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Dear friends of TOTM: If you’re going to be attending the American Law and Economics Association annual meeting, or if you’ll be otherwise in the neighborhood (Berkeley, that is) on May 5 and 6, there are two must-attend events over the action-packed weekend. The first is the inaugural TOTM happy hour. Join us (Josh and ... ALEA happy hour
From the Antitrust Hotch Potch, a quote from a Microsoft antitrust lawyer referencing the fact that the stripped version of Windows (without the Media Player monopolistically integrated and forced upon consumers to their detriment … ) is being ordered by stores slightly less frequently than the “full” version of Windows, i.e. 1,787 copies versus 35 ... Antitrust Souvenirs?
The WSJ is reporting that the American Gaming Association is relaxing its opposition to online gambling in the wake of several bills proposing to ban Internet gambling.Â The DOJ’s position has been that online gambling, and not just sports gambling, violates the Wire Act though at least one federal district court has disagreed.Â The AGA ... From the Department of "If You Can't Beat 'Em …"
From the ISS Corporate Governance Blog: In another development in the debate over board elections, the executive council of the Corporate Law Section of the Delaware State Bar Association has issued a recommendation on the issue. On April 20, the lawyers’ group endorsed draft legislation to amend the Delaware General Corporation Law to enable shareholders ... Proposed Amendments to Delaware Code to Facilitate Majority Voting for the Election of Directors
GMU Law is hosting an event on Tuesday, May 2nd (at 4pm) entitled “FCC License Auctions: Lessons from a Tumultuous Twelve Years A Conversation with Vernon Smith and David Porter.” Here is the link with more information. This looks very interesting. Email Masha Khazan (mkhazan at gmu.edu) to reserve your spot.
Back in February, I criticized the SEC’s rules regarding how energy companies must disclose their oil reserves in securities filings. My main point was that the conservative way the SEC measures reserves is quite different from the measurement approach the oil companies themselves take when deciding how to invest billions of their own dollars. If ... More on the SEC’s Antiquated Disclosure Rules for Oil Reserves
AFP is reporting that the British government may allow film, television, and stage actors to… brace yourself… smoke in public! Oh…but only if smoking “is integral to the plot or storyline” of the performance at issue. Announcing this little dollop of (potential) legislative grace, a Department of Health spokesman explained: The government is considering providing ... Churchill Sans Cigar?
As I noted in this post, there are a variety of federal securities law claims that could be alleged with respect to option backdating. The case filed against UniteHealth, however, is a derivative suit which indicates it is based on state law claims. I was curious as to what exactly the claims are so I ... UnitedHealth Option Backdating Lawsuit Complaint
I am heading to Harvard tomorrow for a conference, hosted by the Harvard Negotiation Law Review, on the value of case studies and the role of lawyers in deal making. Vic at the Glom has blogged about the conference here. The conference is organized around Vic Fleischer’s case study on the MasterCard IPO, and David ... Case Studies & Empirical Scholarship
SEC Chairman Christopher Cox will be testifying this morning before the Senate Committee on Banking, Housing, and Urban Affairs. The hearing is titled “A Review of Current Securities Issues” and starts at 10:00 a.m. EST. Click here for the live Webcast. I wonder if they’ll ask him about the SEC’s internal controls problems? Update:Â CFO.com ... SEC Chairman testifying before Senate committee this morning
Today’s Heard on the Street column in the W$J reports that utilities are moving away from low-sulfur coal in favor of the dirtier, high-sulfur variety. This might seem odd, given that the Clean Air Act operates on sort of a “ratchet” principle — i.e., when air quality improves, degradation is generally forbidden. One might expect ... Dirty Coal’s Rent-Seeking Pays Off
Under SEC rules, a public company is required to start expensing options commencing with its quarter one 10-Q for its fiscal year beginning after June 15, 2005. This means the time has arrived for public companies with calendar year-ends, and as a result, this month many companies have reported or will be reporting for the ... Option expensing has arrived