Bankruptcy Planning is Not Material?

11 Pages Posted: 13 Feb 2014

See all articles by Dale A. Oesterle

Dale A. Oesterle

Ohio State University (OSU) - Michael E. Moritz College of Law

Date Written: February 11, 2014

Abstract

Several recent judicial decisions have held that bankruptcy planning discussions by boards of directors do not have to be disclosed to the public trading markets under the obligations of the United States federal securities acts. The discussions, the courts held, are not "material." It is hard to imagine anything more important to investors than bankruptcy planning discussions by boards of directors. At issue is why courts are engaging in a legal fiction to amend a federal rule on disclosure obligations.

Keywords: bankruptcy, disclosure, federal securities acts

JEL Classification: K2, K20, K22, K29

Suggested Citation

Oesterle, Dale A., Bankruptcy Planning is Not Material? (February 11, 2014). Ohio State Public Law Working Paper No. 234, Available at SSRN: https://ssrn.com/abstract=2394156 or http://dx.doi.org/10.2139/ssrn.2394156

Dale A. Oesterle (Contact Author)

Ohio State University (OSU) - Michael E. Moritz College of Law ( email )

55 West 12th Avenue
Columbus, OH 43210
United States

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