Osservatorio sulla giurisprudenza del Delaware e sugli orientamenti delle autorità amministrative federali statunitensi
a cura Francesco Lione.
Questo nuovo osservatorio intende offrire una selezione, con qualche nota di commento, delle principali novità giurisprudenziali straniere e degli orientamenti e/o provvedimenti delle principali autorità amministrative di controllo sui mercati finanziari.
SECURITIES AND EXCHANGE COMMISSION Division of Corporation Finance Staff Announcement December 8, 2011 - SUPREME COURT OF THE STATE OF DELAWARE Bank of New York Mellon Trust Company, N.A. v. Liberty Media Corp., No. 284, 2011, C.A. No 5702 September 21, 2011 - COURT OF CHANCERY OF THE STATE OF DELAWARE Air Products & Chemicals, Inc. v. Airgas, Inc., C.A. No. 5249-CC February 15, 2011
SECURITIES AND EXCHANGE COMMISSION Division of Corporation Finance Staff Announcement December 8, 2011
Non-Public Submissions from Foreign Private Issuers The Division believes it is appropriate to limit its policy with respect to the non-public submission of initial registration statements by foreign private issuers. Beginning today, the staff will review initial registration statements of foreign issuers that are submitted on a non-public basis only where the registrant is: (1) a foreign government registering its debt securities; (2) a foreign private issuer that is listed or is concurrently listing its securities on a non-U.S. securities exchange; (3) a foreign private issuer that is being privatized by a foreign government; or (4) a foreign private issuer that can demonstrate that the public filing of an initial registration statement would conflict with the law of an applicable foreign jurisdiction. In addition, shell companies, blank check companies and issuers with no or substantially no business operations will not be permitted to use the non-public submission procedure. This change in policy will promote transparency and investor protection. La Securities and Exchange Commission, o SEC, consentiva sino a poco tempo fa ad emittenti non statunitensi che intendevano promuovere per la prima volta negli Stati Uniti un’offerta al pubblico di strumenti finanziari di seguire una procedura riservata per la trasmissione alla SEC del relativo documento d’offerta, o prospetto informativo. A differenza degli emittenti statunitensi, il cui prospetto informativo [continua ..]
SUPREME COURT OF THE STATE OF DELAWARE Bank of New York Mellon Trust Company, N.A. v. Liberty Media Corp., No. 284, 2011, C.A. No 5702 September 21, 2011
Interpretation of a Successor Obligor Provision under a Bond Indenture To the extent that a decision to sell off some properties is not part of an overall scheme to liquidate and is made in the regular course of business it is considerably different from a plan of piecemeal liquidation, whether or not followed by independent and subsequent decisions to sell off the rest. A sale in the absence of a plan to liquidate is undertaken because the directors expect the sale to strengthen the corporation as a going concern. […] The fact that piecemeal sales in the regular course of business are permitted thus does not demonstrate that successor obligor clauses apply to piecemeal liquidations, allowing the buyer last in time to assume the entire public debt. […] Although the transactions share the same theme of distributing assets to Liberty’s stockholders, they were not part of a master plan to strip Liberty’s assets out of the corporate vehicle subject to bondholder claims. Rather, each transaction reflected a context-driven application of the overarching business strategy that Liberty has followed since separating from AT&T: consolidate ownership of businesses where Liberty can exercise control or has a clear path to control, while exploring all possible alternatives for assets that do not fit this profile. Pressoché tutte le indentures, i contratti che governano le emissioni di titoli obbligazionari da parte di società commerciali, [continua ..]
COURT OF CHANCERY OF THE STATE OF DELAWARE Air Products & Chemicals, Inc. v. Airgas, Inc., C.A. No. 5249-CC February 15, 2011