Legitimate Transfer of Corporate Control: A Paradigmatic Study of the Custodial Concept, The
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Authors
Lewis, Gregory Alan
Issue Date
1980
Volume
13
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|Indisputably the corporation is a master instrument of the American economy. Omnipresent in the business world is the corporate form, with the 200 largest corporations controlling nearly two-thirds of the nation's manufacturing assets. Because corporate activity both profoundly affects the economy and reflects industry's morality, the control of corporate entities is the single most important corporate phenomenon.|With the emergence of the widely-held corporation permitting control by an individual or small group owning little or no stock, there came closer judicial oversight of corporate activity: fiduciary duties, minority rights, and securities regulation. Ironically, however, corporation law never adequately surrounded the phenomenon of corporate control. Without a guiding definition or philosophy of control, courts are left in a quandary concerning the sale of control. Will the corporate future be secure under the direction of the purchaser of control? Can control be sold? Is a premium intrinsically illegitimate? If the premium is illicit how can control be transferred legitimately?...
Description
Citation
13 Creighton L. Rev. 463 (1979-1980)
Publisher
Creighton University School of Law