CA Bar Exam 練習答案: Business Associations (Feb 1987)

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問題文

February 1987 Question 1
https://sites.google.com/site/easybarpasser/past-exams/1987

Acquirer, Inc. (Aco) and Target, Inc. (Tco) are corporations. All sales and purchases described below were conducted through a national stock exchange.

On December 1, 1986, Aco bought 120,000 Tco shares for $5 per share, thereby becoming a 12 percent Tco shareholder. Aco never previously owned any Tco stock. Aco immediately notified Tco's chief executive officer, Dan, that it had made the purchase and that it was considering a tender offer for the rest of Tco's stock at $9 per share.

The next day, Dan's personal lawyer, Len, warned Dan not to buy Tco stock until Aco's stock purchase and acquisition plans became public. On the same day, Dan told his son, Sam, about the proposed acquisition. On December 3, 1986, Len and Sam each bought 10,000 Tco shares for $5 per share.

On December 4, 1986, Aco filed appropriate disclosure documents with the Securities and Exchange Commission (SEC), and Aco and Tco separately issued press releases about the stock purchase and the proposed acquisition.

On December 5, 1986, Len and Sam each sold their 10,000 Tco shares for $8.50 per share. Aco sold its Tco shares for $9 per share on February 15, 1987.

Dan has neither sold not purchased any Tco stock since he learned of the acquisition plan.

1. What, if any, are the liabilities of Aco under SEC rule 16(b)? Discuss.
2. What, if any, are the liabilities of Dan under SEC rule 10b-5? Discuss.
3. What, if any, are the liabilities of Sam under SEC rule 10b-5? Discuss.
4. What, if any, are the liabilities of Len under SEC rule 10b-5? Discuss.

答案

今回もまただいぶ古い問題です...。とはいえ、バーブリがこの問題を選んだのは、この1問で 10b-5 と 16(b) のほぼ全部の論点が含まれているからだと思われ、練習には最適な問題です！

Business associationsの科目の中でも、securities regulationの部分は馴染みがないのもあって手薄になりがちですよね。私も、受験時はいまいち訳のわからないまま暗記して解いていたので、改めて振り返ると、ちょっと危うかったなと思います。本記事をアップするにあたり、答案を見直して論証も作り直してみました。