kaal:claim:5583610-016

Under Blasius, LER should function as a last-resort tool justified by evidence of severe harm to the corporation, such as an activist's documented history of value destruction, so that courts can test whether less restrictive alternatives existed.

LER deployment must be justified by evidence of severe harm to the corporation. Examples may include an activist's history of value destruction. LER should be a last-resort tool, allowing courts to scrutinize if less restrictive alternatives exist.

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 4.3. Legal Boundaries Under Delaware and SEC Rules, p. 20
https://ssrn.com/abstract=5583610 · source PDF

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

• board action that intentionally frustrates shareholder voting
• Blasius compelling justification review

conditionsupport: arguedgovernance-design

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