Category Archives: Antitrust – Competition law

On Unknown Opportunities and Perils: Reflections on Carrier and Minniti's 'Biologics: The New Antitrust Frontier'

Thomas F. Cotter, University of Minnesota Law School offers thoughts On Unknown Opportunities and Perils: Reflections on Carrier and Minniti's 'Biologics: The New Antitrust Frontier'. ABSTRACT: In their forthcoming article "Biologics: The New Antitrust Frontier," Michael Carrier and Carl Minniti….. To continue reading this legal news please click Read full information...

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Hal White Antitrust Conference, Monday, June 11, 2018

Monday, June 11, 2018 Washington, DC 3:00–9:00 PM Panel sessions: 3:00–6:00 PM Antitrust policy in the new administration • George Rozanski, Bates White (moderator) • John Harkrider, Axinn Veltrop • Maribeth Petrizzi, Department of Justice • Steven Sunshine, Skadden, Arps,….. To continue reading this legal news please click Read full information...

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Estimating Market Power in Homogenous Product Markets Using a Composed Error Model: Application to the California Electricity Market

Luis Orea, Universidad de Oviedo – Facultad de Economicas and Jevgenijs Steinbuks, World Bank – Development Research Group (DECRG) are Estimating Market Power in Homogenous Product Markets Using a Composed Error Model: Application to the California Electricity Market. ABSTRACT: This….. To continue reading this legal news please click Read full information...

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The Case for Doing Nothing About Common Ownership of Small Stakes in Competing Firms

One of the hottest antitrust topics of late has been institutional investors’ “common ownership” of minority stakes in competing firms.  Writing in the Harvard Law Review, Einer Elhauge proclaimed that “[a]n economic blockbuster has recently been exposed”—namely, “[a] small group of institutions has acquired large shareholdings in horizontal competitors throughout our economy, causing them to compete less vigorously with each other.”  In the Antitrust Law Journal, Eric Posner, Fiona Scott Morton, and Glen Weyl contended that “the concentration of markets through large institutional investors is the major new antitrust challenge of our time.”  Those same authors took to the pages of the New York Times to argue that “[t]he great, but mostly unknown, antitrust story of our time is the astonishing rise of the institutional investor … and the challenge that it poses to market competition.”….. To continue reading this legal news please click Read full information...

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The fallacy of the fully paid share

Often I will review agreements where clients are making representations that shares are fully paid upon their issuance. This practice has developed from US law and migrated north of the border over time, but the basis for it as a concern here is rather limited, even putting it charitably. Under Canadian law, shares cannot be issued at all unless fully paid. You may want a representation that the shares have been validly issued, but once you have that, asking for one saying they are fully paid does not actually get you any further. They can’t be the former without the latter. This does, however, raise a question of what a fully paid share should look like, not in terms of the appearance of the certificate, but when you can count a share as fully paid so that it can be issued and you can close your transaction. Let’s take a look at the three most common ways to pay for shares: Certified cheques: Certified cheques are cheques that, historically at least, included….. To continue reading this legal news please click Read full information...

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