Today's Dealbreaker "Reader Challenge"

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Grade the following statement, made in 2000 by the Honorable Louis Stanton, the judge hearing the Bernie Madoff civil case:

Second, a stock split divides only the outstanding shares of a corporation. "Delaware law, which is controlling under the terms of the Agreement, defines `outstanding' stock as that which can be voted and therefore is `construed to mean stock in the hands of shareholders, not stock in the treasury.'"

(Satterfield v. Monsanto, 88 F.Supp.2d 288, March 27, 2000).
Is His Honor correct?
If not, why not?
Extra Credit: In light of this, is Judge Stanton competent to handle the complex Madoff civil case now before him?
88 F. Supp. 2d 288.pdf
Earlier: Ponz. Boy Settles

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As Dealbreaker historians will recall, 2011 marked our first Dealbreaker NCAA Tournament Challenge. It was inspired by a financial services hack who made the public announcement that he planned to (anonymously) report any colleagues he caught filling out brackets and keeping tabs on their picks during business hours. At the time, we encouraged you all to enter as many pools as were available, making it impossible for him to keep up with the amount of people and their offenses he needed to rat out, and created one to do our part. Is this guy still on the loose? He very well might be but regardless: never forget. To that end, sign up for the Third Annual Dealbreaker NCAA Tournament Challenge today. If you need reason beyond being able to say you won the DBNCAATC, first place will receive dinner for him/herself plus some colleagues and/friends at Peter Luger* and the must-have item of the season, a blue and green Dealbreaker banker bag.

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