Difference between revisions of "Harris"

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(Created page with "Nancy Harris was the president of the gold club. ALI Rule: In the ALI there is a duty to disclose and this is satisfied by disclosing during a board meeting. At this meeting, t...")
 
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Nancy Harris was the president of the gold club.
 
Nancy Harris was the president of the gold club.
  
ALI Rule: In the ALI there is a duty to disclose and this is satisfied by disclosing during a board meeting.  At this meeting, the board can make a decision on what to do with the opportunity.
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ALI Rule: In the ALI there is a duty to disclose and this is satisfied by disclosing during a board meeting.  At this meeting, the board can make a decision (a majority of disinterested board members) on what to do with the opportunity.  The presentation of the opportunity has to be done in a fair way.
  
GGCL:
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GGCL: Whether it is a corporate opportunity.  If it is a corporate opportunity, and you make disclosure, and the other side says that they do not want it, then this is a complete defense if another party takes over the firm and says that they want it.
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Lesson:  The way you get into trouble is not when you are dealing with your friends/budies on the board.  The problem occurs when you are told to take it and that person steps away, but the new person thinks it was a good opportunity.  Then you are leaving it open to the later party to say that they wanted it.

Revision as of 19:59, 3 November 2010

Nancy Harris was the president of the gold club.

ALI Rule: In the ALI there is a duty to disclose and this is satisfied by disclosing during a board meeting. At this meeting, the board can make a decision (a majority of disinterested board members) on what to do with the opportunity. The presentation of the opportunity has to be done in a fair way.

GGCL: Whether it is a corporate opportunity. If it is a corporate opportunity, and you make disclosure, and the other side says that they do not want it, then this is a complete defense if another party takes over the firm and says that they want it.

Lesson: The way you get into trouble is not when you are dealing with your friends/budies on the board. The problem occurs when you are told to take it and that person steps away, but the new person thinks it was a good opportunity. Then you are leaving it open to the later party to say that they wanted it.