Delaware’s Top Five Worst Shareholder Decisions for 2009 (Introduction)

by J. Robert Brown, for The Race to the Bottom, December 31, 2009.

Its that time of year when we go back over the last twelve months and point out the decisions rendered by the various Delaware courts that were the most disadvantagous to shareholders.  We did this for 2007 and 2008.  We do not look for decisions where shareholders simply lost.  We look for decisions where the courts applied suspect reasoning that reflected a judicial predilection against shareholders and in favor of management.

In 2009, the choice for the top 5 worst decisions was difficult to narrow.  This was a year where the courts all but eliminated any ability to review decisions by the board to reject resignation letters when directors failed to received sufficient support under a majority vote provision…(continue reading)

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