Sale, and Take Over, of Case Study

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2. It is not as clear whether Howard has a legal action against Angela, the TNA Director who advised a third party, her friend,

Foster, of Hawke's pending take over of TNA. Angela did not take action to buy or sell stock, rather a third party friend, Foster, benefited from Angela's knowledge via her position as a TNA Director and purchased stock at the rate of $4 per share from Howard

understanding that TNA's Board would fight Hawke's take over attempt and accepting the risk of the outcome of the hostile takeover.

In a Securities and Exchange Commission investigation, Leo would be found to be counsel for the firm representing Hawke in his take over attempt of TNA and thus ethically bound to maintain the confidence/secret plans of his firm's client.

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In purchasing

TNA stock at a "low ball" rate pre-take over, Leo violated canons of legal ethics and could be charged with malfeasance as related to his improper financial benefit based on insider trading. While Larry also benefited from the information Leo provided, Larry

bore no ethical consideration relative to the amount and cost of TNA stock he chose to purchase, rather Larry was acting on the information freely provided him from a well placed friend; Larry was fortunate in his choice of friends rather than fraudulent in his actions, as such the SEC would not bring charges against Larry for….....

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