第一单元 – 基本架构
Module I - Basic Building Blocks |
| 1 |
序论 税法
Introduction
The Law of Duties |
Akula, John.〈简谈侵权法〉(英文PDF)、
(英文DOC)
Akula, John. "Tort Law in a Peanut."
(英文PDF)、
(英文DOC)
|
| 2 |
税法 （续）
The Law of Duties (cont.) |
Mills Acquisition Co. v. Macmillan, Inc ., 559 A.2d 1261, 1287-88 (Del. 1989).（管理层收购1的利益冲突）
Mills Acquisition Co. v. Macmillan, Inc ., 559 A.2d 1261, 1287-88 (Del. 1989). (Conflicts of interest in a management buy-out)
Wickline v. State of California, 192 Cal. App. 3d 1630, 239 Cal. Rptr. 810 (Ct. App. 1986)（美国健康保健组织因不良医疗服务而负责的早期案例；在新企业经营模式下，引发专业判断责任的相关问题。）
Wickline v. State of California, 192 Cal. App. 3d 1630, 239 Cal. Rptr. 810 (Ct. App. 1986). (Early case on liability of an HMO for poor medical care; raises issues of accountability for professional judgments in the context of an innovative business model)
|
| 3 |
法规条文中清楚界定
The Hard Edge of Regulation |
Akula, John〈商业犯罪：被法律追踪该如何应对〉
Akula, John. "Business Crime: What To Do When the Law Pursues You."
就John Guttfreund的事件（证券交易委员会停止对Solomon经理人的诉讼）而论。
In the matter of John Gutfreund. (SEC release on action against Solomon executives)
在Ernst & Young and PeopleSoft.的文章中（会计师自主性之议题）（非指定练习内容，因为不在课堂上讨论）
Article on Ernst & Young and PeopleSoft. (Auditor independence issues) (not required for exercise because not discussed in class) |
| 4 |
合约
Contracts |
Bagley第八章〈契约及出租〉，176页-191页（跳过176页至191页的〈电子契约〉）及 193页至210页 (至〈承诺禁反言2〉为止)。
Bagley. Chapter 8 ("Contracts and Leases"), pp. 176-191 (then skip "Electronic Contracts") and 193-210 (stop before "Promissory Estoppel").
Texaco, Inc. v. Pennzoil Co., 784 F.2d 1133, 1154 (2d Cir. 1986)（购买公司的契约格式）
Texaco, Inc. v. Pennzoil Co., 784 F.2d 1133, 1154 (2d Cir. 1986). (Formation of contract to purchase a company) |
| 5 |
合约（续）
Contracts (cont.) |
IBP, Inc. v. Tyson Foods, Inc., 789 A.2d 14 (Del. Ch. Ct 2001)（并购协议之物质反效果条款3之解释）
IBP, Inc. v. Tyson Foods, Inc., 789 A.2d 14 (Del. Ch. Ct 2001). (Interpretation of material adverse effect clause in merger agreement)
Filanto, SPA v. Chilewich Int'l Corp., 984 F.2d 58, 60 (2d Cir. 1993).（对条文的内容所产生的争论）
Filanto, SPA v. Chilewich Int'l Corp., 984 F.2d 58, 60 (2d Cir. 1993). (Dispute over inclusion of arbitration term)
Transatlantic Financing Corp. v. United States 363 F.2d 312 (D.C. Cir. 1966)（风险配置）
Transatlantic Financing Corp. v. United States , 363 F.2d 312 (D.C. Cir. 1966). (Allocating risk)
Delchi Carrier SpA v. Rotorex Corp., 71 F.3d 1024, 1027-28 (2d Cir. 1995) （伤害）
Delchi Carrier SpA v. Rotorex Corp., 71 F.3d 1024, 1027-28 (2d Cir. 1995). (Damages)
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| 6 |
单元I总结
Module I Wrap-up |
Akula, John.〈简谈侵权法〉
Akula, John. "Contracts in a Peanut."
