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When I was a law student, taking a course in introductory corporate law, what was heard around the halls was that most of corporate law would be learned if one understood Perlman v. Feldmann. I agree with that statement, and I have agreed more strongly each year I myself have taught introductory corporate law. Indeed, I now believe one would also learn a good deal about the significance of the corporation in American life during the past two decades. Unfortunately, however, it seems to me-on the basis of having read everything of which I was aware concerning one of the most widely discussed cases of recent times-that very few lawyers understand the meaning of that decision.
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Corporate law, mergers, acquisitions, class action