Martin Lipton Memos (2017)

  • Martin Lipton, Memos (2017)

 米国の組織再編法制の実務に影響を与え,また,近年では,企業統治の分野でも影響力を発揮している,Wachtell Lipton Rosen & Katzの弁護士であるMartin Lipton氏のメモランダムを集めたものです。Lipton氏のメモランダムは,教科書や論文などで引用されることがあるのですが,古いものについては原文を入手することが困難なことが多かったように思います。

 私は,ニューヨーク大学でWachtell Liptonの弁護士(David A. Katz氏とMark Gordon氏)による企業買収の講義を受講し,そこで幾つかのメモランダムが配られてから,Lipton氏のメモランダムを興味深く拝見してきました。本ブログでも,Lipton氏のメモランダムについて,度々言及しています。しかし,Lipton氏の執筆に係るメモランダムをすべて拝見したということではありませんでした。例えば,1988年11月3日の “The Interco Case” と題するメモランダムは,このPDFを見つけるまで拝見することができませんでした。このメモランダムは,Jeffrey N. Gordon, Corporations, Markets, and Courts, 91 Colum. L. Rev. 1931, 1959 n.95 (1991),Mark J. Roe, Delaware’s Competition, 117 Harv. L. Rev. 588, 626 (2003)などの論文で引用されています。今回,このメモランダムも含めて,Lipton氏の様々なメモランダムを読むことができるということで,紹介をいたします。デラウェア州会社法の歴史の実務の側面を垣間見ることができました。

Robert P. Bartlett et al., The Myth of Morrison: Securities Fraud Litigation Against Foreign Issuers, SSRN (2018)

We find that the description of Morrison as a “steamroller” substantially ending litigation against foreign issuers is a myth. Instead, we find that Morrison did not substantially change the type of litigation brought against foreign issuers, which both before and after Morrison focused on foreign issuers with a U.S. listing and substantial U.S. trading volume. While dismissal rates rose post-Morrison we find no evidence that this is related to the decision. Settlement amounts and attorneys’ fees actually rose post-Morrison.

Jonathan R. Macey & Joshua Mitts, Asking the Right Question: The Statutory Right of Appraisal and Efficient Markets, SSRN (2018)

We contend that courts should look at the market price of the securities of a target company whose shares are being valued, unadjusted for the news of the merger, rather than at the deal price that was reached by the parties in the transaction.

Unadjusted market price has two distinct advantages over deal price. First, the unadjusted market price automatically subtracts the target firm’s share of the synergy gains and agency cost reductions impounded in the deal price. This is appropriate to do because dissenting shareholders in appraisal proceedings are not entitled to these increments of value which are supplied by the bidder. Second, the unadjusted market price is unaffected by any flaws in the deal process that led to the ultimate merger agreement. Recently, commentators have contended that deal prices in merger transactions should be ignored in appraisal cases where there are flaws in the process that led to the sale.

In Re PLX Technology Inc. Stockholders Litigation, C.A. 9880-VCL (October 16, 2018)

This massive decision is a primer on Delaware director fiduciary duty. It covers just about all the important issues, with an enormous amount of citations and explanation. It is particularly helpful in showing how directors must meet their disclosure obligations, both to their other directors and to stockholders. It is, of course, very much a product of its unique facts.

What may be its most lasting impact is its conclusion that the deal price in a merger established fair value and that yet again a DCF analysis was defective. At least for publicly traded and well shopped companies, we may be seeing the end of DCF as the preferred measure of value in Delaware. (emphasis added)

via Morris James

Richard H. Thaler, Nudge, not sludge, 361 Science 431 (2018)

Sunstein and I stressed that the goal of a conscientious choice architect is to help people make better choices “as judged by themselves.” But what about activities that are essentially nudging for evil? This “sludge” just mucks things up and makes wise decision-making and prosocial activity more difficult.