We previously wrote here about a recent complaint filed in the Delaware Court
of Chancery in connection with allegations that David Sokol, a member of
Warren Buffett's inner circle at Berkshire Hathaway, profitted
personally from what might be considered a corporate opportunity. Today,
Professor Stephen Bainbridge, a highly reputed corporate scholar, writes here about a new report from Berkshire's audit
committee that, in essence, throws Sokol under the proverbial bus. The good
professor's analysis of the Delaware corporate law issues involved, and links
to his prior insights, e.g., here, are of great value to those interested in this topic.
Reuters has a story about it here in which they quote yours truly.
UPDATE: The famous
Professor Bainbridge kindly agrees with my quote from Reuters, as posted
on his blog here.
Supplement: Professor Brian
J.M. Quinn on his M & A Law Prof Blog here adds his insightful analysis in this matter.
Prof. Steven Davidoff as the DealProfessor on the DealBook
blog, provides advice to Sokol here.
Read more Delaware business
litigation case summaries and commentary on Delaware
Corporate and Commercial Litigation Blog, a blog hosted by Francis G.X.
Pileggi, of Fox Rothschild LLP.
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