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Cases and Materials on Corporations, Second Edition, 2005

Cases and Materials on Corporations, Second Edition, 2005

Thomas R. Hurst, Professor of Law & Sam T. Dell Research Scholar, University of Florida, Fredric G. Levin College of Law; William A. Gregory, Professor of Law, Georgia State University College of Law


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    Drawing from their extensive teaching experience, Professors Hurst and Gregory have produced a powerful teaching text that quite simply works in the classroom. With an eye to what stimulates learning, and a focus on what future lawyers actually need to know, the authors cut obsolete cases so prevalent in corporations coursebooks and replaced them with decisions relevant to today's corporate practice, while still retaining the essential classics. Class discussions are livelier as a result of the authors' selection of cases on such topics as corporate social responsibility, criminal law, family law, and professional ethics. Cases and Materials on Corporations begins with material vital to the actual practice of law. The authors provide more background on agency and partnership than most corporations books, but also address the key areas of choice of business form, including the newest forms of limited liability companies and limited liability partnerships.

    A Teacher's Manual is available to professors.

    Professors and adjunct professors may request complimentary examination copies of LexisNexis law school publications to consider for class adoption or recommendation. Please identify the book(s) you wish to receive, provide your institutional contact information, and submit your request here.

    This book also is available in a heavily discounted, three-hole punched, alternative loose-leaf version printed on 8 ½ x 11 inch paper with wider margins and with the same pagination as the hardbound book.

    Chapter 1: The Corporation and Other Business Organizations: Choice of Form 1

    A. The Corporation 1

    1. Limited Liability of Investors 1
    2. Centralized Management 1
    3. Free Transferability of Interests 2
    4. The Corporation is a Legal Entity 3

    B. The Close Corporation 4

    C. The Relevance of Taxation in Choice of Business Entity 6

    Chapter 2: Agency Concepts 9

    A. Gay Jenson Farms Co. v. Cargill, Inc. 9

    Notes 15

    Murphy v. Holiday Inns, Inc. 16

    Notes 20

    Lee v. Jenkins Bros. 21

    Notes 27

    Chase v. Consolidated Foods Corp. 27

    Notes 30

    Chapter 3: Sole Proprietorships and Partnerships 31

    A. The Sole Proprietorship

    Credit Associates of Maui, Ltd. v. Carlbom 31

    Notes 34

    B. The Partnership 34

    Martin v. Peyton 35

    Notes 38

    Meinhard v. Salmon 39

    Notes 43

    RNR Investments Limited Partnership v. Peoples First Community Bank 44

    Notes 49

    Moren v. Jax Restaurant 50

    Notes 52

    Bohatch v. Butler & Binion 53

    Notes 59

    Bane v. Ferguson 59

    Notes 62

    Schymanski v. Conventz 63

    Problem 3.1 67

    Fairway Development v. Title Insurance Company of Minnesota 68

    Notes 74

    Note: The LLP and Other Limited Liability Entities 74

    Carol R. Goforth, Limited Liability Partnerships: Does Arkansas Need Another Form of Business Enterprise? 75

    Chapter 4: The Limited Liability Company 81

    I.R.S. Notice 97-1, Obsoletion of Revenue Rulings and Revenue Procedures under TD 8697, Simplification of Entity Classification Regulations (Check the Box) 83

