Mergers and Acquisitions: The Quintessence of Change

I wrote a book in the mid-\u2770\u27s entitled ANATOMY OF A MERGER, a guide to handling negotiated acquisitions. Looking back from the vantage point of a decade later, I was struck by the tremendous changes that had taken place in terms of how acquisitions of public companies are accomplished. Today, the hostile takeover has so permeated the public company acquisition scene that it has entirely altered the way that lawyers and others who ply this trade accomplish their goals

. . . Skepticism But Not Cynicism : Chancellor Allen\u27s Scrutiny of Special Committees

This Essay is part of a tribute issue that was compiled in honor of William T. Allen, Chancellor of the Delaware Court of Chancery, after he announced his intention not to seek reappointment

. . . Skepticism But Not Cynicism : Chancellor Allen\u27s Scrutiny of Special Committees

This Essay is part of a tribute issue that was compiled in honor of William T. Allen, Chancellor of the Delaware Court of Chancery, after he announced his intention not to seek reappointment

Spatial aspects of tree mortality strongly differ between young and old-growth forests

Rates and spatial patterns of tree mortality are predicted to change during forest structural development. In young forests, mortality should be primarily density dependent due to competition for light, leading to an increasingly spatially uniform pattern of surviving trees. In contrast, mortality in old-growth forests should be primarily caused by contagious and spatially auto-correlated agents (e.g., insects, wind), causing spatial aggregation of surviving trees to increase through time. We tested these predictions by contrasting a three-decade record of tree mortality from replicated mapped permanent plots located in young (\u3c60-year-old) and old-growth (\u3e300-year-old) Abies amabilis forests. Trees in young forests died at a rate of 4.42% per year, whereas trees in old-growth forests died at 0.60% per year. Tree mortality in young forests was significantly aggregated, strong density dependent, and caused live tree patterns to become more uniform through time. Mortality in old-growth forests was spatially aggregated, but was density independent and did not change the spatial pattern of surviving trees. These results extend current theory by demonstrating that density-dependent competitive mortality leading to increasingly uniform three spacing in young forests ultimately transitions late in succession to a more diverse tree mortality regime that maintains spatial heterogeneity through time

Spatially nonrandom tree mortality and ingrowth maintain equilibrium pattern in an old-growth \u3ci\u3ePseudotsuga–Tsuga\u3c/i\u3e forest

Mortality processes in old-growth forests are generally assumed to be driven by gap-scale disturbance, with only a limited role ascribed to density-dependent mortality, but these assumptions are rarely tested with data sets incorporating repeated measurements. Using a 12-ha spatially explicit plot censused 13 years apart in an approximately 500-year-old Pseudotsuga–Tsuga forest, we demonstrate significant density-dependent mortality and spatially aggregated tree recruitment. However, the combined effect of these strongly nonrandom demographic processes was to maintain tree patterns in a state of dynamic equilibrium. Density-dependent mortality was most pronounced for the dominant latesuccessional species, Tsuga heterophylla. The long-lived, early-seral Pseudotsuga menziesii experienced an annual stem mortality rate of 0.84% and no new recruitment. Late-seral species Tsuga and Abies amabilis had nearly balanced demographic rates of ingrowth and mortality. The 2.34% mortality rate for Taxus brevifolia was higher than expected, notably less than ingrowth, and strongly affected by proximity to Tsuga. Large-diameter Tsuga structured both the regenerating conspecific and heterospecific cohorts with recruitment of Tsuga and Abies unlikely in neighborhoods crowded with large-diameter competitors (P , 0.001). Densitydependent competitive interactions strongly shape forest communities even five centuries after stand initiation, underscoring the dynamic nature of even equilibrial old-growth forests

Recent Legal Literature

Reeves: A Treatise on speacial Subjects of the Law of Real Property; Miller: The Data of Jurisprudence; American State Reports, Vols. 96, 97, 98.; Flanders: An Exposition of the Constitution of the United States; Mikell: Cases on Criminal Law; Longsdorf (ed.): Current Law, a complete Encyclopedia of New Law; Harris: A Treatise on American Advocacy; Edgington: The Monroe Doctrin

Shrub Communities, Spatial Patterns, and Shrub-Mediated Tree Mortality following Reintroduced Fire in Yosemite National Park, California, USA

Shrubs contribute to the forest fuel load; their distribution is important to tree mortality and regeneration, and vertebrate occupancy. We used a method new to fire ecology—extensive continuous mapping of trees and shrub patches within a single large (25.6 ha) study site—to identify changes in shrub area, biomass, and spatial pattern due to fire reintroduction by a backfire following a century of fire exclusion in lower montane forests of the Sierra Nevada, California, USA. We examined whether trees in close proximity to shrubs prior to fire experienced higher mortality rates than trees in areas without shrubs. We calculated shrub biomass using demography subplots and existing allometric equations, and we developed new equations for beaked hazel (Corylus cornuta ssp. californica [A. de Candolle] E. Murray) from full dissection of 50 stems. Fire decreased shrub patch area from 15.1 % to 0.9 %, reduced live shrub biomass from 3.49 Mg ha−1 to 0.27 Mg ha−1, and consumed 4.41 Mg ha−1 of living and dead shrubs. Distinct (non-overlapping) shrub patches decreased from 47 ha−1 to 6 ha−1. The mean distance between shrub patches increased 135 %. Distances between montane chaparral patches increased 285 %, compared to a 54 % increase in distances between riparian shrub patches and an increase of 267 % between generalist shrub patches. Fire-related tree mortality within shrub patches was marginally lower (67.6 % versus 71.8 %), showing a contrasting effect of shrubs on tree mortality between this forest ecosystem and chaparral-dominated ecosystems in which most trees are killed by fire

Is There Such a Thing as a Post-apartheid City?

In an introductory section, this paper considers briefly the achievements and problems of urban governance in post-apartheid South Africa through an assessment of three categories: administrative reform, developmental issues and conflicts over service delivery issues. It then goes on to assess continuity and change in South African cities. Continuity is the norm in understanding urban history with change understood as a series of accretions and as a layering of features, unless major economic shifts or revolutionary political shifts are in place. Using the example of Durban, a series of changes is highlighted, which fit into what the deracialized growth path allows and encourages. The paper argues that thus far, the ANC government has shown little capacity or desire to discipline capital along the lines suggested, for instance, by the reconstruction and development programme's section on public transport. Larger changes are thus limited by the predilections and established discourses of the business world and the absence of more dynamic and structured public intervention