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In March 1986, the Supreme Court of Delaware issued its landmark opinion in Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc., 506 A.2d 173 (Del. 1986), enunciating the duty of directors of a Delaware corporation to seek the highest price for the corporation’s stockholders when the corporation is for sale or when a break-up has become inevitable. In perhaps the most quoted statement in the decision, the court held that, in these circumstances, “[t]he directors’ role changed from defenders of the corporate bastion to auctioneers charged with getting the best price for the stockholders at a sale of the company.”
The authors discuss the impact of the Protecting Americans from Tax Hikes Act of 2015 and the Consolidated Appropriations Act, 2016 (H.R. 2029) (together, PATH), which included welcomed extensions to a number of energy tax incentives, including a five-year extension of the bonus depreciation provisions. Previously, bonus depreciation legislation had been passed retroactively and for short periods of time. PATH is unique in that it provides a forward-looking extension of the bonus depreciation deduction.
The Section Chair looks back over the past 100 years of the Section’s history and notes that one thing hasn’t changed since 1917—very complex (and high-cost) questions of public policy, infrastructure development, and the public good impact our industries. So, lawyers who focus on infrastructure and regulated industries benefit from a well-informed discussion about regulatory proposals, the impact of regulation on changing technologies, and how to encourage and enable investment in critical infrastructure. This and other issues of Infrastructure are intended to generate those discussion.
The Infrastructure’s co-editor notes that we miss the graceful prose and thoughtful commentary of our long-time friend and editor of these pages, Judge Cudahy. But the editorial board has the good fortune to reap what the members of our Section sow—timely and interesting essays on issues affecting our Section industries and their important roles in our increasingly globalized economy. If you have an article in mind, please contact one of the editors listed in the masthead. We’d like to hear from you.