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Tables of Contents for Corporate Law
Chapter/Section Title
Page #
Page Count
Preface
xxi
Acknowledgments
xxv
Special Notice
xxvii
Introduction
1
34
Dominance of the Corporate Form of Organization
1
3
Comparison with Partnerships
4
20
Investor's Liability
6
4
Investor's Ability to Transfer Interests
10
5
Legal Personality
15
6
Locus of Managerial Power
21
3
The Special Nature of Close Corporations
24
6
Corporate Law Versus Other Laws Affecting Corporations
30
2
Themes of This Book
32
3
Duties to Creditors
35
58
Introduction
35
5
Fraudulent Conveyance Law
40
12
Principles of Nonhindrance
42
5
Evenhandedness
47
4
Balancing Fraudulent Conveyance Rules Against Other Legal Objectives
51
1
The Doctrine of Equitable Subordination
52
19
Parallels with Fraudulent Conveyance Law
53
9
Why Equitable Subordination Doctrine Developed
62
3
Special Uses of Equitable Subordination
65
2
Inadequate Capitalization of Corporate Debtor'
67
2
Automatic Subordination?
69
2
Piercing the Corporate Veil
71
15
Broad Theory Versus Narrow Theory
74
7
Comparison of Remedies
81
2
An Illustrative Case: Walkovszky
83
3
Dividend Statutes
86
5
Conclusion
91
2
The Basic Allocation of Powers and Duties
93
48
Shareholders
93
12
Voting Rights
94
2
Rights of Action
96
1
Rights to Information: Right of Inspection and ``Proper Purpose''
96
9
Directors
105
8
Powers
105
4
Procedures
109
4
Officers
113
10
Agency Principles
114
3
Kinds of Litigation About Authority
117
6
The Duty of Care Versus the Business Judgment Rule
123
13
Case Law Development of Duty of Care
125
4
Duty of Care as Responsibility for Systems
129
7
The Limits of the Business judgment Rule
136
5
Introduction to Conflicts of Interest
141
18
The Conflict-of-Interest Paradigms
141
9
Why Fraud and Unfair Self-Dealing Are Considered Wrong
150
9
Objections to Fraud
151
3
Objections to Unfair Self-Dealing
154
5
Basic Self-Dealing
159
32
The Historical Puzzle
160
6
Present Law: The Fairness Test
166
9
Delaware Law and MBCA Section 8.31
166
5
Disclosure
171
1
Division of Gains
172
3
Present Law: Authorization and Ratification
175
5
Charter Provisions
176
2
Ratification
178
2
The Search for a Better Rule
180
11
Imperfect Controls
180
4
Self-Dealing Surplus
184
4
A Proposal
188
3
Executive Compensation
191
32
The Test of Reasonableness
191
9
Past Services
195
2
Outmoded Formulas
197
2
Tax Cases on Compensation
199
1
Incentive Compensation Plans
200
19
Types of Plans
202
7
Tax Analysis of Plans
209
6
The Problem of Causal Knowledge
215
4
Close Versus Public Corporations
219
4
Corporate Opportunities
223
40
Introduction
223
2
The Traditional Tests
225
6
Interest or Expectancy
225
2
Line of Business
227
1
Fairness
228
1
Two-Step Analysis
229
1
Other Relevant Factors
230
1
Two Riddles: Of History and Outcomes
231
3
Different Rules for Different Corporations
234
4
Close Corporations: Restatement of the Law
238
5
Guidelines
239
2
Corporate Incapacity
241
2
Public Corporations: Full-time Executives
243
9
Comparison of Rule to Rules Governing Trustees
244
1
Comparison with Case Law Principles
244
2
Costs and Benefits of Proposed Rule
246
2
Corporate Consent
248
3
Passive Investments
251
1
The Special Case of Financial Intermediaries
251
1
Public Corporations: Outside Directors
252
1
Parents and Subsidiaries
253
8
Analysis of the Problem
254
4
A Proposed Rule
258
3
Conclusion
261
2
Insider Trading
263
94
Introduction
264
1
Harms of Insider Trading
265
12
Corporate Harm
266
1
Investor Harm from Trading Activity
267
1
Market Harm from Delayed Disclosure
268
5
Harm to Efficiency Caused by the Taking of Secret Profits
273
2
Relevance of Private Regulation
275
2
The Positive Virtues of Insider Trading?
