> If one agrees that lenders should not be liable to tort claims, then it > follows that stockholders may also be free of liability, since they can > be > considered legally as lenders who get a return from a share of profits. > Fred Foldvary >> > > If people want to be lenders they make loans. A sharehold buys and owns. > Owners shouldn't be allowed to unilaterally abrogate the tort rights of > everyone else. > David
Perhaps the ideal structure would be two classes of investors: 1) limited-liability bondholders, with dividends per bond equal to that of owners of common shares, and no voting rights. 2) unlimited liability shareholders, with voting rights. Which do you think would have a higher market value? Fred Foldvary ===== [EMAIL PROTECTED]
