buyout. A state court in Texas is racing to beat a court in New York. Clear Channel is based in San Antonio and is attempting...

Questions on KPMG's Audit of New Century

Posted on April 13, 2008
The surprise failure of New Century Financial, one of the country's largest subprime mortgage lenders, has led to an all too familiar question -- how could the auditors have given the company a clean bill of health right up until...

Cadbury Schweppes Shows GE the Way

Posted on April 13, 2008
On Apr. 11, Cadbury Schweppes shareholders voted to spin off the company's U.S. drinks division. The newly independent chocolate, candy, and gum business is to be listed on the London Stock Exchange on May 2. The new U.S. drinks business?which...

Alice Rivlin Scares Me: Good Intentions Ought Not to Excuse Folly

Posted on April 11, 2008
In an editorial in todays NYT's Alice Rivlin showed why she should never have been a government official, much less the former vice chairman of the Federal Reserve and the Clinton's director of the Office of Management and Budget. Consider...

GE Should Bust Itself Up

Posted on April 11, 2008
General Electric reported that its first-quarter net income fell 6% to $4.3 billion, or 43 cents a share, from $4.57 billion, or 44 cents a share, a year earlier. GE also lowered its 2008 guidance substantially. The company is one...

Protectionist Canada: Ohio has a new shinning example

Posted on April 11, 2008
Canada invoked the rarely used Investment Canada Act of 1985 to block a negotiated acquisition of a Canadian company, MacDonald Dettwiller, by an American company, Alliant Technsystems. The Canadian company is in the satellite business. On the announced of the...

National City Corp. on the Block

Posted on April 10, 2008
National City Corp, the ninth-largest U.S. bank, is looking to sell itself and is in talks with more than one potential buyer. Fifth Third Bancorp and KeyCorp are interested.. A sale to a bank such as Fifth Third, which is...

Novartis Buys Alcon From Nestle

Posted on April 10, 2008
After tight-lipped negotiations which started in December, Nestle and Novartis inked the $39 billion sale of Nestle-owned Alcon to Novartis. The Alcon deal is the first such deal of its kind, according to A&O partner Daniel Cunningham, who worked on....

Top Ten Hedge Funds

Posted on April 10, 2008
The Trader Monthly has data out on the top pay for hedge fund managers for last year. The top manager, John Paulson in New York, made $3 billion, more than the GDP of Rwanda. If he made $3 billion, his...

The Goose That Lays the Golden Eggs

Posted on April 03, 2008
Once the Democrats select a Presidential candidate and focus on running against the Republican candidate, we are going to hear a great deal about tax cuts and the efficacy of "supply side" or "trickle down" economics. The argument will focus...

The Uptick Rule

Posted on April 03, 2008
In July of this year the SEC finally overturned the "uptick" rule on short selling. The rule disables short sellers from shorting stock until after an uptick in the stock price. Jim Cramer has called the SEC "morons'' for repealing...

Sovereign Wealth Funds

Posted on April 03, 2008
When the sovereign wealth funds showed up to invest in United States financial institutions, my first response was great -- we enjoyed Japan's sucker money in the 1990s and now we will enjoy this sucker money as well. Well, how...

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