——— 〈商业争论之概略〉（练习不包含此）
———. "Business Disputes Outline." (Not required for exercise) |
单元II – 合并与收购
Module II - M&A |
| 7 |
主要参与的公司，程序与交易结构
Key Players, Stages and Deal Structures
客座教授： Terry Mahoney， Partner， LeBoeuf， Lamb， Greene & McRae
Guest: Terry Mahoney, Partner, LeBoeuf, Lamb, Greene & McRae |
本单元的基本架构是以Bagley第16章〈一个企业的买与卖〉，请略过〈证券法之必要条件〉（611页 - 617页）、〈实务应用〉（640页 - 645页）以及〈样本关系图〉（646页 – 648页）。
The general background for this module is Bagley. Chapter 16 ("Buying and Selling a Business") except skip the sections on "Securities Law Requirements" (pp. 611-617), "Putting it into practice" (pp. 640-645), and the "Sample Term Sheet" (pp. 646-648).
以下一些课程会标注Bagley中有重要相关的章节。
For some of the classes below, sections of Bagley that are especially relevant are noted.
Bagley 585页 – 604页（读到〈税务处理〉部份），及618页 – 628页。
Bagley. pp. 585-604 (stop at "Tax Treatment"), and pp. 618-628.
———.〈合同草约〉（不需要仔细阅读）
———. "Letter of Intent." (Does not need to be read closely)
———〈收购回顾清单〉（应该认真研读）
———. "Acquisition Review Checklist." (Due diligence) |
| 8 |
交易时的税法条文
Tax Considerations in Structuring a Deal
客座教授： Martin Allen， Partner， Kirkpatrick & Lockhart
Guest: Martin Allen, Partner, Kirkpatrick & Lockhart |
Bagley 〈税务处理〉604页 - 610页。
Bagley. "Tax Treatment." pp. 604-610.
Martin Allen的企业收购及清算之要项。
Martin Allen's outline on acquisitions and dispositions of businesses.
Martin Allen的“事实范例”。
Martin Allen's "Fact Patterns."
注记：在准备练习时，只需要熟悉Allen文章中上课有讨论的部分即可。因此建议同学复习的上课笔记及Allen文章，以了解其授课重点和论述。
Note: For the exercise, you are required to be familiar only with the sections of Allen's written materials that he discussed in class. So my advice is review your class notes and refer to Allen's materials to the extent necessary to understand any of the points he made in class. |
| 9 |
购买协议的基本条件
The Basic Terms of a Purchase Agreement
客座教授： Terry Mahoney， Partner， Leboeuf Lamb Greene & McRae
Guest: Terry Mahoney, Partner, Leboeuf Lamb Greene & McRae |
Bagley 628页 – 639页
Bagley. pp. 628-639.
股票购买协议（股价上涨反映协商）。Terry将针对重点部份提供导读。
Stock purchase agreement (marked-up copy to reflect negotiations). Terry will provide guidance on which sections you should focus on.
自模型协议中节录出的假设债务，和评论。
Assumed Liabilities excerpt from a model agreement, with comments. |
| 10 |
购买国营企业I
Buying a Publicly-held Company I
客座教授： Stu Cable and Jim Matarese， Partners， Goodwin Procter
Guests: Stu Cable and Jim Matarese, Partners, Goodwin Procter |
Ball，Corinne 〈给董事会一些合并、收购的忠告〉，见于《证券与商品法规评论31》，第7卷之I，II，III部分。
Ball, Corinne. "Advising the Board of Directors in Mergers and Acquisitions." Review of Securities and Commodities Regulation 31, no. 7. Sections I, II, and III. |
| 11 |
购买国营企业 II
Buying a Publicly-held Company II
客座教授： Stu Cable and Jim Matarese， Partners， Goodwin Procter
Guests: Stu Cable and Jim Matarese, Partners, Goodwin Procter |
Ball，Corinne 〈给董事会一些合并、收购的忠告〉，见于《证券与商品法规评论31》，第7卷之IV，V部分。
Ball, Corinne. "Advising the Board of Directors in Mergers and Acquisitions." Review of Securities and Commodities Regulation 31, no. 7. Sections IV and V.
注：文中之VI，VII，VIII部分并非指定阅读部份。
Note: Sections VI, VII, and VIII of the Ball article are not assigned. |
| 12 |
国际合并、收购与策略联盟
International M&A and Joint Ventures
客座教授： David Walek， Ropes & Gray
Guest: David Walek, Ropes & Gray |
Libby，Gerold〈策略联盟：定义及法律相关议题〉在《国际舞台上策略联盟》一书内。Darell Prescott和Salli Swartz编纂，American Bar Association, 2002出版。
Libby, Gerold. "Joint Ventures: Definitions and Legal Issues." In Joint Ventures in the International Arena. Edited by Darell Prescott, and Salli Swartz. American Bar Association, 2002.
