ࡱ>     #` bjbj5G5G .W-W-&\RLLLJ  KKK8 LQ BDRRRRRbbb'))))))$hM9 Wh{b"bWhWhM" " RR\Whx" R R'Wh' RR ZmKl0'`B”p0”” brdeelbbbMM/dbbbBWhWhWhWh D%.1 .1 " " " " " "  Exerting Influence on Wall Street: The Economics of Greenmail Presented in partial fulfillment of the Requirements of Econ411 - New Institutional Economics Derek Boyle For: Professor Matt Warning May 10, 2006 <<. Greenmail: Targeted stock repurchases and the management-entrenchment hypothesis. Harvard Law Review, 98 (1985), 1045-1062. Macey, J., & McChesney, F. (1985). A theoretical analysis of corporate greenmail. The Yale Law Journal, 95, 13-61. Shleifer, A., & Vishny, R. (1986). Greenmail, white knights and shareholders interest. Rand Journal of Economics, 17, 293-309. Appendix One: Greenmail Outside of Takeover Threats While most of the literature on greenmail concerns itself with takeovers, there is some discussion by Macey and McChesney of greenmail incidents outside of the threat of a buyout. The authors outline a scenario where an entrepreneur chooses to specialize in unearthing valuable information and shun takeovers. Unfortunately, this person cannot easily sell this valuable information. The information cannot be easily sold because of moral hazard and adverse selection problems on the part of the person with the information and due to time consistency problems on the part of the buyer. In short, if the person with claiming to have the information is paid before revealing the information, he may then reveal useless information. Alternatively, if the person reveals the information first, the purchaser now has the information and no longer has an incentive to pay for the information. Macey and McChesney present greenmail as a means of bypassing these problems. They assert that if a person has valuable information about company X, then company X can pay greenmail to acquire this information. The authors present the possibility of standstill agreements as a means of facilitating the exchange of valuable information. Standstill agreements, in short, require a person claiming to have valuable information to hold a large stake in the company the y claim to have information on for a contractually agreed upon length time. The person with information thus bears two costs, the opportunity cost of deploying his capital elsewhere during that time, and the risk that comes from holding a large stake in a company (and thus having a non-diversified portfolio). The people claiming to have valuable information, thus therefore, indicate good-faith by incurring these costs and in turn are to be rewarded with a managerial or directors position within the company. The authors state that standstill agreements are a form of greenmail, though it is unclear where targeted share repurchases factor into typical standstill agreements. Fortunately, the authors present a clearer case where repeat greenmailers can bypass standstill agreements. The authors They state that greenmailers may wish to not tie up their capital for the time required in a standstill agreement. Standstill agreements, they argue, are not necessary due to the repeated game elements that career greenmailers face. The authors state, [When] certain individuals, such as Victor Posner, Carl Icahn and Saul Steinberg... come to the management of a target firm and claim to have unearthed valuable information, they may demand an outright payment for the information, with no associated long-term contract or standstill agreement. The authors argue that companies can pay greenmail to these people because if those people are found to be bluffing, their reputation will be damaged and thus their future claims and demands for greenmail will be ignored. Thus Accordingly, in cases with a repeat greenmailer, a company can deduce that it is not in the greenmailers interest to bluff and thus trust that the greenmailer will reveal useful information after he is paid. The authors claims once again are plausible, yet they have both theoretical and empirical problems. Macey and McChesney are correctly state that the repeated game element of greenmail will tend to constrain bluffing by repeat greenmailers because bluffing damages a greenmailers credibility. Yet, that does not mean that greenmailers will never bluff in equilibrium. Real world cases of greenmail cast further doubt on the authors claims. First, as mentioned on page 14, a greenmailer cannot explicitly ask for greenmail like the authors suggest as that could hurt his credibility with shareholders during a proxy fight. Consider the case where Carl Icahn, perhaps the most famous and financially successful of all the greenmailers, acquired a nine percent stake in Hammermill Paper Company. Icahn approached Albert Duval, then the CEO of the company, and