Resolution 11325CITY OF ALAMEDA RESOLUTION NO. 11325
OPPOSING CORPORATE TAKEOVERS
WHEREAS, financial manipulators are mounting abusive
takeover attacks on American corporations at a record pace; and
WHEREAS, loss of jobs and economic dislocation caused by
such takeovers have adversely affected Alameda and other Bay Area
communities; and
WHEREAS, such abusive takeovers do not add to the wealth
of the nation but merely enrich bankers, lawyers and other
manipulators; and
WHEREAS, the companies that survive leveraged takeover
attempts are so weakened by debt burden and asset sales that they
can no longer compete effectively in world markets nor continue
to contribute meaningfully to the welfare of their employees or
communities; and
WHEREAS, a national grassroots coalition has called on
state and local officials, businesses and consumers to unite
against these greedy raiders whose tactics threaten the American
free market economy; and
WHEREAS, this coalition will seek enactment of federal
reform legislation that:
- -First and foremost affirms the traditional role of
states in governing their corporate citizens;
--Requires earlier disclosure of acquisition of a
significant stake in a company;
- -Puts teeth into penalties for reporting violations;
--Tightens control over secret practices by investor
groups;
- -Restricts manipulative tender offers that coerce small
investors into selling at a low price;
- -Lengthens tender offer periods to give shareholders
adequate time to make sound decisions; and
- -Compels manipulators, who threaten to take over a
company and then don't, to return any short-term profits
generated from trading in its stock or "greenmail";
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WHEREAS, the national co -chair of the Coalition to Stop
the Raid on America is former Housing and Urban Development
Secretary Moon Landrieu, who was twice mayor of New Orleans and a
past president of the U.S, Conference of Mayors; and the
California State co -chair of the coalition is Carol Ruth Silver,
member of the San Francisco Board of Supervisors and chair of the
Task Force for San Francisco Jobs and Businesses (formerly the
Task Force to Retain BankAmerica Corporation in San Francisco;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Alameda that said Council hereby opposes hostile corporate
takeovers.
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I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by
the Council of the City of Alameda in regular meeting
assembled on the 20th of October, 1987,
by the following vote to wit:
AYES: Councilmembers Camicia, Haugner, Monsef, Thomas
and President Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of said City this 21st day of
October, 1987.
)
City Clerk of the City o'f Alameda