Keith Paul Bishop

Keith Paul Bishop

Allen Matkins Leck Gamble Mallory & Natsis LLP

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Substantial, Systematic, And Continuous Contacts Do Not Establish General Jurisdiction

California courts may exercise personal jurisdiction over nonresidents “on any basis not inconsistent with the Constitution of this state or of the United States”. Code Civ. Proc. § 410.10. Seventy years ago, Chief Justice...more

3/31/2015

District Court Refuses To Halt SEC Administrative Proceedings

While serving as General Counsel to California’s Business, Transportation & Housing Agency, I was from time to time asked to respond to ersatz summons and other documents issued by “Our One Supreme Court”. Given that these...more

3/30/2015 - Administrative Hearings Bebo v SEC Enforcement Actions SEC

Did The Judge’s Ruling Truly Decimate The Defendant’s Contention?

Yesterday’s post concerned Justice M. Kathleen Butz’ recent holding in Yee v. Am. Nat’l Ins. Co., 2015 Cal. App. LEXIS 257 (Cal. Ct. App. 2015).  The case involved the California Controller’s attempt to examine the records of...more

3/26/2015 - Audits Books & Records Insurers

Controller Must Still “Look To Find A Reason To Believe”

Last month, I wrote about reports that the SEC is seeking years of employment agreements, nondisclosure agreements and other documents in an effort to ferret out possible restraints on whistleblowers. See Is Anything Fishy...more

3/25/2015 - Insurance Industry Life Insurance Standard of Review Unclaimed Property

Should The SEC Adopt Governance Principles (For Itself)?

When I served as Commissioner of Corporations for the State of California, I was sometimes asked about the other Commissioners.  However, I never concerned myself with the “other Commissioners” because there were no other...more

3/24/2015 - Corporate Governance Governance Standards Legal History SEC

Section 25501.5 – I Ask Again What Do It Mean?

Corporations Code Section 25501.5 generally authorizes an action for rescission (or damages, if the security is no longer owned) by any person “who purchases a security from or sells a security to a broker-dealer that is...more

3/23/2015 - Broker-Dealer Privity of Contract Rescission

Will FAA Give Wings To Arbitration Bylaws?

In January, I discussed the Court of Appeal’s decision in Cobb v. Ironwood Country Club, 233 Cal. App. 4th 960 (Cal. App. 4th Dist. 2015). I found the case interesting because the Court applied a contract law analysis to an...more

3/20/2015 - Arbitration Bylaws Federal Arbitration Act Ironwood Country Club

California Bar Committee Publishes Venture Capital Sample Opinion

The Opinions Committee of the Business Law Section of the California State Bar recently published a sample opinion for venture capital financing transactions. In a sad testament to the lowly status of the California General...more

3/19/2015 - Bar Associations Legal Opinion Venture Capital

California Supreme Court Decides To Admit Chinese Immigrant After All

I’ve taken a special interest in following the case of Hong Yen Chang (no known relation to my son-in-law).  Mr. Chang arrived in the U.S. in 1872 and graduated from Yale and then Columbia Law School.  ...more

3/18/2015 - CA Supreme Court China Foreign Nationals Immigration

Court Decides Dissolved Corporation “Still Exists”

Some may view dissolution as the final curtain for a corporation and its shareholders.  But unlike mere mortals, a corporation does not strut and fret its hour upon the stage and then is heard no more....more

3/17/2015 - Corporate Dissolution Dissolution Jurisdiction

Magna Carta Friday: A Definitive Article About A Definite Article

In English, we have two articles – “the” is the definite article and “a/an” is the indefinite article.  Latin, on the other hand, lacks articles, definite or indefinite.   Indeed, the great first century Roman rhetorician...more

3/13/2015 - Legal Writing Magna Carta

DBO Warns Victims Not To Be Victimized Twice

The DBO has become aware that past investors in Leland Energy are being solicited by a purported New York State-licensed attorney claiming to have been hired by the State of California to contact them regarding $6.5 million...more

3/12/2015 - Department of Business Oversight Investors Leland Energy Scams Settlement

Is The SEC’s Notice Of Internet Availability Of Proxy Materials Form Gender Biased?

