Professor Frank Partnoy Featured in Los Angeles Times on Corporate Raiding Experiment

Los Angeles (May 3, 2017) – University of San Diego (USD) School of Law Professor Frank Partnoy was featured in a Los Angeles Times article that reported on his corporate raiding experiment with fellow shareholder activism expert Professor Steven Davidoff Solomon, who teaches law at UC Berkeley.

For the experiment, Partnoy and Solomon bought up Tejon Ranch stock themselves, then tried to jawbone its executives into taking steps to improve shareholder value. According to the article, though Tejon management made a show of listening to their proposals, they were essentially blown off. Having risked a significant share of their retirement nest eggs by assembling a combined stake of about $500,000, they escaped after about a year and a half with a modest gain of $55,000.

“There are thousands of companies that have never had an activist investor darken their door,” said Partnoy. “One of the reasons is that it’s really hard. We wanted to see if we could succeed. But even with our knowledge and our connections and our expertise, we did not succeed in any meaningful way.”

Partnoy and Solomon lay out their lessons learned in an article in the latest issue of The Atlantic, titled “Frank and Steven’s Excellent Corporate-Raiding Adventure.”

Read the full LA Times article.

About Frank Partnoy

Professor Partnoy teaches and writes in the areas of business and corporate law.

About the University of San Diego School of Law

The University of San Diego (USD) School of Law is recognized for the excellence of its faculty, depth of its curriculum, and strength of its clinical programs. Each year, USD educates approximately 800 Juris Doctor and graduate law students from throughout the United States and around the world. The law school is best known for its offerings in the areas of business and corporate law, constitutional law, intellectual property, international and comparative law, public interest and taxation.

USD School of Law is one of the 84 law schools elected to the Order of the Coif, a national honor society for law school graduates. The law school’s faculty is a strong group of outstanding scholars and teachers with national and international reputations and currently ranks 35th nationally and 6th on the West Coast among U.S. law faculties in scholarly impact and 24th nationally and 6th on the West Coast in all-time faculty downloads on the Social Sciences Research Network (SSRN). The school is accredited by the American Bar Association and is a member of the Association of American Law Schools. Founded in 1954, the law school is part of the University of San Diego, a private, nonprofit, independent, Roman Catholic university chartered in 1949.

Jon Lukomnik

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