277
4
Rewarding Entrepreneurs
277
3
Getting Information Reflected in Market Prices
280
1
Prevalence and Preventability of Insider Trading
281
2
The Fit Between Remedies and Harms
283
10
Introduction
283
4
Corporate Recovery
287
3
Shareholder Recovery
290
1
Workable Deterrence
291
1
A Postscript on Bad News
292
1
Section 16(b): Basics
293
7
Introduction
293
3
``Beneficial Owner''
296
2
``Equity Security''
298
1
``Any Profit''
299
1
Section 16(b): Unorthodox Transactions
300
6
State Law Approaches: The Agency Theory
306
3
Rule 10b-5: Introduction
309
7
Rule 10b-5: Elements of the Cause of Action
316
24
Who Can Sue: The Purchaser-Seller Doctrine
316
4
Who Can Be Sued: Fiduciaries, Tippees, and Others
320
6
Scienter
326
2
Materiality
328
1
Causation, Reliance, and Privity
329
8
Proximate Causation and Privity
337
1
Damages
338
2
Beyond Insider Trading: Misrepresentations and Omissions
340
7
Fraud Versus Breach of Fiduciary Duty
340
3
Problems with Recovery Against the Corporation
343
3
Measures of Damages
346
1
Beyond Insider Trading: Trading on Nonpublic but Non-Inside Information
347
10
Information about One's Own Trading Activity
348
1
Market Information Obtained by Chance or Industry
349
1
Market Information Received in Confidence
350
4
Market Information Obtained by Structural Insiders
354
3
The Voting System
357
44
State Law of Voting Rights
357
9
When Votes Are Cast
358
1
Who Votes and How
359
2
How Voting Power Is Distributed
361
5
What Issues Are Voted On
366
1
The Federal Proxy Rules
366
8
Shareholder Proposals
374
9
Antifraud Actions
383
6
Private Right of Action
384
1
Materiality
384
1
Culpability
385
1
Causation, Reliance, and Standing
385
2
Remedies
387
2
The Theory of Voting Rights
389
12
The Rational Apathy Problem
390
2
The Free Rider Problem
392
1
The Fairness Problem
393
1
Solutions to the Collective Action Problems
394
7
The Ground Rules of Corporate Combinations
401
62
The Simple Polar Cases: Sale and Merger
401
5
Legal and Other Treatment of the Polar Cases
406
12
Federal Income Tax
406
2
Accounting Treatment
408
5
Securities Regulation
413
1
Treatment Under State Business Corporation Statutes
414
4
Antitrust Treatment
418
1
Variations: Forms of Sale
418
7
Variations: Forms of Merger
425
12
Variations: Hybrids Between Sale and Merger
437
6
Tax Treatment
438
4
Accounting Treatment
442
1
Appraisal Rights
443
15
Introduction
443
6
Statutory Coverage and Procedures
449
3
Valuation Methods
452
4
Exclusivity
456
2
The De Facto Merger Cases
458
5
Control Shifts and Insider Overreaching: Mergers and Sales of Control
463
36
Arm's-Length Mergers
464
3
Two-Step Acquisitions
467
5
Parent-Subsidiary Mergers
472
6
Sales of Control
478
21
Sale to Looters
478
2
Sale of Office
480
2
Diversion of Collective Opportunity
482
9
Control a Corporate Asset?
491
3
An Equal Opportunity Rule?
