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Abstract

I. Introduction

II. Rule 10b-5 and the Requirement of Adequate Disclosure—Protection for the Selling Shareholders … A. The Duty of Disclosure … B. Material Information … 1. Unreliable Information … 2. Imputed Knowledge … 3. Identity of the Purchaser … 4. Purpose of the Repurchase … C. Private Right of Action

III. Rule 10b-5 and the Prevention of Fraudulent Management—Protection for the Corporation and Continuing Shareholders … A. The Problem … B. Relief under Federal Securities Laws … 1. The Development of Federal Case Law … 2. Potential Expansion of Protection

IV. Sections 9 & 10 of the 1934 Act and the Prevention of Market Manipulation—Protection for Outside Investors … A. The Economic Effect of Repurchase … B. Section 9(a)(2) … C. Rule 10b-6 … 1. Terminology of Rule 10b-6 … a. Distribution … b. Issuer … 2. Rule 10b-6 Exceptions

V. Section 16(b) and Insider Trading—Further Protection for the Corporation and Its Shareholders

VI. The Regulation of Tender Offers—The Impact of the Williams Act … A. Tender Offer as a Means of Repurchase … B. The Williams Bill … 1. Section 14(d) … 2. Section 14(e)

VII. Section 13(e) and the Future of Corporate Stock Repurchases under the Exchange Act … A. Observations about Section 13(e) … B. SEC Action under Section 13(e) … A. Rule 13e-1 … 2. Proposed Rule 13e-2

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