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Boston College Law School

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Friday, July 13, 2007

Friday Culture: Other People's Money

Today's Friday Culture is the movie Other People's Money.  Danny DeVito stars as "Larry the Liquidator", a corporate raider in classic '80s style who threatens a hostile take-over of New England Wire & Cable.  Larry, a leveraged buy-out artist, likes this target because it is debt-free and has lots of cash on hand, a company he can easily strip down and liquidate for a quick profit.  But, this being Hollywood (or perhaps Dow Jones?), he is challenged by the family of the company's founders who wish to preserve the company's traditions and support of the local community.  The climax occurs appropriately at a shareholder's meeting inside the company's factory.  The movie also contains one of the classic deal-lawyer quotes of all time.  When Larry is asked whether they should bring in lawyers to knock out a transaction agreement, he declines, saying, "Lawyers are like atom bombs. Each side has them because the other side does. But you don't want to use them because they just really muck up the place."  Enjoy your weekend!

http://lawprofessors.typepad.com/mergers/2007/07/friday-cultur-1.html

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