Admit it: We're all amused, in a schadenfreude sort of way, at watching Cravath struggle to downplay the sophistication of its nine years of work for its former client Airgas. But GCs and outside counsel can learn from Cravath's decision to represent Air Products in its hostile bid for Airgas. Business isn't like dating. There's no reason not to put your relationship in writing.

In Chandler's hotly anticipated opinion, the Delaware Chancery Court judge concluded that, in his view, the Airgas pill had already served its defensive purpose, but that under Delaware law, it is the board's business judgment--and not his--that matters.

There's a battle brewing over whether companies can unilaterally change their bylaws to require that a broad class of shareholder suits be filed exclusively in Delaware Chancery Court. Such bylaws may promote judicial efficiency, but the corporate directors who adopt them may also have their own interests in mind.

Cite as: In re American International Group, 08 Civ 4772, NYLJ 1202472640317, at *1 (SDNY., Decided September 27, 2010)Judge Laura Taylor Swainp class="dec