Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, June 13, 2007

Director/Lawyer Controversy at Topps

A disagreement over a proposed buyout of Topps has revived an old debate -- should a company's outside lawyers sit on the board?  Jack Nusbaum, director and partner at Willkie, Farr & Gallagher, supports the buyout; another director, Arnaud Ajdler, managing director of an investment firm that is a large shareholder, opposes it and criticizes Nusbaum's dual role, saying that Willkie Farr would receive $2 million in legal fees if the deal goes through.  See WSJ, Dual Role of Topps Director Revives Old Conflict Debate.

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