Dollars and Jens
Tuesday, November 23, 2010
minority rights
Anglo-Irish Bank bondholders voted to approve a deal that said, essentially, "anyone who votes in favor of this proposition gets 20% of face value, and anyone who doesn't gets 1/100000 of face value". This strikes me as the sort of thing that may be legal in most of Europe and illegal in the US; US securities law in general is more protective of minority securityholders than is European securities law in general, where 51% of shareholders can largely tell the other 49% to get bent.

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