Harris

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Revision as of 20:01, 3 November 2010 by 165.123.104.176 (talk)
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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. If it was not a corporate opportunity, then there was no duty to disclose.

Lesson: The way you get into trouble is not when you are dealing with your friends/buddies 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.