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Betting against the market on lawsuits
Ted Frank’s making a big play on Wal-Mart. He’s very confident that Wal-Mart v. Dukes will result in a reversal of the class certification in the enormous multi-billion dollar class action against it. But the things that make me confident in that result—the briefs, the tenor of the oral argument, the language in AT&T Mobility ... Betting against the market on lawsuits
California regulation
PoL tips a Mercury News story about California regulation: Carl’s Jr. is halting expansion in California and moving its headquarters to Texas. The California permitting process can take up to two years; combined with other regulations, it costs an extra $250,000 more to open a restaurant in California than in Texas. Some details from the ... California regulation
Gretchen Morgenson’s latest scandal
Gretchen Morgenson (with Louise Story), in today’s front-page NYT “newsatorial” reports on and complains about the fact that the SEC’s civil case against Goldman’s Fabrice Tourre (“Fabulous Fab”) in connection with the Abacus deal has not been accompanied by other civil and criminal prosecutions. The story notes that Tourre worked closely with others at Goldman ... Gretchen Morgenson’s latest scandal
Sprint’s (Ironic?) Campaign for Competition
Sprint, perhaps the most vigorous opponent of the proposed AT&T/T-Mobile merger, has been extolling the values of competition lately. Last Thursday and again today, the company ran full-page ads in the Wall Street Journal featuring the following text (which was apparently penned by Helen Steiner Rice): Competition is everything. Competition is the steady hand at our back, pushing ... Sprint’s (Ironic?) Campaign for Competition
WAPO Concludes that Vertical Efficiencies Trump Horizontal Market Power
A Washington Post editorial last week reached the surprising conclusion that a series of vertical and horizontal acquisitions that led to a firm owning about 40% of the gas stations in the District of Columbia was procompetitive. The editorial apparently concluded that the vertical integration efficiencies were more important than the adverse horizontal effects. The ... WAPO Concludes that Vertical Efficiencies Trump Horizontal Market Power
House Hearing on the AT&T / T-Mobile Merger
As I mentioned previously, I testified at Thursday’s hearing on the AT&T / T-Mobile merger. My written testimony is available here. Links to the testimony from other witnesses are available at the link above. I’ll post transcripts when they become available; same with the video link should one become available (I’m not aware of one ... House Hearing on the AT&T / T-Mobile Merger
More on federalism and immigration
I recently discussed the Supreme Court’s latest decision not to preempt an Arizona law imposing tough sanctions on firms that employ illegal aliens. I concluded it was a close case but that there was a policy argument for the Court’s result based on Erin O’Connor and my theory of regulatory coordination. Employment laws like Arizona’s ... More on federalism and immigration
Licensing witches
From the NYT, via MR, comes the latest licensing news: Salem witches are complaining that relaxing the limit on witches’ licenses has led to an oversupply of this ancient profession. One witch, a former accountant, says “It’s like little ants running all over the place, trying to get a buck. Many of them are not ... Licensing witches
The uncorporate solution to corporate cash hoarding
Jason Zweig wrote Saturday in the WSJ about how companies are hoarding their cash. Microsoft, Cisco, Google, Apple and J & J “added $15 billion in cash and marketable securities to their balance sheets. Microsoft alone packed away roughly $9 billion, or $100 million a day. All told, the companies in the Standard & Poor’s ... The uncorporate solution to corporate cash hoarding
Immigration, preemption and regulatory coordination
The Supreme Court has issued yet another preemption opinion in Chamber of Commerce v. Whiting. The federal Immigration Reform and Control Act makes it unlawful to employ a known unauthorized alien and preempts state sanctions “other than through licensing and similar laws.” The majority held this didn’t preempt Arizona’s broad definition of license to include such ... Immigration, preemption and regulatory coordination
Nevada and the market for corporate law
I’m just catching up with this Board Member article about Delaware’s new competitor, Nevada. It notes that Nevada’s share of the out-of-state incorporation market rose from 4.6% in 2000 to 6% in 2007. Part of this may be due to lower fees than Delaware. But that can’t be the full explanation because all states are ... Nevada and the market for corporate law
From bankruptcy practice to claims trading
Am Law Daily reports (HT Dealbook) that a top Weil Gotshal bankruptcy partner left to join Claims Recovery Group LLC, which trades distressed claims against bankrupt entities. CRG’s website says that it offers creditors holding claims against bankrupt entities an opportunity to receive cash for their claims without the time and expense associated with a lengthy ... From bankruptcy practice to claims trading