Barret，John〈策略联盟之管理〉在《国际舞台上策略联盟》 一书内。Darell Prescott和Salli Swartz编纂，American Bar Association, 2002出版。
Barrett, John. "Joint Venture Governance." In Joint Ventures in the International Arena. Edited by Darell Prescott, and Salli Swartz. American Bar Association, 2002. |
单元 III – 商业实体的形式
Module III - Forms of Business Entities |
| 13 |
商业经营的形式- 引言
Forms of Doing Business - An Introduction |
Bagley〈决定是否合并〉第4章，49页 – 70页
Bagley. "Deciding Whether to Incorporate." Chapter 4, pp. 49-70.
Bagley. "Deciding Whether to Incorporate." Chapter 4, pp. 49-70. |
| 14 |
国营公司I – 内部交易与揭露
The Publicly-held Corporation I - Insider Trading and Disclosure
客座教授： Jocelyn Arel， Partner， Testa Hurwitz & Thibeault
Guest: Jocelyn Arel, Partner, Testa Hurwitz & Thibeault |
Bagley 〈公开发行〉第17章，685页 – 698页。（由”上市公司和其董事会之责任”开始）
Bagley. "Going Public." Chapter 17, pp. 685-698. (Starting with "Responsibilities of a Public Company and its Board of Directors") |
| 15 |
国营公司 II – 管理与责任
The Publicly-held Corporation II - Governance and Accountability
客座教授： Lisa Wood， Partner， Foley Hoag
Guest: Lisa Wood, Partner, Foley Hoag |
Foley Hoag证券法更新（每一篇文章都可以在Foley Hoag LLP的网站上找到）
Foley Hoag Securities Law Updates (Each article is available at the Web site of Foley Hoag LLP ):
〈2002上市公司会计改革及保护投资人法案〉2001年8月1日。
"The Sarbanes-Oxley Act of 2002." 1 August 2002.
〈证券交易委员会最后所发出的道德规章〉2003年2月28日。
"SEC Issues Final Rules on Code of Ethics." 28 February 2003.
〈证券交易委员会采用规范以禁止稽核的不适当影响〉2003年6月13日。
"SEC Adopts Rules to Prohibit Improper Influence of Auditors." 13 June 2003.
〈新证券交易委员会规定律师报告重大违规事项之违约形成〉2003年6月30日
"New SEC Rules Oblige Attorneys to Report Material Violations 'Up the Ladder'." 30 June 2003.
〈上市公司会计改革及保护投资人行动之温和更新 －下一季财报季的重点〉2003年12月31日
"Sarbanes-Oxley Compliance Update - What to Focus on in the Upcoming Reporting Season." 31 December 2003. |
单元IV – 募集资金与投资
Module IV - Raising and Investing Money |
| 16 |
风险资本
Venture Capital
客座教授： Edward Freedman， Corporate Counsel， Flagship Ventures
Guest: Edward Freedman, Corporate Counsel, Flagship Ventures |
Bagley〈风险资本〉第13章。
Bagley. "Venture Capital." Chapter 13. |
| 17 |
其它的私募股权
Other Private Equity
客座教授： John LeClaire and David Watson， Partners， Goodwin Procter
Guest: John LeClaire and David Watson, Partners, Goodwin Procter |
自Fenn, George W., Nellie Liang, and Stephen Prowse〈私募股权市场之经济〉中节录出来，1995年联邦准备理事会之完整报告（英文PDF）（英文DOC），以及摘要报告（英文PDF）、
(英文DOC)。
Excerpts from: Fenn, George W., Nellie Liang, and Stephen Prowse. "Economics of the Private Equity Market." Federal Reserve Board, December 1995. The full report is available as well as a summary.
Full report:
(英文PDF)、
(英文DOC)
Summary:
(英文PDF)、
(英文DOC)
|
| 18 |
公开发行与银行投资
Public Offerings and Investment Banking
客座教授：James Hackett， Partner， Choate Hall & Stewart
Guest: James Hackett, Partner, Choate Hall & Stewart |
Bagley〈公开发行〉第17章，649页 – 685页。
Bagley. "Going Public." Chapter 17, pp. 649-685.
