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The BCE Decision: Reflections on the Firm as a Contractual Organization


Peer C Zumbansen


Dickson Poon School of Law - King's College London

S. B. Archer


York University - Osgoode Hall Law School; Koskie Minsky LLP

July 14, 2008

CLPE Research Paper No. 17/2008

Abstract:     
The authors discuss the decision of the Supreme Court of Canada to approve a plan of arrangement privatizing BCE Inc. over the objections of bondholders. Summarizing the arguments for "shareholder primacy" and debenture covenants delimiting contractual rights against boards and management, they argue that an expanded conception of relational contract theory is useful in analyzing the competing claims in the BCE deal and litigation. This approach requires that broader contextual factors are necessary to consider in the functioning of the corporation, especially by after-the-fact decision-makers.

Number of Pages in PDF File: 28

Keywords: Corporate theory, takeovers, shareholder primacy, contracts, nexus-of-contracts, stakeholder theory of the corporation, relational contract theory, transnational law, legal pluralism

JEL Classification: K20, K22

working papers series





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Date posted: July 16, 2008 ; Last revised: October 29, 2014

Suggested Citation

Zumbansen, Peer C and Archer, S. B., The BCE Decision: Reflections on the Firm as a Contractual Organization (July 14, 2008). CLPE Research Paper No. 17/2008. Available at SSRN: http://ssrn.com/abstract=1160094 or http://dx.doi.org/10.2139/ssrn.1160094

Contact Information

Peer C Zumbansen (Contact Author)
Dickson Poon School of Law - King's College London ( email )
Somerset House East Wing
Strand
London, WC2R 2LS
United Kingdom
Simon B. Archer
York University - Osgoode Hall Law School ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
Koskie Minsky LLP ( email )
20 Queen Street West
Suite 900
Toronto, Ontario M5R 3H3
Canada
HOME PAGE: http://www.kmlaw.ca
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