DOCSLIB.ORG

Unreported Cases

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Unreported Cases Unreported Cases INTRODUCTION UNREPORTED CASES is a continuing feature of THE DELAWARE JOURNAL OF CORPORATE LAW. All unreported cases of a corporate nature that have not been published by a reporter system will be included. The court's opinions are printed in their entirety, exactly as received. To expedite the attorney's research, all cases are headnoted according to the National Reporter key number classification system.* Indices are provided for case names, statutes construed, rules of court, and key number and classifications for this issue. 'The National Reporter key number classification system is used with the permission of the West Publishing Co., St. Paul, Minnesota 55102. DELAWARE JOURNAL OF CORPORATE LAW [Vol. 23 CASE INDEX This Issue Page H.F. AHMANSON & CO. v. GREAT WESTERN FINANCIAL CORP., No. 15,650, ISQUITH v. GREAT WESTERN FINANCIAL CORP., Nos. 15,549, 15,555, 15,556, 15,557, & 15,577 (Del. Ch. June 3, 1997) (revised June 9, 1997). JACOBS, Vice-Chancellor .................. 633 ARVIDA/JMB PARTNERS, L.P. v. VANDERBILT INCOME & GROWTH ASSOCIATES, L.L.C., No. 15,238-NC (Del. Ch. May 23, 1997). BALICK, Vice-Chancellor .... 666 iN RE BALLY'S GRAND DERIVATIVE LITIGATION, No. 14,644 (Cons.) (Del. Ch. June 4, 1997). JACOBS, Vice- Chancellor ................................. 677 BOYER v. WILMINGTON MATERIALS, INC., No. 12,549 (Del. Ch. June 27, 1997). ALLEN, Chancellor ........ 692 CARLTON INVESTMENTS v. TLC BEATRICE INTERNA- TIONAL HOLDINGS, INC., No. 13,950 (Del. Ch. May 30, 1997). ALLEN, Chancellor ................... 712 IN RE CC&F FOX HILL ASSOCIATES LIMITED PARTNER- SHIP, No. 15,430 (Del. Ch. June 12, 1997). CHANDLER, Vice-Chancellor ............................. 750 CINCINNATI SMSA LIMITED PARTNERSHIP v. CINCINNATI BELL CELLULAR SYSTEMS CO., No. 15,388 (Del. Ch. Aug 13, 1997). CHANDLER, Chancellor 760 COOKE v. OOLIE, No. 11,134 (Del. Ch. June 23, 1997). CHANDLER, Vice-Chancellor ..................... 775 INRE FUQUA INDUSTRIES, INC., SHAREHOLDER LITI- GATION, No. 11,974 (Cons.) (Del. Ch. May 13, 1997). CHANDLER, Vice-Chancellor ..................... 802 JOYCE v. CUCCIA, No. 14,953 (Del. Ch. May 14, 1997). JACOBS, Vice-Chancellor ....................... 834 KLANG v. SMITH'S FOOD & DRUG CENTERS, INC., No. 15,012 (Del. Ch. May 13, 1997). CHANDLER, Vice- Chancellor ................................. 855 LINTON v. EVERETT, No. 15,219 (Del. Ch. July 31, 1997). JACOBS, Vice-Chancellor ....................... 886 NOERR v. GREENWOOD, No. 14,320 (Del. Ch. July 16, 1997). JACOBS, Vice-Chcincellor ....................... 905 1998] UNREPORTED CASES 627 TECBNICORP INTERNATIONAL I, INC. v. JOHNSTON, No. 15,084 (Del. Ch. Aug. 22, 1997) (revised Sept 2, 1997). JACOBS, Vice-Chancellor .................. 924 ZAUCHA v. BRODY, No. 15,638-NC (Del. Ch. May 8, 1997). BALICK, Vice-Chancellor ....................... 963 DELAWARE JOURNAL OF CORPORATE LAW [Vol. 23 STATUTES CONSTRUED* This Issue DEL. CODE ANN. tit. 6 § 203 .......... ...... 802 § 203(c)(3)(iv) .......... 802 17-101(11) §211 ......... ...... 633 17-101(12) § 211(b) ....... ...... 633 17-302 .... § 211(c) ....... ...... 633 17-702(a) .. § 220 ......... ...... 924 17-704(a)(1) § 225 ......... ...... 924 17-804 .... § 228 ......... 924, 963 17-1101 ... § 242 ......... 834, 855 § 242(b)(1) ..... ...... 855 § 251 ......... ...... 855 DEL. CODE ANN. tit. 8 § 251(c) ....... ...... 855 102(b)(7) .. ° ° .. .°. ° 141 ...... DEL. CODE ANN. tit. 10 144 ...... ... 775, 802, 144(a)(1) .. .. .° ° . ° .° °. § 3114 ............... 924 152 ...... ° ,. ° . ° .° *. ° 153 ...... ° ° . ° . ,. ° ° . ° . .. 154 ...... ° ° .° . ° . ° ° . o. .. 11 U.S.C.A. 160 ...... .. .° ,. ° °. 