デラウェア州最高裁判所裁判官の指名

Delaware.gov:

Governor John Carney on Thursday announced his intention to nominate Justice Collins J. Seitz, Jr. to serve as the next Chief Justice of the Delaware Supreme Court. Justice Seitz — who since 2015 has served as an Associate Justice on the Supreme Court — would replace Chief Justice Leo E. Strine, Jr., who announced his retirement in July. Governor Carney also intends to nominate Vice Chancellor Tamika Montgomery-Reeves to serve as Associate Justice on the Supreme Court, replacing Justice Seitz. (emphases added)

Delaware Business Times writes:

Hamermesh called the nomination of Seitz, whose late father Collins J. Seitz Sr. is held in high regard for his Chancery Court opinion supporting Delaware’s desegregation of schools, for the court’s top seat a “perfectly respectable pick.”

 調べてみましたが、この判決は、どうやらBelton v. Gebhart, 32 Del. Ch. 343, 87 A.2d 862 (Del. Ch. 1952)のようです。著名なBrown v. Board of Education of Topeka, 347 U.S. 483 (1954)の2年前の判決ということになります。衡平法裁判所がこういった人権問題を扱っていた時期があるんですね。

I conclude from the testimony that in our Delaware society, State-imposed segregation in education itself results in the Negro children, as a class, receiving educational opportunities which are substantially inferior to those available to white children otherwise similarly situated.

But my factual conclusion does not dispose of the first question presented. I say this because it is necessary to consider the decisions of the United States Supreme Court construing the Fourteenth Amendment as they apply to this general problem. Specifically, I must decide whether such a finding of fact as I have here made, is a proper basis for holding that such separate facilities cannot be equal. In other words, can the “separate but equal” doctrine be legally applied in the fields of elementary and secondary education?

Plaintiffs say that the situation here presented has never been passed upon by the United States Supreme Court, or the Supreme Court of Delaware, and so is an open question. I agree with the plaintiffs that the Supreme Court has not, so far as I can find, passed upon a case containing a specific finding as to the effect on the Negro, educationally, of State-imposed segregation in education. The question, however, which judicial integrity requires me to answer is this: Has the U.S. Supreme Court by fair or necessary implication decided that State-imposed segregated education on the grammar and high school levels, in and of itself, does not violate the Fourteenth Amendment?

The United States Supreme Court first announced what has come to be known as the “separate but equal” doctrine in Plessy v. Ferguson, 163 U.S. 537, 16 S.Ct. 1138, 1144, 41 L.Ed. 256. It is, of course, true that that case involved a railway car situation. However, the defendants rely most strongly on Gong Lum v. Rice, 275 U.S. 78, 48 S.Ct. 91, [*350] 72 L.Ed. 172, decided by the U.S. Supreme Court in 1927. In that case a Chinese citizen was required to attend an elementary school for Negroes in Mississippi, even though he claimed that he was entitled to admission to the school for whites. The court accepted the conclusion that he was “colored” and stated that the facilities available for Negroes, and therefore available to the Chinese plaintiff, were equal to those offered to the whites. Thus, the question was whether the State was required, under those circumstances, to admit him to the school for white children. The Supreme Court held that the State was not so required, citing many cases for the proposition that such a practice was within the constitutional power of the State, without interference because of the United States Constitution. It is true that there was no proof in that case concerning the effect of such State-imposed segregation on Negroes. But it seems to me that the very use of the “separate but equal” doctrine in an elementary school case, has implicit therein a recognition that in such a case there can be separate but equal educational opportunities in a constitutional sense. Of course, this could not be true were my finding of fact given constitutional recognition, but if it were, the principle itself would be destroyed. In other words, by implication, the Supreme Court of the United States has said a separate but equal test can be applied, at least below the college level. This court does not believe such an implication is justified under the evidence. Nevertheless, I do not believe a lower court can reject a principle of United States constitutional law which has been adopted by fair implication by the highest court of the land. I believe the “separate but equal” doctrine in education should be rejected, but I also believe its rejection must come from that court.

Belton v. Gebhart, 32 Del. Ch. 343, 349-350, 87 A.2d 862, 865 (Del. Ch. 1952 )

via DealLawyers.com, Law.com, Wash. Post, N.Y. Times

William T. Allen (1948–2019)

 Allen教授は、1985年にデラウェア州の衡平法裁判所の大法官(Chancellor)に任命され、以後、12年の任期中に多数の有名な判決を執筆されました。2006年にニューヨーク大学のLL.M.プログラムに入学した際には、会社法プログラムのディレクターでした。

 Intercoは、Allen教授が大法官として執筆されたものの中で(その後最高裁判所に否定されているにもかかわらず)私のお気に入りの判決です。ニューヨーク大学在学中のlunchonセミナーの講演者が「デラウェア州最高裁判所がAllen裁判官の判決を覆したとしても、Allen裁判官がいつも正しい」というようなこといったのが印象に残っています。Allen裁判官のお話は、時に深淵で難しく、その真意を理解することが難しいことがありましたが、Interco判決の素晴らしさを含めて、今思い出して漸く意味が分かることも多いです。

