Voting Rights

News & Analysis as of

2015 Changes to Delaware Law Go into Effect

Amendments to the DGCL - Several significant amendments to the Delaware General Corporation Law (DGCL) were signed into law on June 24, 2015, and will go into effect on August 1, 2015. Most significantly, these...more

[Event] 50th Anniversary of the Voting Rights Act Panel Discussion - July 28, 4:00-7:00pm, Chicago, IL

Paulette Brown, who will be moderating the discussion, is currently President-elect of the American Bar Association. In August 2015, she will become the first woman of color and the third African American to serve as ABA...more

Governance & Securities Law Focus: Asia Edition - July 2015

In this issue: - HKEx Publishes Consultation Conclusions on Weighted Voting Rights - Corporate Governance Reforms in Japan - SEC and NYSE/Nasdaq Developments - Sanctions Round-Up - Noteworthy US...more

Seventh Circuit Holds Under Indiana Law, Company Was Allowed to Vote Its Own Shares

The United States Court of Appeals for the Seventh Circuit recently affirmed a district court decision holding that under Indiana law, an Indiana corporation could vote its own outstanding preferred shares. In 1999, Emmis...more

Weighted Voting Rights In Hong Kong: Hopes Raised High But... – Part 2

In Part 1 of this eUpdate series, we discussed the reasons why Hong Kong regulators did not approve of share structures with disproportionate voting rights, also known as the “weighted voting rights structures” in Hong Kong...more

Client Alert - Community Associations: Amendments to Chapters 718 & 720, Florida Statutes

On July 1, 2015, recent amendments to Chapters 718 and 720, Florida Statutes went into effect which will impact all condominium and homeowners’ associations in the state of Florida....more

Supreme Court Update: Michigan V. EPA (14-47) And Arizona State Legislature V. Arizona Independent Redistricting Comm'n (13-1314)

The last day of school is always anticlimactic, with finals done and yearbooks already signed. That may have described the atmosphere on First Street yesterday, but make no mistake: The Court ended October Term 2014 term with...more

Supreme Court Decides Arizona State Legislature v. Arizona Independent Redistricting Commission

On June 29, 2015, the U.S. Supreme Court decided Arizona State Legislature v. Arizona Independent Redistrict Commission, No. 13-1314, holding that a State legislature has standing to challenge a State constitutional amendment...more

Happy Public Float Day!

If you are a year-end company, today is the end of your second fiscal quarter, which means that it’s just about time to calculate your public float to see if your reporting status has changed. Here are a few things to...more

Supreme Court Upholds Authority of Redistricting Commissions

This morning in Arizona State Legislature v. Arizona Independent Redistricting Commission, the U.S. Supreme Court rejected a constitutional challenge to the Arizona Independent Redistricting Commission (“IRC”). The U.S....more

"HKEx Will Proceed With Formal Consultation on Weighted Voting Rights"

On 19 June 2015, the Stock Exchange of Hong Kong Limited (HKEx) published conclusions to its concept paper on weighted voting rights (Concept Paper), announcing that it will proceed with conducting a formal consultation...more

The Days of the Vultures (Silicon Valley – Season 2 Finale)

This season’s finale of Silicon Valley provided Richard with only the briefest moment of victory before he once again faces losing Pied Piper. First, the arbitrator rules that because Richard used a Hooli computer while...more

Familiar Features in Pennsylvania’s New Entity Transactions Landscape

Comprehensive amendments to the Pennsylvania Business Corporation Law (“PBCL”) go into effect on July 1, 2015. The amendments repeal many substantive provisions of the PBCL in respect of corporate mergers. These provisions,...more

SEC Clarifies “Voting Equity Securities” for Purposes of the Bad Actor Rules

The Securities and Exchange Commission (the “SEC”) recently released additional guidance on the definition of “voting equity securities” as applied to the bad actor disqualification rules under Rule 506(d) of the Securities...more

"Insights Conversations: Joint Venture Agreements"

Joint venture (JV) arrangements offer parties a number of benefits and opportunities they wouldn’t be able to realize on their own. However, because a poorly drafted JV agreement can present significant pitfalls, careful...more

Limited Liability Companies: Handle Bankrupt LLC Members With Care

Walro v. The Lee Group Holding Co., LLC (In re Lee), 524 B.R. 798 (Bankr. S.D. Ind. 2014) – A chapter 7 trustee sought a court determination that (1) a debtor’s voting rights in a limited liability company (LLC) were...more

Amendments to the Michigan Nonprofit Corporations Act

In January 2015, Governor Snyder signed Michigan Senate Bills 623, 624, and 929, which make significant revisions to the Michigan Nonprofit Corporation Act (MCL 450.2101 – 450.3192) (the “Act”). The purpose of these companion...more

European High Yield and leveraged loans: Has the convergence gone too far?

The growth of the High Yield (HY) market in the leveraged finance arena has, save for a few short term downturns, continued unabated since the onset of the financial crisis. The financial crisis and the continued...more

Blog: Is “Tenure Voting” A Possible Cure For “Raging Corporate Activism”?

In “Seeking a Cure for Raging Corporate Activism,” published on March 17, 2015, in the WSJ, the author discusses a technique resurrected from the 1980’s that could, on reexamination, be “a bulwark against short-termers who...more

Act 31/2004, Amending The Companies Act (“Ley De Sociedades De Capital”) - Improvement of Corporate Governance

Act 31/2014, of 3 December, amending the Capital Companies Act for the improvement of corporate governance, as published in the Official State Gazette (BOE) of 4 December 2014, has introduced significant changes in Spanish...more

New Italian Legislation Allows Enhanced Voting Rights Capital Structures

In a break from the “one share one vote” principle, issuers of Italian-listed stocks now have more flexibility in their capital structures. Legal framework – Law Decree No. 91 of 24 June 2014, as converted...more

Governance & Securities Law Focus: Europe Edition - January 2015

In this issue: - Directive Regarding Disclosure of Non-Financial and Diversity Information Published in Official Journal - ESMA Publishes Transparency Directive Consultation on European Electronic Access Point...more

The Marx Brothers Mirror Scene: Absurdity and Comments by a SEC Commissioner

I continue my Marx Brothers’ themed week by today looking at what I and many others believe to be their most cherished routine: the Mirror Scene. Danny Leigh, in his article in the Financial Times (FT), entitled “Souped-up...more

Preparing for the 2015 Proxy Season

Similar to last year, there are no new disclosure requirements which need to be reflected in this year’s proxy statement; however, with ongoing shareholder activism and the desire of companies to communicate effectively with...more

In re Kinder Morgan, Inc. Corporate Reorg. Litig., C.A. No. 10093-VCL (Del. Ch. Nov. 5, 2014) (Laster, V.C.)

In this memorandum opinion, the Court of Chancery denied plaintiffs’ motion for a preliminary injunction and held that a provision in a partnership agreement imposing a higher voting threshold with respect to certain mergers...more

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