160(a) .... ° ,. ° .. ° . ° ° .° § 523(a)(4) ............ 834 170 ...... ° . ° ° ° . ° .° .. ° § 1141(d)(1) ........... 834 172 ...... ° ° . * * ° . ° ° . ° °. *Page reference is to the first page of the case in which the statute or rule is construed. 19981 UNREPORTED CASES RULES OF COURT" This Issue Del. Court of Chancery Rule 9(b) ...................... 834 Del. Court of Chancery Rule 12(b) ..................... 834 Del. Court of Chancery Rule 12(b)(6) ........ 677, 760, 802, 905 Del. Court of Chancery Rule 12(g) ..................... 834 Del. Court of Chancery Rule 12(h) ..................... 834 Del. Court of Chancery Rule 19(a) ..................... 834 Del. Court of Chancery Rule 19(b) ..................... 834 Del. Court of Chancery Rule 23.1 ............... 677, 712, 802 Del. Court of Chancery Rule 56 .................... 760, 775 Del. Court of Chancery Rule 56(b) ...................... 924 Del. Court of Chancery Rule 56(c) ...................... 924 Del. Court of Chancery Rule 56(e) ...................... 775 'Page reference is to the first page of the case in which the statute or rule is construed. DELAWARE JOURNAL OF CORPORATE LAW [Vol. 23 KEY NUMBER INDEX* This Issue ASSIGNMENTS CORPORATIONS 1 ................. 666 38 ................ 855 90 ................ 666 54 ................ 633 57 ............. 633, 775 BANKRUPTCY 98 ................ 886 100 ............... 886 3276.1 ............. 834 105 ............... 886 3531 ............... 834 180 ............... 855 3568(2) ............. 677 182.4 .............. 692 182.4(1) ............ 692 COMPROMISE AND SETTLEMENT 182.4(2) ............ 692 187 ............... 855 23(1) .............. 712 189(12) ............. 692 57 ................ 712 191 ............ 633, 963 72 ................ 712 192 ............ 633, 963 193 ............ 633, 886 CONTRACTS 194 ............... 886 197 ........ 633, 886, 963 143 ............... 633 198 ........ 633, 855, 905 143(1) ............. 666 198(3) .......... 905, 963 143(2) .......... 666, 760 198(4) ................ 802 143.5 ........... 633, 666 201 ............ 633, 963 147(1) .......... 666, 760 206(2) .......... 677, 802 147(2) .......... 666, 760 206(4) ...... 677, 802, 905 150 ............... 666 211(5) .......... 802, 905 152 ............... 760 212 ............ 712, 905 153 ............... 760 213 ..... 633, 712, 802, 963 154 ............... 760 259(7) ............. 886 156 ............... 666 283 ............ 633, 924 159 ............... 760 283(1) .......... 633, 963 162 ............... 760 295 ............... 886 164 ............... 666 297 ............... 692 168 ............... 760 298 ............... 692 169 ............ 666, 760 298(1) ............. 692 175(2) .......... 666, 760 305 ............... 677 175(3) ............. 666 307 ............ 775, 924 *Page reference is to the first page of the case in which the statute or rule is construed. 1998] UNREPORTED CASES 308 ............... 924 DEBT, ACTION OF 308(1) ............. 924 308(5) ............. 886 3.. ............. 309 ............... 855 11 .......... OO 16. 310 ............ 633, 677 ........ *..... 310(1) .. 633, 677, 692, 712, 775, 802, 834, 855, 905, 963 EQUrrY 310(2) .......... 692, 855 312 .................. 802 ............... 760 314.5 .............. 775 315 ........ 775, 834, 963 EVIDENCE 316 ... ............ 802 316(1) . ......... 633, 677 54 ... 633 317 ... ......... 834, 905 55 ... 633 319 ... ......... 775, 924 448 ... 760 320(1) ............ 775 320(4) ............ 775 FEDERAL CIVIL PROCEDURE 320(5) ............ 677 320(6) ............ 677 1837.1 . 320(7) ............ 834 2461 ... 320(10). ............ 886 2470 ... 320(11). 775, 802, 834, 855, 2470.2 886, 905 2470.3 326 ... ............ 855 2470.4 333 ............... 855 2552 ... 372 ............ 