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The Rite of Spring: Preparing for the 2016 Proxy Season
In the summer of 1986, one of our firm's senior advisers, Rich Koppes, sat down to lunch in a stately New York restaurant with the corporate secretary of a Fortune 100 company. As the newly minted General Counsel of the California Public Employees Retirement System (CalPER), Rich had been tasked with building up its corporate governance department. He started by contacting the largest companies in CalPERS' portfolio to gauge the current state of engagement, which prompted the lunch. The conversation was friendly, but when asked about how often the board spoke to its institutional investors, the corporate secretary replied, “to be honest, Rich, we just don't think about people like you.”
Oh, how times have changed. Driven by economies of scale and the ever-growing popularity of low-cost mutual funds and index investing, large institutional investors like Blackrock, Vanguard and State Street have become dominant players in the asset management industry. Former SEC Commissioner Luis Aguilar recently noted that a decade into our new century, institutional shareholders now manage over 67% of all public U.S. equities and over 73% of the outstanding equity of the 1,000 largest U.S. corporations.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.