discussed his plans. Icahn stated that he wished to gain control of the board and then push the company into being acquired, all the while never explicitly asking for greenmail. Yet even after Icahn revealed his information (the company should be purchased by a rival), the company did not pay him greenmail. Instead, the company adopted shark repellants and proceeded to sue Icahn for various securities law violations. Icahn proceeded moved to fight the company in court, and launch a proxy contest to gain control of the board. Icahn then lost the proxy contest by a narrow margin, and Duval then proceeded to purchaseedpurchased adds in The Wall Street Journal and The New York Times that said Icahn Cheats. Shortly after, Hammermill and Icahn entered into a one year standstill agreement, where Icahn received compensation in return for agreeing to not enter launch another proxy war in the coming year. Icahn did not receive a position within the company and the company was not sold. After a year, Hammermill purchased Icahns stake at a premium to the market price; Icahn received greenmail. The above case follows roughly the same pattern that most greenmailings do when there is no threat of a buyout of the company. Greenmailers first do reveal their plans, before being paid. Once this information is revealedunveiled, a company has no reason to pay the greenmailer. It might be argued that a company should pay greenmail to an activist to encourage other activists to produce valuable information in the future. In many cases, however, the activist game, is not a repeated one, but, is instead, a one-shot game. In the Hammermill case, if the company acted on the Icahn proposal, the company would have been sold and ceased to exist thereafter. Thus, once Icahn revealed his information, the company had no pro-shareholder reason to pay him for that information. Nevertheless, there are situations where company interactions with activist investors have a repeated game element, and , consequently, creating incentives (by paying greenmail) for the unearthing of valuable information could be beneficial to shareholders. Yet , this supposes that a company actually values the information revealed by activists. If the information is highly valued by the company, why is it frequently not utilized? And if the information is valued by the company, why do greenmail payments customarily contain clauses whereby the greenmailer cannot acquire an ownership stake in that same company for the following five or sometimes even ten years? If incumbents do value the information produced, why then do they frequently respond by suing the activists and then fighting proxy wars with them? Finally, because the information revealed by activists is almost always threatening to incumbents, why would one expect management to reward the generation of that information? In all of these cases, management does not pay greenmail to reward an activist, but instead to pay him to go away in order to prevent him from winning a future proxy fight for control of the company. Thus, in the case of proxy wars, much like in the case of takeover battles, greenmail tends to entrench suboptimal management.  Saul Steinberg Asks court to Rescind Disney Buyback, The Wall Street Journal, February 19, 1986, p.1.  The act of greenmail is also known as a buyback at a premium or a bon voyage bonus. See Connie Bruck, The Predators Ball (New York: Penguin Group, 1989), Page p.156. of The Predators Ball.  The more adept reader may note I have For the sake of simplicity omitted the selling of options, preferred stocks, etc have been omitted. All of these instruments are essentially hybrids of debt or common equity instruments and understanding these instruments is not necessary for an understandingto understand of this papers argument.  Look up finer points here. Generally if a company has >300 or to has less than 500 shareholders, it is said to be private.  AlthoughThough, technically the NASDAQ has technically never been a stock exchange,, it is registering with the SEC to become one--- 3/7 or 3/6 article in Money Investing section of the WSJ on NYSE and John A. Thain. Tthe NASDAQ can nevertheless be thought of as a stock exchange.  These stakes typically are a claim on future earnings for the company, its assets, and on voting rights.  Free cash flow may be thought of as the excess cash generated by a company after all desirable (positive NPV) projects have been funded.  This paper, in its attempt to distill clarity from complex subjects, will look primarily at expected (typo?) values as the determinants for stock prices. Risk tolerance of investors does matter, but for general pricing of stocks, discussion of risk tolerance obscures more important points.  