775, 886 2533.1 . 373 ... ............ 775 2539 ... 376 ... ............ 855 2554 ... 393 ... ............ 834 426(1) ............. 905 INJUNCION 426(12). ............ 905 582 ... ......... 633, 855 1..... 583 ... ............ 633 5 ..... 9..... COURTS 138.6 138.15 10.......... 138.18 11......... 139 ... 12 ......... 190 ... 12(2.20) ..... 12(2.30) ..... DELAWARE JOURNAL OF CORPORATE LAW [Vol. 23 JUDGMENT 327(6) ............. 750 332 ............... 750 138.18 ............. 633 349 ............... 666 180 .. 775 351 ............... 750 181(1) ............. 775 352 ............... 750 181(2) .......... 692, 775 363 ............... 666 181(4) .... ° ...... 775 376 ............... 750 181(31) 775 ° ............ 185(2) 692 PLEADING ...... ° ..... 185(5) 775 185(6) 775 34(1) .............. 677 185.2(1) 775 ............ 186 .. 775 PRETRIAL PROCEDURE ............. 461(2) 924 .° .......° .... 470 924 621 ............... 834 471 677 622 ............... 834 518 924 624 ........ 677, 760, 802 ..... ° ....... 540 677 626 ............ 802, 834 ............. 634 .............7 677 643 ............... 760 650 924 679 ............ 834, 905 713 .......... ° .. 924 680 ............ 834, 905 713(1) ............. 924 681 ........ 760, 834, 905 803 o..........,.. 924 682 ............... 834 804 .... ° ......... 924 687 ..... 760, 802, 834, 905 689 ..... 760, 802, 834, 905 PARTIES RELEASE 28 ............ 834 33 ............ 834 30 ................... 802 34 ............ 834 38 ................... 802 39 ................... 802 PARTNERSHIP TORTS 70 ................ 666 71 ................ 666 12 ................ 692 79............... 666 121............... 750 225............... 666 259.5............. 750 261............... 750 279................ 750 291 ............... 750 H.F. AHMANSON & CO. v. GREAT WESTERN FINANCIAL CORP. No. 15,650 ISQUITH v. GREAT WESTERN FINANCIAL CORP. Nos. 15,549, 15,555, 15,556, 15,557 & 15,577 Court of Chancery of the State of Delaware,New Castle June 3, 1997 Revised June 9, 1997 Plaintiffs, the shareholders of defendant target corporation and the corporation who sought to conduct a hostile
Load more

Recommended publications
  • Financial Freak Show
    Financial freak show September 15, 2008 – The S&P/TSX Capped Financials Index has not retested its mid- July low of 154. In fact, the index, which tracks Canada’s major financial services companies, closed last Friday at 184, up 19.5% from July’s low. It’s a sign that investors believe that the worst could well be over for the big Canadian banks, most of which have taken sizable writedowns of US subprime mortgage-related debt. A price floor seems to have developed for the financials, and compared with the financial freak show unfolding south of the border, Canadian banks now appear as bastions of financial probity. But that’s no reason to gloat. Most Canadian banks’ balance sheets were fouled with the same sort of junk that’s bedevilling much of the US financial sector just now, but not to the same degree. They cleaned it up in a hurry, but let’s not forget that with one or two exceptions – Scotiabank and Toronto-Dominion Bank leap to mind – Canadian banks fell into the same trap that their US counterparts did. So no kudos for these guys – at least not until they restore shareholder value and demonstrate a return to the principles of solid bank management. On the other hand, the financial drama that continues to unfold in the south 49 has taken on the epic proportions of high Shakespearean tragedy. With much rending of garments and falling on swords the fourth-largest US investment bank, Lehman Brothers Holdings, descended into the banker’s hell of non-confidence last week, as the Korea Development Bank abandoned a possible deal that would have kept Lehman afloat.
