August 14, 2002

THERE’S BEEN A LOT OF TALK IN THE BLOGOSPHERE about the perfidy (or not) of Delaware. I’ve kind of ignored it, because I learned in law school that the Delaware-screws-shareholders argument doesn’t hold water. Now WyethWire points to a new law review article on this subject that says (echoing Ralph Winter, my old Corporations professor) that rather than a race to the bottom among the states, we have a leisurely walk to the top. You may find it interesting. I haven’t read the Jonathan Chait article that started all this, but if Chait doesn’t address this thinking, then he didn’t do enough research.

UPDATE: I just looked. Chait mentions it in passing, but dismisses it rather blithely. The whole piece appears less serious than the Blogosphere attention it got would suggest.

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