« Ind. Decisions - Supreme Court decides one today, with 3-2 split | Main | Ind. Gov't. - "Wisconsin Republicans vote to dramatically scale back oversight of lawmakers"; parallels to Indiana effort »

Friday, July 03, 2015

Ind. Decisions - 7th Circuit decided one Indiana case July 2nd

In Corre Opportunities Fund, LP v. Emmis Communications Corp. (SD Ind., Barker), a 10-page opinion, Judge Easterbrook writes:

Plaintiffs, who own preferred stock in Emmis Communications Corp., contend that Emmis violated Indiana law by voting some shares. The suit is in federal court because, at its outset, it included a non-frivolous claim under federal securities law. The district court analyzed the federal claim at length before ruling against the Owners (as we call the plaintiffs). 892 F. Supp. 2d 1076 (S.D. Ind. 2012). The Owners now rely entirely on Indi-ana corporate law. To keep this opinion manageable, we pare away all but the most vital facts; the rest are in the district court’s exhaustive opinions. (The district court’s 2014 opinion on the state-law issues is not published but is available from the court.) * * *

Indiana’s willingness to allow corporations to vote their own shares may be good, or it may be bad, but the ability to negotiate for better terms, or invest elsewhere, rather than judicially imposed “best practices,” is how corporate law protects investors. AFFIRMED

Posted by Marcia Oddi on July 3, 2015 07:38 PM
Posted to Ind. (7th Cir.) Decisions