    [Show full text]
  • The Rise of Latham & Watkins
    The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A.
    [Show full text]
  • Sovereign Wealth Funds Ending United States Protectionism?
    Sovereign Wealth Funds ending United States protectionism? Explaining the US acceptance of foreign governments’ investments in US financial institutions at the onset of the subprime mortgage crisis Author: Joop Overkamp Student number: S4483774 Degree: Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Master in political science (MSc) Specialization: International Political Economy Supervisor: Dr. T.R. Eimer Faculty: Nijmegen School of Management University: Radboud University, Nijmegen, The Netherlands Date of submission: June 24, 2020 Word count: 21.760 1 Abstract For a long time, the United States of America (US) tried to prevent acquisitions of foreign governments into vital economic sectors. This long-held policy seemed to change during the onset of the subprime mortgage crisis When Sovereign Wealth Funds (SWFs) acted as White knight’s and provided much-needed liquidity for failing US financial institutions. The US government did not intervene in these investments, Which caused politicians to publicly voice their concerns and lengthy congressional hearings. The final governmental response Was to accept investments and enact ‘best practices’ for SWFs and ‘guidelines’ for SWF investment recipient countries at the IMF and OECD level. Which respectively ensured that SWFs do not invest politically, and SWF investment recipient countries do not discriminate betWeen state oWned enterprises or private companies. This research tried to understand this policy decision through the detailed analysis of three policy phases. It finds that neither the Neoclassical Mercantilist nor the Critical Political Economy (CPE) approach can fully explain this decision. Interestingly, a combination betWeen both approaches seems to explain Why the US chooses to proliferate neoliberal policies that do not regulate SWFs directly.
    [Show full text]
  • The Dictionary Legend
    THE DICTIONARY The following list is a compilation of words and phrases that have been taken from a variety of sources that are utilized in the research and following of Street Gangs and Security Threat Groups. The information that is contained here is the most accurate and current that is presently available. If you are a recipient of this book, you are asked to review it and comment on its usefulness. If you have something that you feel should be included, please submit it so it may be added to future updates. Please note: the information here is to be used as an aid in the interpretation of Street Gangs and Security Threat Groups communication. Words and meanings change constantly. Compiled by the Woodman State Jail, Security Threat Group Office, and from information obtained from, but not limited to, the following: a) Texas Attorney General conference, October 1999 and 2003 b) Texas Department of Criminal Justice - Security Threat Group Officers c) California Department of Corrections d) Sacramento Intelligence Unit LEGEND: BOLD TYPE: Term or Phrase being used (Parenthesis): Used to show the possible origin of the term Meaning: Possible interpretation of the term PLEASE USE EXTREME CARE AND CAUTION IN THE DISPLAY AND USE OF THIS BOOK. DO NOT LEAVE IT WHERE IT CAN BE LOCATED, ACCESSED OR UTILIZED BY ANY UNAUTHORIZED PERSON. Revised: 25 August 2004 1 TABLE OF CONTENTS A: Pages 3-9 O: Pages 100-104 B: Pages 10-22 P: Pages 104-114 C: Pages 22-40 Q: Pages 114-115 D: Pages 40-46 R: Pages 115-122 E: Pages 46-51 S: Pages 122-136 F: Pages 51-58 T: Pages 136-146 G: Pages 58-64 U: Pages 146-148 H: Pages 64-70 V: Pages 148-150 I: Pages 70-73 W: Pages 150-155 J: Pages 73-76 X: Page 155 K: Pages 76-80 Y: Pages 155-156 L: Pages 80-87 Z: Page 157 M: Pages 87-96 #s: Pages 157-168 N: Pages 96-100 COMMENTS: When this “Dictionary” was first started, it was done primarily as an aid for the Security Threat Group Officers in the Texas Department of Criminal Justice (TDCJ).
