English as an official language of EU

Will the EU still use English? Yes, says BBC Europe editor Katya Adler. There will still be 27 other EU states in the bloc, and others wanting to join in the future, and the common language tends to be English – “much to France’s chagrin”, she says.

岩原紳作『会社法論集』(商事法務、2016)

 会社法の記述的な知識は、論文を執筆する上で前提となるもので、この点、世間には良書が溢れています。その上で、規範的な分析をするとなるととたんにどのような角度で分析をするのか、参考になる書籍や論考が少なくて途方にくれるということがあります。この点、岩原紳作先生のご高著は、会社法に関する記述的な分析だけでなく、批判的、法政策的、立法学的な示唆に満ちています。

 修士論文のテーマや博士論文のテーマを含めて、論文のテーマを探す際にも、一読を薦めることができるものと思います。

Professors Weigh In On DFC Global Appeal

〔2017年1月1日追記〕

The Law Professors admit that they “have no financial interest or direct personal interest in this case.” Mot. ¶ 1. Rather, they are interlopers desperately seeking a forum in which they can pursue their academic fantasy by suggesting that this Court rewrite Delaware’s judicial appraisal statute, 8 Del. C. § 262(h), and effectively overrule settled law concerning the Chancery Court’s broad discretion in determining the fair value of dissenting stockholders’ shares in an appraisal action.

〔2017年1月9日追記〕

via Lowenstein Sandler, Lowenstein Sandler

Merion Capital, LP, et al. v. Lender Processing Services, Inc., C.A. No. 9320-VCL, memo. op. (Del. Ch. Dec. 16, 2016)

取引価格(合併価格)への回帰ということで。

“… [T]the figure of $38.67 per share is my best estimate of the fair value of the Company based on the DCF method.

… As noted, a DCF analysis depends heavily on assumptions. Under the circumstances, as in [Merlin Partners, LP, et al. v. AutoInfo, Inc., C.A. No. 8509-VCN, memo. op. (Del. Ch. Apr. 30, 2015),] and [Merion Capital, LP, et al. v. BMC Software, Inc., C.A. No. 8900-VCG, memo. op. (Del. Ch. Oct. 21, 2015)], I give 100% weight to the transaction price.”

Evaluating the reliability and persuasiveness of the deal price for purposes of establishing fair value in an appraisal proceeding is a multifaceted, fact-specific inquiry. The relevant factors can vary from case to case depending on the nature of the company, the overarching market dynamics, and the areas on which the parties focus. The last is perhaps an underappreciated aspect of appraisal jurisprudence. Because an appraisal decision results from litigation in which adversarial parties advance arguments and present evidence, the issues that the court considers and the outcome that it reaches depend in large part on the arguments that the advocates make and the evidence they present. An argument may carry the day in a particular case if counsel advance it skillfully and present persuasive evidence to support it. The same argument may not prevail in another case if the proponents fail to generate a similarly persuasive level of probative evidence or if the opponents respond effectively.

via Lowenstein Sandler, The Chancery Salvo