    I.R.S. Notice 95-14, Simplification of Entity Classification Rules 83

    Notes 86

    Meyer v. Oklahoma Alcoholic Beverage Laws Enforcement Commission 86

    Notes 89

    Hagan v. Adams Property Associates, Inc. 90

    Notes 92

    Frontier Traylor Shea, LLC v. Metropolitan Airports Commission 92

    Notes 96

    McConnell v. Hunt Sports Enterprises 97

    Estate of Marlene R. Countryman v. Farmers Cooperative Association 103

    Notes 108

    Bastan v. RJM & Associates, LLC 108

    Notes 111

    Elf Atochem North America, Inc. v. Jaffari 111

    Notes 117

    Five Star Concrete, L.L.C. v. Klink, Inc. 118

    Notes 121

    Chapter 5: Formation, Promoters' Liability, and Defective Incorporation 123

    A. Ethical Problems (and Malpractice) with the Multiple Client 123

    Problem 5.1 123

    B. Where to Incorporate 124

    C. Choice of Law 124

    Yates v. Bridge Trading Co. 125

    Notes 133

    D. The Problem of the Multiple Client 133

    Brennan v. Ruffner 133

    Opdyke v. Kent Liquor Mart, Inc. 136

    Notes 142

    E. Formation and the Process of Incorporation 142

    1. Drafting the Articles of Incorporation 144
    2. The Process of Incorporation 145
    3. Corporate Formalities 146

    F. Securities Law Considerations 146

    Wartzman v. Hightower Productions, Ltd. 147

    Notes 151

    G. Defective Incorporation 152

    American Vending Services, Inc. v. Morse 152

    Notes 161

    Sivers v. R & F Capital Corp. 162

    Equipto Division v. Yarmouth 165

    Notes 167

    Emily Heller, Piedmont Hospital Has Its Name Snatched & Ransomed 168

    H. Promoters Liability 171

    Coopers & Lybrand v. Fox 171

    Notes 173

    Illinois Controls, Inc. v. Langham 173

    Notes 177

    Chapter 6: Piercing the Corporate Veil 179

    Sea-Land Services, Inc. v. The Pepper Source 180

    Notes 185

    Frigidaire Sales Corp. v. Union Properties, Inc. 185

    Notes 188

    In re Silicone Gel Breast Implants Products Liability Litigation 188

    Notes 195

    Walkovszky v. Carlton 196

    Kinney Shoe Corp. v. Polan 201

    Notes 206

    United States v. Bestfoods 207

    Notes 217

    Hill v. Beverly Enterprises-Mississippi, Inc. 218

    Notes 219

    Chapter 7: Special Problems of the Closely Held Corporation 221

    Problem 7.1 222

    A. The Corporate Norms 222

    B. Fiduciary Duties of Shareholders in Closely Held Corporations 222

    Donahue v. Rodd Electrotype Co. 223

    Notes 232

    Nixon v. Blackwell 233

    Ramos v. Estrada 240

    Notes 246

    C. Deviations from the Corporate Norms 247

    Somers v. AAA Temporary Services, Inc. 247

    Notes 250

    D. Allocation of Voting Power: Multiple Classes of Stock, Voting Trusts and Shareholder Agreements 251

    Lehrman v. Cohen 251

    Notes 257

    E. Dissolution and Deadlock 259

    In re Radom & Neidorff 259

    Notes 265

    F. Stock Transfer Restrictions 266

    Lash v. Lash Furniture Co. 266

    Notes 270

    Frandsen v. Jensen-Sundquist Agency, Inc. 271

    Notes 276

    G. Special Problems of Litigation (Direct or Derivative) 276

    Landstrom v. Shaver 277

    Notes 284

    H. Special Problems with Arbitration 284

    Bosworth v. Ehrenreich 285

    Notes 291

    I. Family Law Issues 292

    Retzer v. Retzer 292

    Notes 297

    Chapter 8: Capitalizing the Corporation 299

    A. The Financial Structure of the Corporation: Debt and Equity Securities 299

    1. Equity 299

    Note: Securities Law Considerations 301

    Note: Preemptive Rights 303

    2. Debt Securities 305

    Obre v. Alban Tractor Co. 306

    Notes 308

    In re Fett Roofing and Sheet Metal Co. 309

    Notes 313

    Note: Treatment of Debt as Equity for Tax Purposes 314

    Metropolitan Life Insurance Co. v. RJR Nabisco, Inc. 314

    Notes 329

    B. The Shareholder's Obligation to Pay and Par Value 331

    Hanewald v. Bryan's Inc. 331

    Note: Obligation of Shareholder to Pay for Shares: The Demise of Par Value and Watered Stock 335

    C. Dividends 336

    Dodge v. Ford Motor Co. 336

    Notes 340

    Gottfried v. Gottfried, 340

    Notes 345

    Gabelli & Co. v. Liggett Group, Inc. 346

    Notes 352

    Note: Statutory Controls Governing the Payment of Dividends 352

    Note: Stock Dividends and Stock Splits 354

    Chapter 9: Corporate Governance and the Roles of Officers, Directors, and Shareholders 357

    A. The Roles of Shareholders vs. Directors 357

    Auer v. Dressel 357

    Centaur Partners, IV v. National Intergroup, Inc. 363

    John C. Coffee, Jr., The Bylaw Battlefield: Can Institutions Change the Outcome of Corporate Control Contests? 369