    [Show full text]
  • Takeover Defenses in the United Kingdom
    International Journal of Economics and Business Administration Volume VI, Issue 4, 2018 pp. 105-118 Takeover Defenses in the United Kingdom Isidora Tachmatzidi1 Abstract: The present paper provides a framework of takeover defenses in the United Kingdom and analyzes the role of takeover defenses in the UK that has implemented the EU Takeover Directive in its jurisdiction. There is an analysis of UK hostile takeovers and takeover defenses regulation, along with the case law that formulated it. There is a presentation of takeover defenses involving frustrating actions, such as restructuring defenses, target repurchases, litigation, as well as defensive actions, including strategies such as the defense document strategy, lobbying, seeking alternative bids, profit forecasts. The analysis of takeover defenses in cases of hostile takeovers in the UK market aims to enhance the understanding of their application framework and to provide further insight on the way the structure of the economy influences takeover defenses and vice-versa. It, also, intends to provide feedback for the assessment of economic processes on potential restructuring and normalization in the UK as well as the EU, especially in the light of Brexit that will likely create extensive negotiations on future policy implementation both in the UK and EU. Keywords: Takeover defenses, hostile takeovers, legal framework, economy structure, frustrating actions, defensive actions, restructuring, greenmail, litigation, defense document, lobbying, white knight, white squire, profit forecasts, Brexit. JEL Classification: K20, K22, K23. 1 King’s College London, Law of Laws Master (LLM - International Business Law), e-mail: [email protected] Takeover Defenses in the United Kingdom 106 1. Introduction Takeovers could be divided into two categories; friendly and hostile.
    [Show full text]
  • GGD-88-48FS Securities Regulation
    Y I-ssq / * United States General Accounting Office . Fact Sheet for the Chairman, ‘GAO Subcommittee on Oversight and Investigations, Committee on Energy and Commerce, House of Representatives Marc+ 1988 SECURITIES /I REGULATION Hostile Corporate Takeovers: Synopses of Thirty-Two Attempts . * P ““““,I. ““.“_1-“1”“1 _ __-111 --_I ----- l-“,-l---ll--_-l ---- -~ - --_- ~ --.. -. .--l-llllll ~ ‘km”-“..-_-.---- 1 Inked States General Accounting Offlce Washington, DC 20548 General Government Division B-23041 3 March 4, 1988 The Honorable John D. Ding@11 Chairman, Subcommittee on Oversight and Investigations Committee on Energy and Commerce House of Representatives Dear Mr. Chairman: Your December 16, 1986, letter requested our assistance on several issues relating to developments in the securities markets. This fact sheet provides information on one of the issues, hostile corporate takeovers. Specifically, as agreed with the Subcommittee on January 11, 1988, we are summarizing information on 32 takeover contests initiated in calendar year 1985. Appendix I identifies the target and bidding companies involved and the result of each contest. In order to obtain information on specific aspects of the hostile corporate takeover process, we selected those takeover attempts involving nonfinancial target companies in which bidding companies filed tender offers with the Securities and Exchange Commission (SEC) in calendar year 1985. We excluded takeover attempts involving banks and other financial institutions because these entities are subject to different regulatory requirements. The SEC filings from which we obtained most of the information are the Tender Offer Statement (Schedule 14D-1) , the Beneficial Ownership Statement (Schedule 13D), and the Solicitation/Recommendation Statement-Tender Offer (Schedule 14D-9).
    [Show full text]
  • European M&A and Corporate Governance Hot Topics
    European M&A and Corporate Governance Hot Topics Quarterly Update (June 2020) In this issue: 1. Public M&A: Key Precautionary Defenses in the COVID-19 Environment 2. The Boards’ Duties in a Hostile Takeover in Germany 3. UK Competition and Markets Authority Asserts Jurisdiction over Mergers with No Real Link to the UK 4. French AMF Proposes New Measures Concerning Shareholder Activism 1. Public M&A: Key Precautionary Defenses in the COVID-19 Environment Background. Market valuations are currently depressed in sectors that have been adversely affected by the COVID-19 pandemic. As occurred during the 2008 financial crisis, some European-listed companies are examining defensive measures to seek protection against opportunistic unsolicited bidders or corporate raiders who may take advantage of current depressed share prices. Although the range of defensive measures could be extensive, in some European jurisdictions, issuers have recently focused on certain preventive actions, including (i) private investments in public equity, or “PIPE,” transactions, (ii) rights plans (or “poison pills”) and (iii) caps on voting rights exercisable at the general meeting. In addition, the recent strengthening of foreign investment screening regimes by several European governments may act as an effective shield against some non-domestic bidders and activist investors. Trends. While during the first few weeks of the COVID-19 outbreak issuers and PE firms were more focused on closing transactions that had already signed (or even terminating or renegotiating transactions), as well as on internal and operational/liquidity issues for existing businesses, it is now likely that potential bidders could begin looking at European targets that have become more affordable.
