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Assignment: Carefully read the Cleveland Browns Case Study beginning on page 703 of your textbook....

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Finance

Assignment: Carefully read the Cleveland Browns Case Study beginning on page 703 of your textbook. Then respond to and answer the following questions:

  1. Briefly describe Mr. Gries allegations of wrongdoing against the Brown's directors. and discuss how Modell's actions may violate the Duty of due diligence and the corporate opportunity doctrine. Address how Mr. Gries was legally injured by the Browns' valuation of and purchase of CSC and why the demand futility doctrine may not apply.
  2. The book goes into much detail about the defendant directors' attempt to invoke the protection of the "business judgment rule." 1) Give the test for the "Business Judgment Rule," and the "Fairness Rule." From your text, bring in 1 case for each rule and explain how it is similar or different to the Cleveland Brown case.
  3. Briefly describe reasons why the Ohio Supreme rejected the attempt to use the Business Judgment Rule and instead upheld the trial court's decision to apply the "fairness rule" in assessing the actions and decisions of the Browns' directors.

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