Tuesday, August 14, 2012
For those of you paying attention during this hot (possibly hottest ever?!) summer, the California Department of Corporations has just scheduled a 3(a)(10) fairness hearing to pass on the fairness of the Facebook stock to be issued in connectin with Facebook's acquisition of Instagram.
The fairness hearing process has fallen out of fashion, but it hasn't gone away altogether. You'll remember that the 3(a)(10) fairness hearing, which was very popular during the height of the dot com bubble is an avenue for getting an exemption from registration of securities. You can find a description of the fairness hearing process at the Dept of Corporations website here.