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Shlensky V Wrigley
''Shlensky v Wrigley'', 237 NE 2d 776 (Ill. App. 1968) is a leading US corporate law case concerning the board's discretion to determine how to balance stakeholders' interests. The case embraces the application of the business judgment rule to directors' good-faith judgments about long-term shareholder value. Some believe it represents the shift in most states away from the idea that corporations should only pursue shareholder value, as seen in the older Michigan decision of ''Dodge v. Ford Motor Co.''. Facts The Chicago Cubs' president, Philip K. Wrigley Philip Knight Wrigley (December 5, 1894 – April 12, 1977), often called P. K. Wrigley, was an American chewing gum manufacturer and a Major League Baseball executive, inheriting both of those roles as the quiet son of his much more flamboyant fa ..., refused to install field lights for night games at Wrigley Field. "Plaintiff allege that Wrigley ha refused to install lights, not because of interest in the welfare of the cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wrigley Field
Wrigley Field is a Major League Baseball (MLB) stadium on the North Side of Chicago, Illinois. It is the home of the Chicago Cubs, one of the city's two MLB franchises. It first opened in 1914 as Weeghman Park for Charles Weeghman's Chicago Whales of the Federal League, which folded after the 1915 baseball season. The Cubs played their first home game at the park on April 20, 1916, defeating the Cincinnati Reds 7–6 in 11 innings. Chewing gum magnate William Wrigley Jr. of the Wrigley Company acquired the Cubs in 1921. It was named Cubs Park from 1920 to 1926, before being renamed Wrigley Field in 1927. The current seating capacity is 41,649. It is actually the second stadium to be named Wrigley Field, as a Los Angeles ballpark with the same name opened in 1925. In the North Side community area of Lakeview in the Wrigleyville neighborhood, Wrigley Field is on an irregular block bounded by Clark and Addison streets to the west and south, and Waveland and Sheffield ave ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Directors' Duties
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance. Directors' duties are analogous to duties owed by trustees to beneficiaries, and by agents to principals. Among different jurisdictions, a number of similarities between the framework for directors' duties exist. *directors owe duties to the corporation, and not to individual shareholders, employees or creditors outside exceptional circumstances *directors' core duty is to remain loyal to the company, and avoid conflicts of interest *directors are expected to display a high standard of care, skill or diligence *directors are expected to act in good faith to promote the success of the corporation Australia General Law Directors have Fiduciary Duties under general law in Australia. They are: *Duty to act in good faith and not to act contrary t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Corporate Law
United States corporate law regulates the governance, finance and power of corporations in US law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act. The US Constitution was interpreted by the US Supreme Court to allow corporations to incorporate in the state of their choice, regardless of where their headquarters are. Over the 20th century, most major corporations incorporated under the Delaware General Corporation Law, which offered lower corporate taxes, fewer shareholder rights against directors, and developed a specialized court and legal profession. Nevada has done the same. Twenty-four states follow the Model Business Corporation Act, while New York and Calif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shareholder Value
Shareholder value is a business term, sometimes phrased as shareholder value maximization. It became prominent during the 1980s and 1990s along with the management principle value-based management or "managing for value". Definition The term "shareholder value", sometimes abbreviated to "SV", can be used to refer to: *The market capitalization of a company; *The concept that the primary goal for a company is to increase the wealth of its shareholders (owners) by paying dividends and/or causing the stock price to increase (i.e. the Friedman doctrine introduced in 1970); *The more specific concept that planned actions by management and the returns to shareholders should outperform certain bench-marks such as the cost of capital concept. In essence, the idea that shareholders' money should be used to earn a higher return than they could earn themselves by investing in other assets having the same amount of risk. The term in this sense was introduced by Alfred Rappaport in 1986. For ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dodge V
Dodge is an American brand of automobiles and a division of Stellantis, based in Auburn Hills, Michigan. Dodge vehicles have historically included performance cars, and for much of its existence Dodge was Chrysler's mid-priced brand above Plymouth. Founded as the Dodge Brothers Company machine shop by brothers Horace Elgin Dodge and John Francis Dodge in the early 1900s, Dodge was originally a supplier of parts and assemblies to Detroit-based automakers like Ford. They began building complete automobiles under the "Dodge Brothers" brand in 1914, predating the founding of Chrysler Corporation. The factory located in Hamtramck, Michigan was the Dodge main factory from 1910 until it closed in January 1980. John Dodge died from the Spanish flu in January 1920, having lungs weakened by tuberculosis 20 years earlier. Horace died in December of the same year, perhaps weakened by the Spanish flu, though the cause of death was cirrhosis of the liver. Their company was sold by their fam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Cubs