    B. Cumulative Voting 371

    Allen v. Park National Bank 371

    Notes 374

    Note: Classified Boards of Directors 375

    C. Corporate Formalities and Authority of Officers 376

    Stewart Capital Corporation v. Andrus 377

    Notes 380

    Fradkin v. Ernst 381

    Notes 389

    Village of Brown Deer v. City of Milwaukee 390

    Notes 394

    Schmidt v. Farm Credit Services 394

    D. Quorum Requirements 397

    Schoen v. Consumers United Group, Inc. 397

    White v. Thatcher Financial Group, Inc. 400

    Notes 403

    E. Authority of Officers 403

    1. Chairman of the Board 404

    American Express Co. v. Lopez 404

    2. President 405

    Indian Acres Club of Thornburg, Inc. v. Estate of Glover 405

    3. Vice President 407

    Kanavos v. Hancock Bank and Trust Co. 407

    4. Certificate of Secretary 409

    Contel Credit Corp. v. Central Chevrolet, Inc. 409

    5. Treasurer 411

    Ideal Foods, Inc. v. Action Leasing Corp. 411

    F. Corporate Social Responsibility 412

    A.P. Smith Manufacturing. Co. v. Barlow 412

    Notes 417

    Dodge v. Ford Motor Co. 417

    Notes 419

    Kahn v. Sullivan 420

    Notes 430

    Gas Service Co. v. State Corporation Commission of Kansas 430

    Notes 432

    Credit Lyonnais Bank Nederland, NV v. Pathe Communications Corp. 432

    Notes 433

    G. Constituency Statutes 384

    Ronald M. Green, Shareholders as Stakeholders: Changing Metaphors of Corporate Governance 434

    Chapter 10: Management's Duties to the Corporation 437

    A. Directors' Duty of Care 437

    Jordan v. The Earthgrains Companies, Inc. 437

    Notes 441

    Shlensky v. Wrigley 441

    Notes 446

    Smith v. Van Gorkom 447

    Notes 469

    Francis v. United Jersey Bank 472

    Notes 481

    Miller v. American Telephone and Telegraph Co. 482

    Notes 487

    Graham v. Allis-Chalmers Manufacturing Co. 487

    Notes 491

    B. Duty of Loyalty 495

    1. General Principles 495

    Marciano v. Nakash 495

    In re Wheelabrator Technologies, Inc. Shareholders Litigation 500

    Notes 504

    2. Parent-Subsidiary Dealings 504

    Sinclair Oil Corp. v. Levien 504

    Notes 510

    Weinberger v. UOP, Inc. 510

    Notes 525

    C. The Corporate Opportunity Doctrine 529

    Broz v. Cellular Information Systems, Inc. 529

    Northeast Harbor Golf Club, Inc. v. Harris 537

    Notes 545

    Problem 10.1 546

    D. Executive Compensation 546

    In re The Walt Disney Company Derivative Litigation 546

    Notes 560

    In re Healthsouth Corp. Shareholders Litigation 562

    Vides v. Amelio 573

    Notes 584

    E. Corporate Governance 584

    In re Enron Corpation Securities, Derivative & "ERISA" Litigation 585

    In re Arthur Andersen LLP 597

    SEC v. WorldCom, Inc., Restoring Trust Report 605

    Chapter 11: Fraudulent Trading in Shares 611

    A. Rule 10b-5: Insider Trading 611

    1. Common Law Background 611

    Goodwin v. Agassiz 611

    Notes 614

    Securities Exchange Act of 1934 616

    Rule 10b-5: Employment of Manipulative and Deceptive Devices 616

    Rule 10b5-2: Duties of trust or confidence in misappropriation insider trading cases 617

    2. Rule 10b-5 and the Closely Held Corporation 618

    Rissman v. Rissman 618

    3. What Is Material Inside Information? 625

    Basic Inc. v. Levinson 625

    Notes 638

    Note: The 1970s Trilogy of Cases Limiting Rule 10b-5 Actions: Blue Chip Stamps, Hochfelder and Sante Fe 639