    [Show full text]
  • White Knights and the Corporate Governance of Hostile Takeovers
    TI 2008-118/2 Tinbergen Institute Discussion Paper White Knights and the Corporate Governance of Hostile Takeovers Riccardo Calcagno1 Sonia Falconieri2 1 VU University Amsterdam, and Tinbergen Institute; 2 Brunel University. Tinbergen Institute The Tinbergen Institute is the institute for economic research of the Erasmus Universiteit Rotterdam, Universiteit van Amsterdam, and Vrije Universiteit Amsterdam. Tinbergen Institute Amsterdam Roetersstraat 31 1018 WB Amsterdam The Netherlands Tel.: +31(0)20 551 3500 Fax: +31(0)20 551 3555 Tinbergen Institute Rotterdam Burg. Oudlaan 50 3062 PA Rotterdam The Netherlands Tel.: +31(0)10 408 8900 Fax: +31(0)10 408 9031 Most TI discussion papers can be downloaded at http://www.tinbergen.nl. White knights and the corporate governance of hostile takeovers∗ Riccardo Calcagno† Sonia Falconieri‡ December 12, 2008 Abstract We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead blockholder of the target firm (the incumbent). We assume that the incumbent has the power to bargain with the potential bidders to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest despite the smaller value of its synergies as compared to those of the hostile bidder. The paper provides a new explanation for the reason why we observe so few hostile takeovers in reality; moreover, it sheds some light on the effectiveness of white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate control. ∗We would like to thank Vasso Ioannidou, Maria Fabiana Penas and Paul Sengmueller for their useful comments, as well as the seminar participants at the University of Groningen and the University of Tilburg.
    [Show full text]
  • NYS Register/July 1, 2015 Action Pending Index
    NYS Register/July 1, 2015 Action Pending Index ACTION PENDING INDEX The action pending index is a list of all proposed rules which are in the action pending index, use the identification number to currently being considered for adoption. A proposed rule is locate the text of the original notice of proposed rule making. added to the index when the notice of proposed rule making is The identification number contains a code which identifies the first published in the Register. A proposed rule is removed from agency, the issue of the Register in which the notice was printed, the index when any of the following occur: (1) the proposal is the year in which the notice was printed and the notice's serial adopted as a permanent rule; (2) the proposal is rejected and number. The following diagram shows how to read identification withdrawn from consideration; or (3) the proposal's notice number codes. expires. Most notices expire in approximately 12 months if the agency Agency Issue Year Serial Action does not adopt or reject the proposal within that time. The expiration date is printed in the second column of the action code number published number Code pending index. Some notices, however, never expire. Those no- AAM 01 12 00001 P tices are identified by the word “exempt” in the second column. Actions pending for one year or more are preceded by an Action codes: P — proposed rule making; EP — emergency and asterisk(*). proposed rule making (expiration date refers to proposed rule); For additional information concerning any of the proposals listed RP — revised rule making Agency I.D.