The Chicago Cubs are an American professional baseball team based in Chicago. The Cubs compete in Major League Baseball (MLB) as part of the National League (NL) Central division. The club plays its home games at Wrigley Field, which is located on Chicago's North Side. The Cubs are one of two major league teams based in Chicago; the other, the Chicago White Sox, is a member of the American League (AL) Central division. The Cubs, first known as the White Stockings, were a founding member of the NL in 1876, becoming the Chicago Cubs in 1903. Throughout the club's history, the Cubs have played in a total of 11 World Series. The 1906 Cubs won 116 games, finishing 116–36 and posting a modern-era record winning percentage of , before losing the World Series to the Chicago White Sox ("The Hitless Wonders") by four games to two. The Cubs won back-to-back World Series championships in 1907 and 1908, becoming the first major league team to play in three consecutive World Series, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip K
Philip, also Phillip, is a male given name, derived from the Greek (''Philippos'', lit. "horse-loving" or "fond of horses"), from a compound of (''philos'', "dear", "loved", "loving") and (''hippos'', "horse"). Prominent Philips who popularized the name include kings of Macedonia and one of the apostles of early Christianity. ''Philip'' has many alternative spellings. One derivation often used as a surname is Phillips. It was also found during ancient Greek times with two Ps as Philippides and Philippos. It has many diminutive (or even hypocoristic) forms including Phil, Philly, Lip, Pip, Pep or Peps. There are also feminine forms such as Philippine and Philippa. Antiquity Kings of Macedon * Philip I of Macedon * Philip II of Macedon, father of Alexander the Great * Philip III of Macedon, half-brother of Alexander the Great * Philip IV of Macedon * Philip V of Macedon New Testament * Philip the Apostle * Philip the Evangelist Others * Philippus of Croton (c. 6th centur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derivative Suit
A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation against a third party. Often, the third party is an insider of the corporation, such as an executive officer or director. Shareholder derivative suits are unique because under traditional corporate law, management is responsible for bringing and defending the corporation against suit. Shareholder derivative suits permit a shareholder to initiate a suit when management has failed to do so. To enable a diversity of management approaches to risks and reinforce the most common forms of corporate rules with a high degree of permissible management power, many jurisdictions have implemented minimum thresholds and grounds (procedural and substantive) to such suits. Purpose and difficulties Under traditional corporate business law, shareholders are the owners of a corporation. However, they are not empowered to control the day-to-day operations of the corporation. Instead, shareholders appoint dire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Davis V Louisville Gas And Electric Co
Davis may refer to: Places Antarctica * Mount Davis (Antarctica) * Davis Island (Palmer Archipelago) * Davis Valley, Queen Elizabeth Land Canada * Davis, Saskatchewan, an unincorporated community * Davis Strait, between Nunavut and Greenland * Mount Davis (British Columbia) United States * Davis, California, the largest city with the name * Davis, Illinois, a village * Davis, Massachusetts, an abandoned mining village * Davis, Maryland, a ghost town * Davis, Missouri, an unincorporated community * Davis, North Carolina, an unincorporated community and census-designated place * Davis, Oklahoma, a city * Davis, South Dakota, a town * Davis, West Virginia, a town * Davis, Logan County, West Virginia, an unincorporated community * Davis Island (Connecticut) * Davis Island (Mississippi) * Davis Island (Pennsylvania) * Davis Peak (Washington) * Fort Davis, Oklahoma * Mount Davis (California) * Mount Davis (New Hampshire) * Mount Davis (Pennsylvania) Other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Judgment Rule
The business judgment rule is a case law-derived doctrine in corporations law that courts defer to the business judgment of corporate executives. It is rooted in the principle that the "directors of a corporation... are clothed with hepresumption, which the law accords to them, of being otivatedin their conduct by a bona fide regard for the interests of the corporation whose affairs the stockholders have committed to their charge".''Gimbel v. Signal Cos.'', 316 A.2d 599, 608 (Del. Ch. 1974) The rule exists in some form in most common law countries, including the United States, Canada, England and Wales, and Australia. To challenge the actions of a corporation's board of directors, a plaintiff assumes "the burden of providing evidence that directors, in reaching their challenged decision, breached any one of the triads of their fiduciary duty — good faith, loyalty, or due care". Failing to do so, a plaintiff "is not entitled to any remedy unless the transaction constitutes wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Corporate Law
United States corporate law regulates the governance, finance and power of corporations in US law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act. The US Constitution was interpreted by the US Supreme Court to allow corporations to incorporate in the state of their choice, regardless of where their headquarters are. Over the 20th century, most major corporations incorporated under the Delaware General Corporation Law, which offered lower corporate taxes, fewer shareholder rights against directors, and developed a specialized court and legal profession. Nevada has done the same. Twenty-four states follow the Model Business Corporation Act, while New York and Calif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Corporate Case Law
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
