Journal article
SYMPOSIUM ON THE SEVENTH CIRCUIT AS A COMMERCIAL COURT: THE SEVENTH CIRCUIT AND THE MARKET FOR CORPORATE CONTROL
Chicago-Kent Law Review, Vol.65, pp.681-919
01 Jan 1989
Abstract
I. INTRODUCTION Corporate America will remember the 1980s as a decade of guerilla warfare fueled by junk bonds and other financial innovations, as an era when even the largest corporate giants found themselves vulnerable to attack. The battles were fought in equal measure on the floors of the nation's securities exchanges and in the courtrooms of America, as raiders and targets alike cast about for any measure that would shift the balance of power between them. While the market determined the fiscal desirability of these new financial devices, the courts were constantly conscripted to adjudicate the legitimacy of the multitude of legal devices -- both the self-help and the legislative measures -- that became so central to the ongoing conflict. Not surprisingly given its major commercial centers and its Rust Belt location, the Seventh Circuit has been a frequent, important player in those courtroom skirmishes. This article explores five crucial Seventh Circuit takeover opinions: MITE Corp. v. Dixon; 1 Panter v. Marshall Field & Co.; 2 Dynamics Corp. of America v. CTS Corp. (CTS1); 3 Dynamics Corp. of America v. CTS Corp. (CTS II); 4 and Amanda Acquisition Corp. v. Universal Foods Corp. 5 As the earlier Seventh Circuit opinions demonstrate, the debate over the legitimacy of target management behavior was characterized at the outset of the 1980s by traditional constitutional and corporate doctrinal analysis. With the passage of time, however, the debate was dramatically refocused by an infusion of economic analysis. With Judges Easterbrook and Posner -- two leading ...
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Details
- Title
- SYMPOSIUM ON THE SEVENTH CIRCUIT AS A COMMERCIAL COURT: THE SEVENTH CIRCUIT AND THE MARKET FOR CORPORATE CONTROL
- Creators
- DENNIS HonabachROGER Dennis
- Publication Details
- Chicago-Kent Law Review, Vol.65, pp.681-919
- Publisher
- Chicago-Kent College of Law
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Thomas R. Kline School of Law
- Identifiers
- 991021870308704721