Technically these shares can be repurchased at the prevailing market price and still have all of the effects of traditional greenmail if the current market price is elevated solely because of this targeted group owning the shares. See Ronald Gilson, Drafting an Effective Greenmail Prohibition, The Columbia Law Review 88 (March 1988), drafting an effective greenmail prohibition.pdfp338-339. . In traditional greenmail, though, shares are repurchased at a significant premium to the market price by a company from a specific group of investors. In addition, such transactions generally have contractual agreements that prohibit the group that is bought out from acquiring the same companys stock again for a finite period of years.  Or if management, with its superior information believes that company stock is significantly undervalued, it would be prudent for that firm to buyback its stock. Knowing that buybacks may signal management believes stock to be undervalued, management me finally push for a buyback of stock as a bluff to financial markets, in order maximize stock option values, bonuses, etc.  This paper will hold that the Efficient Market Hypothesis (EMH) is true in spite of the fact that many shrewd participants in financial markets believe otherwise.  divesting of divisions that reduce the value of the conglomerate.  interest payments are tax deductible and consequently increasing the amount of debt a company has can increase value for shareholders, by lowering a companys average cost of capital.  including everything from firing large numbers of employees to reducing the number of corporate jets that chief executives have at their disposal  and when market imperfections allow such behavior  Primarily due to the tax shield that tax-deductible interest payments create.  This was a favorite talking point for the corporate predator Carl Icahn, who frequently would complain that corporations are a place where likeable mediocrity rises naturally to the top. See page 190 of The Predators BallBruck, p. 190..  Opportunism in this case constitutes management choosing to not take enough good risks and/or neglecting to control costs.  This was a favorite point for Carl Icahn, who frequently would complain that corporations are a place where likeable mediocrity rises naturally to the top. See page 190 of The Predators Ball.  The discussion of what is the ideal form of corporate governance is an intriguing and extremely important one. The reality is quite complex and the discussion goes beyond the scope of this paper. This paper will examine greenmail, a small subset of corporate governance, in the context of the existing rules of corporate governance being essentially fixed.  In general this holds true. There are companyiess, however, that have multiple tiers of shares, whereby certain tiers are super voting and other tiers have few votes if any at all.  P.70 Mar 11th edition of The EconomistBattling for Corporate America, The Economist, 11 March 2006, p.70.  Ibid. P.70 Mar 11th edition of The Economist  http://economist.com/displaystory.cfm?story_id=594359Governing the Modern Corporation, The Economist, 3 May 2001, Retrieved March 8, 2006, from .  In reality, most predators of the 1980s, when greenmail was most popular, were a hybrid of raider and greenmailer. The dichotomy described above is created primarily to illustrate the differences between acting as a raider and a greenmailer.  Battling for Corporate America, p.70. P.70 Mar 11th edition of The Economist  It remains to be determined whether this point is relevant. Historically, this was a tactic used as part of the two-tiered bid takeover, with the ultimately goal of purchasing the entire company. The discussion of the two-tiered bid is one part in which greenmail can be viewed as a good thing. But the two-tiered bid, for several reasons, is now defunct, and thus not relevant.  This is the current requirement as per http://library.findlaw.com/1999/Jun/1/126630.html and as per page 230 of Den of Thieves this was the requirement in the 1980s as well. In addition if this individual has any explicitly cooperative agreement with other shareholders, they must jointly file the combined total number of shares that they control.  While political correctness would dictate using she, virtually all if not all of the total dollars greenmailed, and all of the most infamous greenmail transactions were conducted by investment partnerships that men operated. In the interest of historical validity, the male gender will be reserved for the dubious title of greenmailer will be reserved to the male gender.  Depending on the predators perceived clout, this number of directors may be as small as one or as large as a majority of the seats on the board.  The Predaors BallBruck, p.157.  