The Overlooked Corporate Finance Problems of a Microsoft Breakup
Bebchuk, Lucian Arye and Walker, David I., "The Overlooked Corporate Finance Problems of a Microsoft Breakup" . As published in Business Lawyer, Vol. 56, pp. 459-481, 2001 Available at SSRN:
The paper identifies problems with the ordered breakup of Microsoft that seem to have been completely overlooked by the government, the judge, and the commentators. The breakup order prohibits Bill Gates and other large Microsoft shareholders from owning shares in both of the companies that would result from the separation. Given this prohibition, we show, dividing the securities in the resultant companies among the shareholders is not as straightforward as the government has suggested. Any method of distributing the securities that would comply with this mandate would either (i) impose a significant financial penalty on Microsoft's large shareholders that is not contemplated by the order, or (ii) create a risk of a substantial transfer of value between Microsoft's shareholders. In addition to identifying the difficulties and costs involved in the two distribution methods that would comply with the cross-shareholding prohibition, we examine how the breakup order could be refined to reduce these difficulties and costs. The problems that we identify should be addressed if a breakup is ultimately to be pursued and should be taken into account in making the basic decision of whether to break up Microsoft at all.Go to article
Click here to see more on this topic.
Previous visitors have searched for information on customer lotus management notes relationship, 5 lotus notes r5 v and conversion lotus mime notes problem. We do collect this information to update our site to your needs.
Lotus Notes is used by more than 100.000 people world wide. Other e-mail clients are: Zimbra , Horde IMP and Novell Evolution and other personal information manager software are: Chandler , Hula and GoldMine (Windows) .