Bagley. "Going Public." Chapter 17, pp. 649-685. |
| 19 |
商业借贷与证券化
Commercial Lending and Securitization
客座教授： Matthew Furlong， Partner， Bingham McCutchen
Guest: Matthew Furlong, Partner, Bingham McCutchen |
Bagley〈债权人之权利与破产〉第12章，384页 – 398页。
Bagley. "Creditors' Rights and Bankruptcy." Chapter 12, pp. 384-398.
Roever, W. A〈证券化之欣喜：了解证券化以及其吸引力〉，在《由发行人的角度透视证券化》，F. Fabozzi. Newhope编，PA: Fabozzi and Associates， 1998，1页 – 16页
Roever, W. A. "The Joys of Securitization: Understanding Securitization and Its Appeal." In Issuer Perspectives on Securitization. Edited by F. Fabozzi. Newhope, PA: Fabozzi and Associates, 1998, pp. 1-16. |
| 20 |
建构一个避险资金投资组合
Building a Hedge Fund Portfolio
客座教授： Tim Diggins， Partner， Ropes & Gray
Guest: Tim Diggins, Partner, Ropes & Gray |
Vujovich, Dian〈避险基金〉，见于2001年1月7日Dian的免手续费基金，可在Dian的免手续费基金网站上找到。
Vujovich, Dian. "Hedge Funds." Dian's Fund Freebies, 7 January 2001 Available at Dian's Fund Freebies .
Borla, Simone, and Denis Masetti〈避险基金和在欧洲之替代投资方案〉，见于《避险基金》中第一章。Wiley, 2003，1页 – 17页。 ISBN: 0470850957（附注：这章节标题易让人误解 – 书中后面章节会着重在欧洲，但本章是整个避险基金产业之通论。）
Borla, Simone, and Denis Masetti. "Hedge Funds and Alternative Investments in Europe." Chapter 1 in Hedge Funds. Wiley, 2003, pp. 1-17. ISBN: 0470850957. (Note: This chapter title is misleading - some later parts of the book focus on Europe, but this introductory chapter is an overview of the hedge fund industry generally.) |
单元V – 竞争，机动性及无力偿债
Module V - Competition, Mobility and Insolvency |
| 21 |
反托辣斯（独占市场）法
Antitrust |
Akula John〈简谈反托拉斯(独占市场)法〉（于一般情况下）
Akula, John. "Antitrust Law in a Peanut." (For general background)
Varta Bosch （欧盟主导的并购提案）
Varta Bosch. (EU ruling on a proposed merger)
上诉法庭对于微软公司的裁决结果
Summary of Appeals Court ruling on Microsoft.
GemStar – 电视指南（并购之内线交易问题）。司法部公关处发表（英文PDF）、（
(英文DOC)）
GemStar - TV Guide (the "gun-jumping" problem in mergers). Department of Justice Press Release
(英文PDF)、
(英文DOC)
.
Oesterle, Dale A《收购之反托拉斯（独占市场）法令》 之第13章: 简谈合并、收购。West 发行， 2001，273页 – 279页。 ISBN: 0314253157
Oesterle, Dale A. "Antitrust Legislation on Acquisitions." Chapter 13 in Mergers and Acquisitions in a Nutshell. West Publishing, 2001, pp. 273-9. ISBN: 0314253157.
航空公司解决政府之运费诉讼新闻剪报
Newspaper clippings on airlines settling suit by government on fares. |
| 22 |
破产与重整I
Bankruptcy and Reorganization I
客座教授： John Whitlock, Partner, Palmer & Dodge
Guest: John Whitlock, Partner, Palmer & Dodge |
Bagley 〈债权人之权利与破产〉第12章 398页至428页
Bagley. "Creditors' Rights and Bankruptcy." Chapter 12, pp. 398-428. |
| 23 |
破产与重整II
Bankruptcy and Reorganization II
客座教授： John Whitlock, Partner, Palmer & Dodge
Guest: John Whitlock, Partner, Palmer & Dodge |
|
| 24 |
课后总结
Wrap-up |
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