QQtd. in Bruck, The Predators Ball p.157.  Need to find the citation hereSee Footnote 3 on page 330 of Gilson .for a discussion of the conflicting evidence on greenmail.  See Andrei Shleifer and Robert Vishny, Greenmail, white knights, and shareholders interest, Rand Journal of Economics 17 (Autumn 1986): 293-309.Shleifer and Vishny.  Refer to Appendix One for an analysis of the greenmail th at occurs in the when there is no threat of a takeover.  Greenmail: Targeted Stock Repurchases and the Management-Entrenchment Hypothesis, Harvard Law Reveiew 98 (1985), p. 1048.  Ibid,Harvard Law Review. P p. .1049.  Others include litigation, poison-pills, lockups,  This posits that even in the market for high level managers, there is equilibrium unemployment, and that searching for another comparably lucrative job is costly.  Otherwise these predators would already control the company and thus control the board; they could therefore fire management at will.  In order to keep such a highly sophisticated argument as simple as possible,Consequently this paper will thus focus around The Yale Law Journals argument presented in November of 1985, in order to keep a highly sophisticated argument as simple as possible.the argument presented in Jonathan Macey and Fred McChesney, A Theoretical Analysis of Corporate Greenmail, The Yale Law Journal 95 (November 1985): 13-61.  In this case, agency costs may still exist at a company because management, while not necessarily opportunistic, is suboptimal in ability and knowledge.  Page 17 of A Theoretical Analysis of Corporate Greenmail.  However, in this case, the cost of simplicity is logical absurdity. To say that shareholder monitoring is perfect would mean that it is cost-less. In such a world, high-agency costs would not exist, thus eliminating the need for most corporate raids. Furthermore, the entire argument is contingent on the fact that it is costly for corporate predators to acquire information. How indeed can it be costless for shareholders to monitor management but costly for raiders? The argument does become coherent when the best case assumptions of absurdity are relaxed, however, and thus merits exploration.  Do I need to dig up and cite the case where Pickens got stung for using a two-tier bid?  Macey and McChesney, Page p.20 of A Theoretical Analysis of Corporate Greenmail,, footnote 31.  Where V> NPV of all future free cash flows under existing management/control.  Where 0d"pd"1  In reality, there are One could of course bring in multiple probabilities of different takeovers and associated different takeover prices. , or even incorporate some estimated continuous function of prices and probabilities, but doing so adds These are ommittedomitted from the discussion as incorporating them adds complexity while contributing nothing to the analysis.  Recall that this paper is discussing agency problems that arise when management and ownership are separated. When there is a controlling shareholder for a company, not only are hostile takeovers exceedingly rare, there is generally little need for policing of incumbents as any and all agency costs exist at the pleasure of the controlling shareholder.  This popular strategy typically involves large layoff layoffs of non-productive labor divisions, and replacing equity financing with debt financing (which has tax deductible interest payments). Up to a point this strategy can create value for shareholders by increasing the free cash flows that a company produces and lowering the rate at which those cash flows are discounted atbecause of the tax-deductibility of interest, increased debt levels can lower a companys average cost of capital.  For the purposes of this paper, enterprise value may be more correct technically. However, for all intents and purposes, enterprise value may be considered to be the same thing as a companys market capitalizationthe price of a share of stock * the number of shares outstanding.  Macey and McChesney, p.Page 28. of A Theoretical Analysis of Corporate Greenmail.  Macey and McChesney, Page p.29 of A Theoretical Analysis of Corporate Greenmail.  Easterbrook and Fischel Auctions and Sunk Costs in Tender Offers qtd. in footnote 64, page 29 of Macey and McChesneyA Theoretical Analysis of Corporate Greenmail.  