[This might look familiar, since we sent out this email message at this time last year, but lots of folks liked it, so why argue?]
It's a little like Vegas, since folks go there to gamble, too, but instead of a casino bettors hang out in Delaware Chancery Court. And, the players don't keep secrets that stay there, but instead create precedents that affect corporate law and governance across the country.
Two outstanding sources compiled the best and worst wagers (yeah, it's getting old already, didn't start well in the first place, so I'll stop here) from 2011:
Each highlights the most important Delaware Chancery and Supreme Court decisions last year. Pileggi lists a total of 35 important cases, highlighting fiduciary duty (Revlon) and poison pill ones.
Brown identifies the worst five for investors (Massey Energy, Airgas/Yucaipa poison pill cases, Espinoza v. Hewlett Packard on Section 220 demands, Goldman Sachs compensation case, and a non-case, involving a concern over the lack of racial and gender diversity in the Delaware courts), in a series of blog posts. He observes, again, that it was a "bad year" for shareholders.
This is important stuff for all investors, and interesting in its detail to attorneys (of course), investors with Delaware companies in their portfolio, and governance aficionados. Both complement nicely our review of 2011 for activist investors, and our preview of 2012. Pileggi and Brown cover the highlights succinctly and accessibly, and are worth your time.
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