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June 5, 2011
The Massey "Walk Away" Deal
Over at DealBook, Steven Davidoff has some nice analysis of the Delaware Chancery Court’s refusal to halt the acquisition of Massey Energy by Alpha Natural Resources in spite of the fact that one lawyer described the ruling as effectively saying that "you can be the worst C.E.O., you can violate all the laws you want, then you can arrange a sweetheart merger and just walk away.” The same lawyer is also quoted as saying (perhaps summing up the feelings of a number of plaintiffs' lawyers about Delaware courts): "If you can’t win against Massey and Don Blankenship you can’t win.”
SJP
June 5, 2011 in Corporate Governance, Current Affairs, Government and Business, Mergers & Acquisitions, Politics | Permalink
