On December 1, 2022, in a press release full of statements critical of the investment firm BlackRock and its CEO, Larry Fink, Jimmy Patronis, the Chief Financial Officer of Florida, announced that the Florida Treasury would begin divesting $2 billion of Florida state assets currently under management by BlackRock. The statement makes it clear that the Florida official is making the move because of his opposition to the investment firm’s activist positions, especially with respect to ESG issues. This development is the latest step in the process of the increasing politicization of ESG , a pattern that puts companies into the cross-fire as they contend with competing ESG expectations. The Florida CFO’s press December 1, 2022 press release can be found here.
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Guest Post: Corporate Governance Tales From (Virtual) Open Door Encounters – Part 3
After many decades of law practice, legal veteran Richard M. Leisner, a Senior Member in the Trenam law firm in Tampa, found that increasingly he has been called upon to be a sounding board and resource on proposed corporate transactions. In the following guest post, which is the third installment in a three-part series, Richie recounts a number of “open door encounters” – that is, occasions when colleagues came to his office to discuss pending matters. There are a number of important lessons from the tales described below. A version of this article previously was published in Trenam Law News & Insights, available at www.trenam.com. I would like to thank Richie for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is Richie’s article.
Continue Reading Guest Post: Corporate Governance Tales From (Virtual) Open Door Encounters – Part 3
Guest Post: Corporate Governance Tales from (Virtual) Open Door Encounters – Part 2
After many decades of law practice, legal veteran Richard M. Leisner, a Senior Member in the Trenam law firm in Tampa, found that increasingly he has been called upon to be a sounding board and resource on proposed corporate transactions. In the following guest post, which is the second installment in a three-part series, Richie recounts a number of “open door encounters” – that is, occasions when colleagues came to his office to discuss pending matters. There are a number of important lessons from the tales described below. A version of this article previously was published in Trenam Law News & Insights, available at www.trenam.com. I would like to thank Richie for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is Richie’s article.
Continue Reading Guest Post: Corporate Governance Tales from (Virtual) Open Door Encounters – Part 2
Guest Post: Corporate Governance Tales From (Virtual) Open Door Encounters – Part 1
After many decades of law practice, legal veteran Richard M. Leisner, a Senior Member in the Trenam law firm in Tampa, found that increasingly he has been called upon to be a sounding board and resource on proposed corporate transactions. In the following guest post, which is the first installment in a three-part series, Richie recounts a number of “open door encounters” – that is, occasions when colleagues came to his office to discuss pending matters. There are a number of important lessons from the tales described below. A version of this article previously was published in Trenam Law News & Insights, available at www.trenam.com. I would like to thank Richie for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is Richie’s article.
Continue Reading Guest Post: Corporate Governance Tales From (Virtual) Open Door Encounters – Part 1
Florida Court Adopts Delaware’s Strict Standard for Review of Disclosure-Only Settlements
In a series of rulings that culminated in the January 2016 decision in the Trulia case, the Delaware courts evinced their hostility to the disclosure-only settlements that so often characterize the resolution of merger objection lawsuits. Since that time claimants have been filing the merger objection suits in courts outside Delaware. The question has been whether the other courts where the merger objection cases are now being filed would follow Delaware’s strict Trulia standard when reviewing disclosure-only settlements. In a ruling late last week, an intermediate appellate court in Florida expressly adopted Delaware’s Trulia standard. The Florida ruling does raise hopes that other courts might follow as well, which in turn could help stem the tide of proliferating merger objection litigation. The Florida District Court of Appeal, Second District’s July 13, 2018 decision in the Quality Distribution case can be found here.
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