Readers of this blog will know that I've been censorious of California's Revised Uniform Limited Liability Company Act (CARULLCA), Corporations Code §§ 17701.01 - 17713.13. The Partnership and Limited Liability Companies Committee of the Business...
Recent Posts
Yesterday was the last day for Governor Brown to sign or veto bills passed by the Legislature on or before September 11 and in the his possession after that date. Cal. Const. Art. IV, § 10(b)(1). On Saturday, he signed into law a bill that will...
In an Op-Ed published yesterday by The Wall Street Journal, MIT Senior Lecturer Robert Pozen and Harvard Law School Professor Mark J. Roe argue for the retention of quarterly earnings reports with some modifications. They would replace the first and...
California Court of Appeal Justice William W. Bedsworth writes the popular syndicated column "A Criminal Waste of Space". In this month's column, Justice Bedsworth expounds on the highly improbable case of a man who purchased a Pick-9 ticket at the...
A few years ago, I participated in the drafting of California's Flexible Purpose Corporation Act, Cal. Corp. Code § 2500 et seq. In 2014, the legislature changed the name to "Social Purpose Corporations Act". SB 1301 (DeSaulnier). The purpose of the...
The U.S. Supreme Court's denial of review in U.S. v. Newman, 773 F.3d 438 (2014) yesterday inspired the following very short tale:
In July 2010, Congress ordered the Securities and Exchange Commission to adopt a resource extraction rule within 270 days (i.e., by April 17, 2011). The SEC missed that deadline by 1 year, 4 months and 2 days (or a total of 490 days). In 2013,...
Yesterday, UCLA Law School Professor Stephen Bainbridge noted the publication of a recent study that reaches some devastating conclusions for public pension funds. The study by Professor Tracie Woidtke at the University of Tennessee found that...
I have frequently commented on the fact that many so-called "investor protections" have the unintended consequence of increasing the risk of investor losses. One example is limitations on resales. An illiquid security presents greater risk than a...