    4. The Scope of the Duty to Disclose or Abstain From Trading 640

    Carpenter v. United States 640

    United States v. O'Hagan 645

    Notes 658

    5. Liability of Tippees 660

    Dirks v. Securities and Exchange Commission 660

    Securities and Exchange Commission v. Yun 673

    Note: Statutory Modifications of Rule 10b-5 685

    6. Current Issues 697

    Wright v. Ernst & Young LLP 697

    Notes 702

    United States v. Smith 703

    Notes 712

    Problem 11.1 712

    Broudo v. Dura Pharmaceuticals, Inc. 714

    Notes 722

    The Wharf (Holdings) Limited v. United International Holdings, Inc. 722

    Securities and Exchange Commission v. Zandford 727

    A.F.I.K. Holding SPRL v. Fass 734

    B. Section 16(b): Recovery of Short Swing Profits 745

    Section 16 of the Securities Exchange Act of 1934 745

    Notes 747

    Reliance Electric Co. v. Emerson Electric Co 748

    Kern County Land Co. v. Occidental Petroleum Corp. 751

    C.R.A. Realty Corp. v. Fremont General Corp. 760

    Notes 763

    Egghead.Com, Inc. v. Brookhaven Capital Management Co., Ltd. 763

    Chapter 12: Proxy Regulation and Disclosure 771

    A. Proxy Regulation 771

    Millenco L.P. v. mcVC Draper Fisher Jurvetson Fund I, Inc. 772

    Desaigoudar v. Meyercord 780

    Shaev v. Saper 785

    Seinfeld v. Bartz 795

    Notes 800

    B. Regulation of Communications Among Shareholders 800

    Securities and Exchange Commission 800

    United States v. Matthews 806

    Notes 814

    Royal Business Group, Inc. v. Realist, Inc. 814

    Virginia Bankshares, Inc. v. Sandberg 820

    Notes 834

    New York City Employees' Retirement System v. Securities and Exchange Commission 834

    Securities and Exchange Commission Amendments to Rules on Shareholder Proposals 841

    Long Island Lighting Co. v. Barbash 850

    Rosenfeld v. Fairchild Engine & Airplane Corp. 855

    Notes 863

    Chambers v. Briggs & Stratton Corp. 863

    Notes 870

    MONY Group, Inc. v. Highfields Capital Management, L.P. 871

    Chapter 13: Fundamental Changes 883

    A. Mergers 883

    Omnicare, Inc. v. NCS Healthcare, Inc. 883

    Star Cellular Telephone Co., Inc. v. Baton Rouge CGSA, Inc. 912

    Notes 921

    Code of Laws of South Carolina, Title 33. Corporations, Partnerships and Associations, Chapter 11. Merger and Share Exchange 922

    B. Sale of Assets 923

    Katz v. Bregman 923

    C. De Facto Mergers 926

    Hariton v. Arco Electronics, Inc. 926

    Notes 928

    D. Tender Offers and Leveraged Buy-outs 928

    Unocal Corporation v. Mesa Petroleum Co. 930

    Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc. 939

    Carmody v. Toll Bros., Inc. 950

    Azurite Corp. v. Amster & Co. 962

    Notes 966

    E. Sale of Control 966

    Gerdes v. Reynolds 966

    Notes 975

    Perlman v. Feldmann 975

    Notes 981

    F. Stock Splits 981

    Applebaum v. Avaya, Inc. 981

    Gaddy v. Phelps County Bank 993

    G. Appraisal Remedy 996

    Piemonte v. New Boston Garden Corp. 996

    Notes 1004

    Arnaud v. Stockgrowers State Bank of Ashland, Kansas 1005

    Magner v. One Securities Corporation 1010

    Chapter 14: Derivative Lawsuits 1017

    A. Direct vs. Derivative 1020

    Guenther v. Pacific Telecom, Inc. 1020

    Tooley v. Donaldson, Lufkin & Jenrette, Inc. 1022

    In re eBay, Inc. Shareholders Litigation 1030

    B. The Demand Requirement 1035

    Peller v. Southern Company 1035

    Beam v. Stewart 1041

    C. The Special Litigation Committee 1055

    Zapata Corp. v. Maldonado 1055

    Problem 14.1 1061

    D. Other Procedural Aspects 1062

    1. Intervention 1062

    Felzen v. Andreas 1062

    2. Counsel for the Officers 1065

    Lewis v. Shaffer Stores Co. 1065

    3. Conduct of Plaintiff 1067

    Liken v. Shaffer 1067

    Notes 1069

    4. Corporation as Indispensable Party 1069

    Dean v. Kellogg 1069

    5. Disqualification of Counsel 1072

    Cannon v. U.S. Acoustics Corp. 1072

    6. Attorney Client Privilege 1078

    Garner v. Wolfinbarger 1078

    Problem 14.2 1083

    E. Attorney Fees 1084

    Tandycrafts, Inc. v. Initio Partners 1084

    Notes 1088

    F. Indemnification 1089

    Heffernan v. Pacific Dunlop GNB Corp. 1089

    Waltuch v. Conticommodity Services, Inc. 1094

    Notes 1106

    Fasciana v. Electronic Data Systems Corporation 1106

    In re Landmark Land Co. of Carolina, Inc. 1113

    Ridder v. CityFed Financial Corporation 1127

    Caterpillar, Inc. v. Great American Insurance Company 1129

     

    William A. Gregory


    Thomas R. Hurst


     

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