One might point out that the raider does in fact have a 5-10% stake in the company before making a bid, and thus anyd bid that tops his own represents a real gain on his initial stake. In reality, this gain may frequently more than offset the acquirers research costs, and thus some research (reimbursement?) and initial acquisitions will exist even if companies pursue higher valuing bidders. Nevertheless, Frank Easterbrook and Daniel Fischel argue in Auctions and Sunk Costs in Tender Offers, Stanford Law Review 35, (November 1982): page p.7) that because this gain on the initial stake is less than what the raider would have expected to receive if the acquisition were consummated after his initial bid, it is highly likely that in at least some cases optimization by the Bboard ex post, will (via anticipation) be enough to deter some initial investments in research. Since this research is socially beneficial in that it disciplines weak boards and management,, a[A]ny reduction [in research] is too much unless there are offsetting gains. Easterbrook and Fischel further argue that there are no offsetting gains when companies seek to hold auctions and attract higher valuing bidders. However, one of the very real gains associated with holding an auction, initially is that the firm will tend to land in control of the highest valuing acquirer. If initial raiders are always accepted upon tender offer, the authors concede that whether or not firms will ultimately be controlled by the highest valuing owners cannot be answered at the level of theory. Additionally, existing literature on the topic ignores the fact that if initial bidders may appropriate all of the unexpected gains that occur due to the effect of raiders not having access to private information, this very rule creates an even stronger incentive for raiders to bribe insiders for private information. That is, such a rule encourages the costly behaviors of corruption and rent-seeking (where Board directorsmembers, senior managers, or even accountancies and indeed investment banks seek rents from potential raiders in exchange for such information) behavior. On balance (what do you mean by on balance), Easterbrook and Fischels argument still could hold even once these other potential costs are fully accounted for. Additionally, any analysis of greenmail needs an appropriate legal framework for firms to operate under. Lastly, b Because. Furthermore, Easterbrook and Fischels framework presents a nearly ideal back drop for the pro-greenmail theory, . Consequently, any critiques of the pro-greenmail theory that stand under this backdrop are thus the strongest.  The acquirer can raise her likelihood of success by shortening the time her offer is open. Macey and McChesney, Page p.23., A Theoretical Analysis of Corporate Greenmail.  There is a definite conflict of interest in the Bboards role here. If raiders blindly followed the Bboards recommendations, the Bboard would respond by set ting a near infinitely high price for a firm. The Bboard would be motivated to do this to: reward its own shareholder; maximize its return on the shares the dDirectors ownhold. The bBoard might also be tempted to refuse all offers below a price of $X per share when the true value it believes exists is $Y per share, where X>Y as a means of further entrenching itself and resisting takeover overtures.  Page 1050 Harvard Law Review. Greenmail: Targeted Stock Repurchases and the Management-Entrenchment Hypothesis, p. 1050.  An acquirer that is friendly to incumbents.  Or as Macey and McChesney put it, Greenmail allows the firm to make unwanted suitors go away without discouraging them from producing information about the target firm in the first place. (p.Page 26). Yale Law Journal. A Theoretical Analysis of Corporate Greenmail.  Macey and McChesney, p.Page 23. Yale Law Journal. A Theoretical Analysis of Corporate Greenmail.  Like a tender offer, a greenmail transaction informs the market that the target firms stock is undervalued. Macey and McChesney, Page p.24 of Yale Law Journal. A Theoretical Analysis of Corporate Greenmail..  Where expected payoff for shareholders = (NPV of all future free cash flows prior to raid wealth transferred to raider)*probability that firm will not be subsequently acquired by higher valuing owner + (payoff from a higher valuing acquirer making a bid)*probability that such a bid occurs. Greenmail, it is proposed, can significantly increase ththe at probability that a higher valuing bid occurs by buying time, and increasesing the payoff associated with that bid by signaling to outside shareholders to take an even deeper look for hidden value.  For a deepern eloquent discussion of this phenomenon, see pages 26- 27, and footnote 31 of Macey and McChesney Yale Law Journal, A Theoretical Analysis of Corporate Greenmail..  Of course, one would not accept greenmail if such a payment is worse than ones next best alternative.  Macey and McChesney, p.Page 41, Yale Law Journal, A Theoretical Analysis of Corporate Greenmail..  See footnote 96 of Macey and McChesney. of Yale Law Journal, A Theoretical Analysis of Corporate Greenmail.  Shark repellant are devices installed to prevent predators from succeeding in acquiring control of a company. These aAnti-takeover devices includelike aforementioned poison pills and lockup devices.  