 ニューヨーク大学でのKahan教授とAllen教授の演習では、Kahan教授に一歩も引かずに議論をされていました。スーツが良く似合い、多弁で、Blackberryを腰に下げていて、多忙な実務家を体現していました。演習の中のAllen先生の言葉で印象的なのは、会社法学で重要なのは、エージェンシー理論と情報の非対称性だと仰っていたことです。私が、エージェンシー理論と情報の非対称性にこだわるのは、この影響が強いように思います。

 私にとって、Allen教授は、とてもチャーミングな方で、いかめしそうな大法官という役職とは無縁な方でした。演習で、Lucian Arye Bebchuk, The Case Against Board Veto in Corporate Takeovers, 69 U. Chi. L. Rev. 973 (2002)を報告した際に、同論文の中に出てきたAllen大法官の「Omnipresent specter that a board may be acting primarily in its own interests」という一文を紹介したのですが、Allen先生は、鼻のしたをこすり、また、胸を張って誇らしげでした。そのコミカルなリアクションのおかげで報告の場がなごみました。また、卒業式のセレモニーで、会社法専攻の学生は、Allen教授に名前を呼ばれるのですが、演習に参加していた私の名前を呼ぶ際に、ウインクしてくれたことを覚えています。卒業後は、ニューヨーク大学のLL.M.を受験する学生を推薦するメールを送るくらいしか関係がありませんでしたが、いつも丁寧なメールを返してくれました。教職についたあとは、そのことを祝福し、「Congratulations This is a wonderful job as you know!」というメッセージを送ってくださいました。

 実務と学問のバランスに配慮し、規範的な議論や法政策に基づく議論をすることが重要であることを教えてくれましたし、今後もAllen教授に学ぶことは多いように思います。ご冥福をお祈りいたします。

via WLRK, Delaware Business Now, Delaware Judiciary, Chancery Daily, Professor Bainbridge, John C. Coffee Jr., Ronald J. Gilson, Jack B. Jacobs, Theodore N. Mirvis and Paul K. Rowe, Leo E. Strine Jr.,

リーマンショック前後のTOPIX

 リーマン・ブラザーズの破綻は,2008年9月15日(日)(米国時間)です。Wikipediaのリーマン・ショックの項目では,「日経平均株価も大暴落を起こし,9月12日(金曜日)の終値は12,214円だったが,10月28日には一時は6,000円台(6,994.90円)まで下落し,1982年(昭和57年)10月以来,26年ぶりの安値を記録した。」と記されています。日本の株価は,翌営業日から暴落したでしょうか。

 調べてみると,翌16日の株価の下落は,約5%に留まっています。しかも,9月24日の終値は,12日の終値の99%で,そこまで指標を戻しています。例えば,この間(例えば,2008年9月15日から9月24日まで)に株価が下落した日本の会社がある場合,その株価下落は,リーマン・ショックと関係があるものといえるでしょうか。

 例えば,もし,その会社がリーマン・ブラザーズと取引関係にあって損失を被るということであれば,株価の下落をリーマン・ショックと結びつけることは適切であるように思います。しかし,会社がリーマン・ブラザーズと取引関係を有しないような場合,日経平均やTOPIXを超える株価の下落が発生したとしても,リーマン・ショックと結びつけて株価が下落したとはいえないように思います。

Business Roundtable, Statement on the Purpose of a Corporation (Aug. 2019)

See also WLRK, WLRK

In re Appraisal of Jarden Corporation

Lowenstein Sandler writes:

By a July 19, 2019 ruling, Vice Chancellor Slights set the fair value of Jarden Corporation at its unaffected market price of $48.31, below the $59.21 per share value of cash and stock that Newell Rubbermaid had paid to acquire it. The court also performed a DCF analysis that corroborated its valuation. The court was critical of the merger process leading up to this deal and questioned the reliability of a merger-price-less-synergies approach given that factor as well as its findings that there was no pre-signing or post-signing market check and the evidence regarding deal synergies and how much, if at all, was received by Jarden, was conflicting and especially difficult to measure.

いわゆるuniversal proxyを用いて委任状勧誘を行い株主側の取締役が会社側の取締役と同時に選任された事例

WSJ:

EQT Corp. and the Rice group of shareholders, led by Toby Rice and Derek Rice, said shareholders at the company’s annual meeting Wednesday elected all seven Rice-nominated directors and five nominees supported by both entities. …

EQT is using a universal ballot for its shareholder vote, setting it up to be one of the few high-profile proxy fights to use such cards, which allow shareholders to pick from both sides’ nominees. Universal ballots can make it more likely a company will lose some board seats to a dissident but less likely they’ll lose a majority of seats.

 

 個人的に興味を持ったのが,会社側の取締役が選任されなかったこととによって株価が上昇したことです(直ぐに元の水準に戻ったようですが)。

The Street:

The stock of natural gas giant EQT Corp. (EQT – Get Report) jumped Wednesday after shareholders handed control of the board to an activist group led by former owners. Shares of the Pittsburgh company rose 2.5% to $16.05 after holders voted to award seven seats on the 12-member board to a group called the Rice Team.

via Pittsburgh Post-Gazette, Bloomberg, Bloomberg, Bloomberg, WSJ, EDGAR, SandRidge