494
5
Control Shifts and Insider Imperialism: Freezeouts and Buyouts
499
32
Introduction
499
5
The Rationale of Judicial Regulation
504
14
Harms
504
6
Benefits
510
2
Nonlegal Controls
512
1
Summary of Harms and Benefits
512
1
Self-Dealing Analysis
513
1
The Implications of Different Contexts
514
4
Legal Developments: Public Corporations
518
10
The Supreme Court's Renunciation
519
1
Delaware Responds to the Challenge
520
2
The Lower Federal Courts Stand Ready to Assist
522
1
The SEC's Reaction
523
2
Delaware Takes a Second Look
525
3
Close Corporation Cases
528
3
Control Shifts and Insider Resistance: Tender Offers
531
62
Introduction
531
2
Theories of Tender Offers
533
13
Explanations of Tender Offers
533
7
Evidence about the Theories
540
5
Possible Implications
545
1
The Williams Act: Basics
546
9
Background and Purposes
546
2
The Rules of the Road
548
4
An Illustrative Hypothetical
552
3
The Williams Act: Litigation
555
13
Acquisitions Covered by Section 13(d)
555
2
Remedies for Violation of Section 13(d)
557
2
Meaning of ``Tender Offer''
559
5
Actions Under Section 14(e)
564
4
State Takeover Regulation
568
3
Defenses to Takeover Attempts
571
22
Tactics
571
6
Federal Case Law
577
2
State Case Law
579
9
Assessment
588
5
Distributions to Shareholders
593
46
Dividend Policy
594
8
Protection of Shareholders
602
8
Protection of Creditors: The Dividend Statutes
610
15
The Earned-Surplus Test
612
2
Distributions out of Capital Surplus
614
1
Changing Legal Capital to Capital Surplus
614
2
Insolvency Test
616
1
The Nimble Dividends Test
617
1
Dividends out of Revaluation Surplus
618
1
Increasing Surplus by Accounting Changes
619
4
Financial Ratios as Tests
623
1
The New MBCA
623
1
Fraudulent Conveyance Law
624
1
Repurchases: Theory and Practice
625
6
Repurchases and Shareholder Protection
631
5
Repurchases: Legal Accounting Treatment
636
3
Shareholders' Suits
639
36
Introduction
639
1
Demand on Directors
640
9
Excuse
641
2
Refusal
643
2
Independent Committees
645
4
Demand on Shareholders
649
1
The Contemporaneous Ownership Rule
650
2
Security for Expenses
652
3
Conflicts of Interest in the Defense of Derivative Suits
655
1
Settlement
656
3
Fees
659
3
Characterization of Suits
662
2
Indemnification and Liability Insurance
664
11
Third Party Suits
665
6
Derivative Suits
671
2
The Value of D&O Insurance?
673
2
The Meaning of Corporate Personality
675
30
Introduction
675
2
Views about the Corporations' Proper Role
677
19
Dualism: The Norm of Strict Profit Maximization
677
4
Monism: Long-Run Identity Between Public and Private Interests
681
3
Modest Idealism: Voluntary Compliance with the Law
684
4
High Idealism: Interest Group Accommodation and the Public Interest as Residual Goals
688
6
Pragmatism: Contracting to Provide Public Services
694
2
A Reconceptualization
696
6
Distinguishing Among Public Sector Activities
696
2
Determining the Degree of ``Vertical Integration'' of Governmental Organizations
698
1
Allocating Activities to NonProfits and For-Profits
699
3
Conclusion
702
3
The Issuance of Securities
705
56
State Corporate Law Issues
705
14
Subscription Agreements
706
1
Par Value
707
8
Promoters' Frauds
715
4
Preemptive Rights
719
1
The Securities Act: Basics
719
6
The Disclosure Philosophy
719
1
The Key Provision: Section 5
720
3
The Registration Process
723
2
The Securities Act: Exemptions
725
19
Private Offerings
729
3
Small Offerings
732
1
Resales of Restricted Securities
733
4
Sales by Controlling Persons
737
3
Mergers
740
4
Other Exemptions
744
1
The Securities Act: Liabilities
744
5
Liability Under Section 11
744
2
Liability Under Section 12
746
2
Liability Under Section 17
748
1
Critiques of the Mandatory Disclosure System
749
12
Imbalance Between Continuous and Episodic Disclosure
749
3
Irrelevance of Data Disclosed
752
4
Mandatory Disclosure Unnecessary or Bad?
756
3
Evidence About Effects?
759
2
Close Corporations
761
40
Introduction
761
2
Restricting the Transferability of Shares
763
9
Policies
763
1
Techniques
764
2
Valuation
766
1
Rules
767
4
Other Issues
771
1
Adjusting the Authority Structure
772
13
Voting Agreements
773
2
Supermajority Provisions
775
2
Voting Trusts
777
3
Classified Shares
780
1
Agreements Restricting Actions of Directors
781
4
Dissolving the Legal Person
785
16
Problems and Policies
785
3
Rules
788
6
Alternatives to Dissolution
794
7
Appendix A A Special Note on Hierarchies
801
16
Appendix B Valuation
817
4
Table of Cases
821
8
Index
829