Bruck, p.Page 1162, The Predators Ball..  By instituting aforementioned shark repellants, inserting smear adds in newspapers such as the one ran in the New York Times saying Icahn Cheats (Page 158 of The Predators Ball), and, if the company is truly undervalued, commencing a Management led Buyout (MBO) and, topping the bid of the next potential raider.  In this world, companies would be barred from instituting shark repellants.  That is, senior management and the bBoard of D directors could transfer shareholder wealth away to a greenmailer, and then management could buy out remaining shareholders at a price that does not adequately compensate shareholders. While MBOs have very positive merits, they also have numerous conflicts of interests for management, not the least of which is managements ability to manipulate the release of private information. Easterbrook and Fischel recognize this in the case of bids led by whiteknights. See page 15 of and accompanying footnote 33 of Easterbrook and Fischel. Auctions and Sunk Costs in Tender Offers.  Macey and McChesney, Page p.41., Yale Law Journal, A Theoretical Analysis of Corporate Greenmail.  Macey and McChesney , p.Page 41, Yale Law Journal, A Theoretical Analysis of Corporate Greenmail..  Lucian Bebchuk, The Case for Increasing Shareholder Power, Harvard Law Review 118 (January 2005): p.844 and footnote 13. This requirement is the current rule in the state of Delaware where nearly 60% of Fortune 500 companies were incorporated as of 2002.  1051 Harvard Law Review. Greenmail: Targeted Stock Repurchases and the Management-Entrenchment Hypothesis, p.1051..  1050 Harvard Law Review. Greenmail: Targeted Stock Repurchases and the Management-Entrenchment Hypothesis, p.1050.  Or more specifically, entrench.  Greenmail: Targeted Stock Repurchases and the Management-Entrenchment Hypothesis, p.1051051. Harvard Law Review. Greenmail: Targeted Stock Repurchases and the Management-Entrenchment Hypothesis.  This may occur on its own, or in a more sophisticated manner known as a recapitalization where shares are repurchased and debt is issued in its place.  . If the company repurchases shares at a price less than the expected NPV of future FCFs per share, then remaining shareholders are better off as a result of the repurchase.  AgainProvided, of course, that if this signal is deemed credible.  Macey and McChesney, p. Page 41. , Yale Law Journal, A Theoretical Analysis of Corporate Greenmail.  Indeed, whatever theregardless of their motives of Congress were, in ___ 1987, Congress passed a law in 1987 requiring that 50% of the gains from greenmail, on top of capital gains taxes, to must be paid in the form of an excise tax by any person or organization upon accepting greenmail.  Lucian Bebchuk, The Case against Board Veto in Corporate Takeovers, The University of Page 1000 of The University of Chicago Law Review 69 (2002): , p.1000. The Case Against Board Veto in Corporate Takeovers.  While some business scholars have argued that golden parachutes for insiders can mitigate this concern, frequently such schemes create other conflicts of interest and moral hazards for insiders. Bebchuk further discusses this problem on pages 1013-1016 of The Case against Board Veto in Corporate Takeovers.The University of Chicago Law Review, The Case Against Board Veto in Corporate Takeovers.  Macey and McChesney, p.34-37.  Either because the person never had the information in the first place, or the person chooses to not reveal it at this time, and use it elsewhere.  Alternatively stated, the recipient may claim the information to be useless and thus not worth being paid for, even when it the recipient knows it to be valuable.  This assumes that greenmailers are risk-averse people. It may be the case that some greenmailers like Carl Icahn were financially risk-neutral or risk-seeking. Icahn, for instance, was known to gamble professionally in financial markets, and then gamble for leisure, playing games like monopoly with real money. See Bruck, p.151.  The person with the information many then receive further compensation in the form of directors or managers pay. In addition, the authors argue that taking a position within the target firm allows the producer of information to reveal it [the information] without losing control of it. Macey and McChesney, p.35.  Macey and McChesney, p.35.  Ibid, p.36.  This occurred at a point in Icahns life where he did not have the financial resources to issue a tender offer for the company, and Hammermill incumbents knew this. See Bruck, p.157.  Bruck, p.158.  See pages 12 and 13 for reference.      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