Illinois Business Law Journal Inaugural Issue

by Marta Kowalczyk February 2 2010, 09:56


The Illinois Business Law Journal is proud to share our inaugural issue.  This publication of the University of Illinois College of Law acknowledges the work of our student body.  This issue has compiled writings from relevant areas of law related to business.  We hope to bring you a new edition of the Illinois Business Law Journal this spring. 



Please click on the link below to access the Issue:



Illinois Business Law Journal Fall 2009 Issue 1.pdf (465.20 kb)

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The Journal Resumes its 2009-2010 Publication Cycle

by Marta Kowalczyk August 16 2009, 06:15


The 2009-2010 Business Law Journal of the University of Illinois Editorial Board invites you to join us in congratulating the following students who are new members:




                                         Meghan Collins                                         Juan Moreno


                                          Kevin Coffey                                            Isabel Freitas Peres  

                                         Frederic Deraiche                                      Amanda Pintaro           


                                         Brittany Estell                                           Cari Silverman

                                         Carlos De La Paz                                      Lu Sun  



                                         John Michael Ekblad                                 Paul Whitehair                

                                         Yuejiao Hou                                              Sae Bom Yoon

                                         Marianna Kiselev                                       Julian Watkins

                                         Zina Kiryakos                                           Warren Wilke  



                                         John Lee                                                  Henry Young




                                         Michael Lenhardt                                       

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The Future of the Merck and Schering-Plough Merger

by Marta Kowalczyk March 19 2009, 16:18
I. Introduction



On March 9, 2009 Merck Co., Inc. ("Merck") and Schering-Plough Corporation ("Schering-Plough") announced that a merger agreement has been unanimously approved by each corporations Board of Directors [1] and is worth $41.1 billion dollars. [2] Furthermore, the merger of these two pharmaceutical giants is expected to increase efficiencies and result in cost savings of approximately $3.5 billion annually. [3] This merger agreement is constructed as a reverse merger, under which Merck and Schering-Plough will merge, under the name Merck. [4] The purpose of the unusual manner of the merger is to ensure that Schering-Plough's joint venture agreement involving Remicade with Johnson & Johnson is not terminated. [5] This article discusses the uniqueness of the reverse merger. Part II analyzes the structure of the reverse merger and the purpose of the merger. Part III evaluates the advantages and disadvantages of the merger of these two pharmaceutical companies. Part IV concludes that the merger of the two pharmaceutical giants is beneficial and that the drug rights to Remicade will not be lost. [More]

Storm Ahead for Sirius XM Merger

by Marta Kowalczyk February 16 2009, 01:33
I. Introduction





On July 25, 2008 the Federal Communications Commission (“FCC”) approved the XM Satellite Radio and Sirius Satellite Radio merger voting 3-2 to approve the deal without imposing many restrictions on the combined entity.[1] Critics of the merger asserted that the combination of two principal satellite radio companies would result in a monopoly.[2] The FCC recognized that the Internet age has revolutionized how individuals obtain and listen to music opening the market to a variety of competition.[3] However, the question remains whether the Sirius XM Radio merger will survive. On July 25, 2009, the day of the announcement of the merger, Sirius shares plunged 43% and XM stock declined 40%. Recently, reports indicate that Sirius XM Radio is preparing to file bankruptcy.[4] This article will analyze the state of Sirius XM Radio as well as give recommendations to Sirius XM radio on increasing revenue. [More]

Merger Talks in Detroit Auto Business

by Marta Kowalczyk November 2 2008, 18:36
I. Introduction



Since September, General Motors ("GM") and Chrysler's majority owner, Cerberus Capital Management have been in talks over the possibility of acquiring Chrysler. [1] Both companies are facing a financial crisis as both have suffered huge losses during this economic recession. [2] Moody's Investor Service stressed that GM would run out of operating cash next year without new sources of capital. [3] GM sees its merger with Chrysler as its bailout providing the company with revenue, cash flow, and cash reserves to make it through the coming year. [4] Merger talks have dealt with GM acquisition of Chrysler's auto business and Cerberus merger with lender Chrysler Financial Services and GM's ownership of GMAC Financial Services. [5] However, the question remains: how beneficial will the GM-Chrysler merger be to these companies. In this article, the advantages and disadvantages of the merger will be discussed. [More]

