What is the current state of the law on the meaning of Section 16(b) of the US Constitution when it comes to the interpretation of the words "pragmatic" in the context of a transaction?
MultiRegion, United States of America
The following excerpt is from Portnoy v. Memorex Corp., 667 F.2d 1281 (9th Cir. 1982):
Other courts have continued to apply the pragmatic approach when it is necessary to analyze the transaction itself rather than the statutory language of 16(b). In Matas v. Siess, 467 F.Supp. 217 (S.D.N.Y.1979), the court stated that:
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