Introduction Mass arbitration has sent shock waves through the civil justice system and unnerved the defense bar. To see how quickly and dramatically this phenomenon has entered both the civil justice landscape and the public discourse, one need look no further than the January 2023 filings of hundreds of individual arbitration demands by former Twitter employees against Elon Musk,[2] along … Read more

Abstract This Article discusses how a subgenre of retail investors makes investors’ apathy obsolete. In prior work, we dub retail investors who rely on technology and online communications in their investing and corporate governance endeavors “wireless investors.” By applying game theory, this Article discusses how wireless investors’ global-scale online interactions allow them to circulate information and coordinate, obliterating collective action … Read more

Introduction The most substantial change in the United States Government has been the extraordinary growth and increased complexity of the United States Government itself. George Washington initially was President of a country with a population of about four million, eleven States, and three Cabinet Departments (State, Treasury, and War). Washington’s Government had no standing army, no Social Security, Medicare or … Read more

Introduction The costly and highly public collapse of cryptocurrency exchange FTX has highlighted two key phenomena central to crypto-market design.[2] First, despite its originating claims to decentralization, crypto-markets are anchored by exchanges that operate in a profoundly centralizing manner. In other words, single organizations act as anchor intermediaries to perform a variety of critical functions: marketing, trading, risk management, lending, … Read more

Introduction Special purpose acquisition companies (SPACs) exploded in popularity in the past few years, to such a degree that they made up 60% of IPOs in 2020, 66.3% in 2021, and 69.4% in 2022.[3] Celebrities from Colin Kaepernick to Jay-Z have launched SPACs,[4] but perhaps the most feverish attention came in October 2021, when a SPAC called Digital World Acquisition … Read more

Abstract This paper assesses the emerging regulatory framework for special purpose acquisition companies (SPACs). According to this framework, mergers of SPACs, known as de-SPACs, must be “fair” to public (or unaffiliated) SPAC shareholders, and transaction participants face heightened liability risk for disclosure errors. In this environment, third-party fairness opinions have been regarded as a de facto requirement for de-SPACs. A … Read more