    [Show full text]
  • Financial Crisis Inquiry Commission Releases Additional Material and Concludes Work
    For Immediate Release Contacts: February 10, 2011 Tucker Warren, 202-292-1346 [email protected] After February 11, 2011 Emily Lenzner, 202-464-6914 [email protected] Susan Baltake, 856-354-9382 [email protected] Financial Crisis Inquiry Commission Releases Additional Material and Concludes Work (Washington, DC) – The Financial Crisis Inquiry Commission announced today the release of significant new material on its website (www.fcic.gov). As the Commission prepares to close its doors on February 13, 2011, it is making available to the public an unprecedented amount of information including nearly 2,000 documents and more than 300 witness interviews in audio, transcript or summary form (213 of these have been posted as of today with the balance to be placed on the website by February 13). Also included in the newly released content are data compiled by the Commission staff used to inform the Commission’s inquiry and an interactive timeline of the crisis. These new materials along with the Commission’s report create a written and oral history of this financial and economic crisis available for public review for years to come. Since the release of the Commission’s final report on January 27, 2011, the Commission’s website – which offers a free downloadable version of the report and accompanying dissents as well as print and eBook versions offered by PublicAffairs and the Government Printing Office – has had more than 350,000 unique visitors and more than 750,000 page visits. The Commission’s report, delivered to the President, Congress and the American people contains the data and evidence collected in the Commission’s inquiry, the conclusions of the Commission based on that inquiry, and accompanying dissents.
    [Show full text]
  • Chronology of the Financial Crisis
    Chronology of the Financial Crisis USA – Europe – Switzerland I. Until May 2007: US Subprime- Crisis Home sales in the USA plunge and house prices decline. Because of the drastic rise of the interest rate the subprime mortgage industry collapses. As a result thereof house prices decrease further spreading the problems relating to the subprime mortgage market to near-prime and prime mortgage markets. The crisis began to affect the financial sector in February, when HSBC wrote down its holdings of subprime-related MBS by $10.5 billion, the first major subprime related loss to be reported. 1 Source: funnytimes 1. USA June 2003 Greenspan lowers Fed’s key rate to 1%, the lowest in 45 years. (UIOWA | original source: Bloomberg) Between 2004 and 2006: Money Gets Expensive US interest rates rise from 1% to 5.35%, triggering a slowdown in the US housing market. Homeowners, many of whom could only barely afford their mortgage payments when interest rates were low, begin to default on their mortgages. Default rates on sub-prime loans - high risk loans to clients with poor or no credit histories - rise to record levels. The impact of these defaults were felt across the financial system as many of the mortgages had been bundled up and sold on to banks and investors. (BBC NEWS) Lenders make $640 billion in subprime loans: 20% of all mortgage lending was subprime. (UIOWA| original source: CNN) May 2006: The subprime crisis claims its first victim May 5, 2006 Possibly the first casualty of the looming subprime crisis, Kirkland, Washington based Merit Financial Inc.
    [Show full text]
  • Capitalization in the Nineties Glenn R
    College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 1999 Capitalization in the Nineties Glenn R. Carrington Repository Citation Carrington, Glenn R., "Capitalization in the Nineties" (1999). William & Mary Annual Tax Conference. 376. https://scholarship.law.wm.edu/tax/376 Copyright c 1999 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/tax CAPITALIZATION IN THE NINETIES Glenn R. Carrington ArthurAndersen LLP SYNOPSIS § 1.01 Introduction § 1.02 The Indopco Decision [11 Facts [21 The Lower Court Decisions [3] The Supreme Court Decision [a] ClearReflection [b] Capitalizationis the Norm [c] "Separateand Distinct" Test [d] "FutureBenetit" Test [4i Confusing Points of the Supreme Court'sAnalysis [a] Clear Reflection [b] Capitalizationis the Norm [c] Separate and DistinctAsset [d] Future Benefit § 1.03 Progeny of Indopco [11 Hostile Takeover Expenses [a] Priorto the Indopco Tax CourtDecision. [b] After the Indopco Tax Court Decision. [c] After the Indopco Third Circuit Decision. [d] Cases subsequent to the Indopco Supreme Court Decision. [i] Unsuccessful Defenses Against Hostile Takeovers [ii] Costs Associated with a White Knight [iii] Redemptions of Stock [iv] Pac-Man Defense [v] Poison Pills [vii Abandoned Transactions [2i Friendly Takeover Costs [a] In General [b] Target Corporation'sExpenses [i] Norwest Corporationv. Commissioner [iii Victory Markets v. Commissioner [iiii Payments to Terminate Unexercised Stock Options a. In General b. Premium Payments to Terminate Unexercised Options [iv] Golden Parachutes [c] Acquiring Corporation'sExpenses [i] In General [ii] Bifurcation of Cost Between Investigatory and Facilitative a.
    [Show full text]