The idea that men won’t ask for directions is a staple of many jokes.  I don’t know whether this is fact or urban myth.  However, a few years back the Princeton University Press published an entire book on the subject. ...more

3/11/2015 - Internet Proxy Materials SEC

What, If Anything, Is The Attorney General’s Office Hiding?

In January, I decided to update an earlier post regarding the number of calls made to the California Attorney General’s hotline mandated by Labor Code Section 1102.7. A few years earlier, I had published these data for the...more

3/10/2015 - Attorney Generals Confidentiality Public Disclosure Whistleblower Hotlines

I understand Chair, Chairperson, Chairman and Chairwoman But Not Chairwomen of the Board

In February, I posted this little rumination on the origin of the term “chairman”. Then I came across SB 351 introduced late last month by the California Senate Committee on Banking and Financial Institutions. Currently...more

3/9/2015 - Board of Directors Corporations Code Legislative Committees

Oxfam America Argues SEC Has “Unlawfully Withheld And Unreasonably Delayed” Resource Extraction Rule

I’ve often wished that my legal acumen could be judged by the same standard as professional baseball players. If that were the case, I could be wrong nearly 60% of the time and yet be considered one of the greatest legal...more

3/6/2015 - Conflict Mineral Rules Disclosure Requirements Form 10-K Oxfam Oxfam America SEC

Bill Would Authorize Payments For Commercial Loan Referrals

California State Senator Marty Block has introduced a bill, SB 197, that would authorize a licensed finance lender to compensate an unlicensed person or company in connection with the referral of one or more prospective...more

3/5/2015 - Client Referrals Commercial Loans Finance Lenders Licensing Rules Proposed Legislation

Are LLC Interests Securities in California?

Does California consider membership interests in a limited liability company to be securities? There are two correct answers to this question – yes and no. As I discussed a few years back, the California Corporate Securities...more

3/4/2015 - Corporations Code Limited Liability Companies Membership Interest Securities

Does Former Officer Have An Obligation To Turn Over Whistleblower Award?

Monday, the Securities and Exchange Commission announced “a whistleblower award payout between $475,000 and $575,000 to a former company officer who reported original, high-quality information about a securities fraud that...more

3/3/2015 - Corporate Officers Enforcement Actions Popular Sanctions SEC Whistleblower Awards Whistleblowers

Broad Coalition Delivers Blunt Rebuke To SEC Chairman

Last month, I wrote that the SEC’s about face in responding to the no-action letter request of Whole Foods Market, Inc. “clearly wasn’t the SEC’s finest hour.” Several days later, a coalition of some 17 different...more

3/2/2015 - Mary Jo White No-Action Letters Proxy Season SEC Whole Foods

Is Anything Fishy With The SEC’s Whistleblower Inquiries?

Yesterday, Rachel Louise Ensign of The Wall Street Journal wrote that the SEC recently sent letters “to a number of companies asking for years of nondisclosure agreements, employment contracts and other documents”.  According...more

2/27/2015 - Dodd-Frank Employment Contract Enforcement SEC Subpoenas

Finders Bill Was Lost, But Now Is Found

In the last legislative biennium, the Corporations Committee of the Business Law Section of the California State Bar sponsored a bill, AB 713 (Wagner) to clarify the status of finders under the California Corporate Securities...more

2/26/2015 - Broker-Dealer Brokers Corporations Code Proposed Legislation

The “Long Arm” Of Section 2115 May Be Shorter Than Some Believe

Recently, I came across a prospectus that included a description of California Corporations Code Section 2115 under the caption “Description of Capital Stock”. The description began...more

2/25/2015 - Foreign Corporations Prospectus Stocks

To Conjoin Or Not To Conjoin – California Sometimes Gets It Wrong

This is as an easy mistake to make. I say so because I’ve made it more than once. The name of the landmark Depression era legislation regulating our national securities markets is the Securities Exchange Act of 1934; the...more

2/23/2015 - SEC Securities Exchange Act

Indicate By Check Mark If This Instruction Makes No Sense: v

I wonder if I’m alone in being completely mystified by the following instruction that appears on the cover page of the SEC’s Form 10-K: Indicate by check mark if the registrant is not required to file reports pursuant...more

2/20/2015 - Form 10-K Regulation S-K SEC

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