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JONATHAN KLICK AND ROBERT H. SITKOFF, Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off, 108 Columbia Law Review 749 (May 2008)JONATHAN KLICK AND ROBERT H. SITKOFF, Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off, 108 Columbia Law Review 749 (May 2008)

Jonathan Klick and Robert H. Sitkoff's engaging, enlightening and thorough article examines the controversy over the attempt by the trustees of the Milton Hershey School Trust to divest a controlling interest in the Hershey Company in 2002. At that time, the trust's $4.7 billion of Hershey stock constituted 53 percent of the trust's $8.8 billion of assets. The trustees announced their intention to

Christopher R. Hoyt, Professor of Law

February 1, 2009

2 Min Read
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CHRISTOPHER R. HOYT

Jonathan Klick and Robert H. Sitkoff's engaging, enlightening and thorough article examines the controversy over the attempt by the trustees of the Milton Hershey School Trust to divest a controlling interest in the Hershey Company in 2002. At that time, the trust's $4.7 billion of Hershey stock constituted 53 percent of the trust's $8.8 billion of assets. The trustees announced their intention to sell in order to diversify the trust's investments.

Although the trust held only 30 percent of the company's stock, that stock possessed 75 percent of the voting power because the company operated with a dual stock arrangement that granted the trust's stock with greater voting power. After the announcement, the price of public...

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About the Author

Christopher R. Hoyt

Professor of Law, University of Missouri

Christopher R. Hoyt, JD is a Professor of Law at the University of Missouri Kansas City School of Law where he teaches courses in the area of federal income taxation and business organizations.  Previously, he was with the law firm of Spencer, Fane, Britt & Browne in Kansas City, Missouri.  He received an undergraduate degree in economics from Northwestern University and he received dual law and accounting degrees from the University of Wisconsin.

Professor Hoyt has served as the Chair of the American Bar Association’s Committee on Charitable Organizations (Section of Trusts and Estates) and is on the editorial board of Trusts and Estates magazine. He is an ACTEC fellow, has been designated by his peers as a “Best Lawyer”, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils.  He is a frequent speaker at legal and educational programs and has been quoted in numerous publications, including The Wall Street Journal, Forbes, MONEY Magazine, The New York Times and The Washington Post