Prof. Alan Palmiter
MATERIA QUICK ACCESS-------------------------------------------------------------------I. Corporation Fundamentals------------------------------------------------------------------- A. Introduction B. Economics of the Firm C. Law of Corporations D.1. The First Amendment D.2. Internal Affairs E.1 Charitable Giving E.2. Social Responsibility-------------------------------------------------------------------II. Incorporation------------------------------------------------------------------- A. Choice of Organizational Form B.1. Process of Incorporation B.2. Defective Incorporation B.3. State of Incorporation-------------------------------------------------------------------III. Corporate Financing------------------------------------------------------------------- A. Financial Accounting B. Valuing the Corporation C.1. Capitalizing the Business C.2. Regulation of Legal Capital C.3. Corporate Dividend Policy D. Regulation of Securities Issuance E.1. Overview and Tort Creditors E.2. Contract Creditors E.3. Parent-Subsidiary Dealings E.4. Alternatives-------------------------------------------------------------------IV. Corporate Governance------------------------------------------------------------------- A.1. Corporate Agents & Board Action A.2. Voting and Veto Rights A.3. Shareholders' Power to Initiate A.4. Shareholders' Right of Inspection B.1. Theories of the Firm B.2. Dynamics of Shareholder Voting B.3. Federal Proxy Regulation B.4. Institutional Investors B.5. Shareholder Proposals C.1. How the Board Works C.2. Do Independant Directors Matter?-------------------------------------------------------------------V. Corporate Duties------------------------------------------------------------------- A.1. Standard of Care A.2.a. Smith v. Van Gorkom A.2.b. Due Care & Business Judgment Rule A.3.a. Statutory Exculpation A.3.b. Indemification and Insurance B.1. Common Law & Statutory Standards B.2. Entire Fairness (Statutory Reforms) B.3. Executive Compensation B.4. Corporate Opportunities C.1. Dealings with Subsidiaries C.2.a. Standard of Review C.2.b. Fair Price and Fair Price D.1. Implied Action / Materiality D.2. Causation and Fiduciary Duty D.3. Virginai Bankshares D.4. State Disclosure Requirements E.1. Policy Objectives E.2. Shareholders Standing E.3.a. Demand on Directors E.3.b. Terminating Derivative Suits E.4.a. Settlement and Attorney Fees E.4.b. Counsel's Role-------------------------------------------------------------------VI. Shareholder Liquidity------------------------------------------------------------------- A.1. Duties to Disclose A.2. Securities Fraud: Rule 10b-5 B.1. Introduction B.2. Common Law B.3.a. Scope B.3.b. Duty to "Abstain or Disclose" B.3.c. Misappropriation C.1. Duties in Control Transactions C.2. Sharing Control Premium D.1. Introduction D.2.a. Review Standard: BJR or Loyalty? D.2.b. Intermediate Review D.2.c. Changes in Control: Auctions D.2.d. Strategic Transactions D.2.e. Two-Step Transactions D.2.f. Shark Repellants-------------------------------------------------------------------VII. Close Corporation------------------------------------------------------------------- A.1. Restrictions on Shareholder Voting A.2. Limits on Board Discretion B. Contractual Liquidity Rights C.1. Fiduciary Duties C.2. Statutory Remedies
