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Biotech / Medical : Biotech Valuation

CRSP 57.58

+0.9%

3:59 PM EST

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To: scott_jiminez who wrote (2208)	12/2/2000 2:10:13 PM
From: Biomaven	Read Replies (2) of 52153

(OT) scott, First a big time disclaimer - it's a long time since my one Constitutional Law class and I haven't dealt with any of this stuff since. (Incidentally I didn't take the class from Tribe - we had a points system for choosing classes which prevented you from taking too many "popular" classes, and I expended my points elsewhere). Basically what we have is a mixture of a conflict between the Federal system and states' rights compounded by another conflict between the rights of the legislature vs. the rights of the judiciary. Thus there are complex federalism issues mixed with complex separation of powers issues. The case that may turn out to be central here is an old 1892 case McPherson vs. Blacker. This case is so famous and widely discussed that it is not among the approximately 2500 cases referenced in my old Constitutional Law textbook. <g> Basically it seems to stand for the contention (paraphrasing the Bush brief) that the Florida Supreme Court, relying on the Florida constitution, incorrectly arrogated to itself the power to direct the manner in which the legislators are selected, because these rights are reserved by the US Constitution exclusively to the Florida legislature (and not the Florida Constitution). The Bush team argued (and were backed by Scalia) that the Florida court could not be directed by the Florida constitution in modifying or interpreting the statute. Of course the Florida Supreme court is normally bound by the Florida Constitution, so this is a pretty weird result. A significant Gore argument is "so what" - worst case is the state loses its "safe harbor" from further challenges to its electors. I still think Gore will win here, but that it won't make much difference, except perhaps in a PR sense. BTW, the US code can be seen at: www4.law.cornell.edu Peter

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