Banking Acquisitions during the Financial Crisis

by Marta Kowalczyk October 10 2008, 07:50
I. Introduction



When the housing crisis was at its lowest point, entire neighborhoods were experiencing the possibility of foreclosure as residents defaulted on their mortgage payments. Foreclosures and consumer defaults have not only damaged the housing market but also have affected financial institutions. [1] The financial industry was hit particularly hard, especially leading subprime lending banking institutions. Washington Mutual, Freddie Mac, Wachovia, Bear Stearns, Countrywide and Merrill Lynch have been or are in the process of being acquired by big banks, strong enough to make the acquisition. [2] In this article, I will discuss the most recent acquisitions, Washington Mutual and Wachovia Corp., and analyze the benefits of this acquisition to the banking industry as well as the costs to consumers. [More]

Blockbuster's $1 Billion Bid on Circuit City

by Marta Kowalczyk April 25 2008, 07:54
I. Introduction



On April 14, 2008 Blockbuster Inc. announced publicly its offer to purchase electronic retailer Circuit City Inc. Blockbuster has been in talks with Circuit City for months regarding an acquisition. [1] On February 17, 2008 Blockbuster sent a letter to Circuit City Chairman Philip Schoonover offering over $1 billion for the transaction. [2] This is equivalent to $6 to $8 a share in cash for the company. [3]Blockbuster also stated that they were willing to pursue alternative deal structures to enable Circuit City shareholders to receive stock. [4] Circuit City is hesitant about the deal and has yet to reveal to Blockbuster its long-term corporate plans and performance data. [5] This paper will evaluate the benefits and negatives of the acquisition as well as discuss whether this merger should occur. [More]

Will the XM-Sirius Merger Pass FCC Regulations?

by Marta Kowalczyk April 10 2008, 08:00
I. Introduction



On February 19, 2007 satellite radio rivals Sirius Satellite Radio and XM Satellite Radio announced their intention to merge. [1] Both companies have experienced billions of dollars in losses. [2] Their net debt is approximately $1.6 billion. [3] According to Wall Street equity analysts, this merger will help the financial future of both companies by cutting their costs and resulting in a savings of over $3 billion . [4] However, the two companies have major hurdles to overcome. One hurdle was antitrust concerns about the merger by the Department of Justice. [5] On March 24, 2008 the United States Department of Justice closed its investigation and approved the XM-Sirius merger, finding that the merger would not harm consumers or competition. [6] Still, the XM-Sirius merger has one more obstacle in its path - the approval of the Federal Communications Commission (FCC). [7] In order for XM and Sirius to receive approval of their merger from the FCC, under the License Ownership Restrictions the FCC must find that the merger is in the "public interest." [8] In determining whether or not the merger is in the public's interest, this paper will analyze the merger's effect on consumers and competition as well as evaluate if the FCC will or will not approve the XM-Sirius merger. [More]

Creating Stability in the Airline Industry through Merger

by Marta Kowalczyk April 6 2008, 08:05
I. Introduction



In the mid-1980s the airline industry experienced merger mania. Delta bought up Western. [1] Pan Am merged with National [2]. Texas International and New York Air merged with Continental and People Express. [3] Now this trend has reemerged through the possible merger of Delta, the third-largest U.S. airline in terms of passenger traffic, with Northwest, the fifth-largest carrier, to create the largest passenger airline in the world. [4] Executives of both airlines have agreed on most of the basics of a merger, but talks have stalled over the issue of integrating workers. [5] As talks have stalled, the question remains whether Delta and Northwest should merge. This article will discuss the implications of the Delta-Northwest merger. First, it will discuss the antitrust considerations. Second, it will examine the likely impact of the merger on employers, shareholders, and customers. Finally, this article will conclude on whether or not the Delta-Northwest merger will be beneficial for the two companies and the airline industry. [More]

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