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1 J. Bus. & Sec. L. 1 (2005)

handle is hein.journals/bussecul1 and id is 1 raw text is: EXTINGUISHING THE NEW GREAT FIRE OF CHICAGO: WHY COURTS SHOULD RELY ON THE CHICAGO THEORY TO PROMOTE PETROLEUM MERGERS Christopher L. Lucas* TABLE OF CONTENTS IN TR OD U CTION ................................................................................................ 2 I. B A CK GR O U ND .............................................................................................. 6 A . The Chicago Theory ................................................................................. 6 1. The Supreme Court's Promotion of the Chicago Theory .................................... 12 2. Case Law Influenced by the Chicago Theory .................................................. 12 a. Continental T V, Inc. v. GTE Sylvania Inc ................................................ 13 i. The F acts ............................................................................... 14 ii. The Supreme Court Opinion ......................................................... 15 b. Matsushita Electric Industrial Co. v. Zenith Radio Corp ............................. 18 i. The F acts ............................................................................... 18 ii. The Supreme Court Opinion ......................................................... 19 B. The Post-Chicago Theories ..................................................................... 21 1. Post-Chicago in General ..................................................................... 21 2. Eastman Kodak Co. v. Image Technical Services, Inc ....................................... 23 C. The Consolidation Trend in the Petroleum Industry .......................................... 28 D. To Consolidate or Not To Consolidate, That is the Question ................................ 30 II. A N A LY SIS .................................................................................................. 3 1 A. Analysis of Case Law ............................................................................ 31 1. Case Law Influenced by the Chicago Theory ............................................. 31 a. Continental T V, Inc. v. GTE Sylvania Inc ............................................. 33 b. Matsushita Electric Industrial Co. v. Zenith Radio Corp ............................ 34 2. Kodak Halts Consolidation by the Influence of the Post-Chicago Theory ............. 36 3. Can Chicago Survive After Kodak? ............................................................. 41 B. Why Using the Chicago Theory to Promote Consolidation in the Petroleum Industry M akes Sense .......................................................................................... 44 C ON CLU SION ................................................................................................... 49 * J.D., cum laude, 2004, Michigan State University College of Law; B.A., Economics and Business, with distinction, 2000, Virginia Military Institute. The author is an associate with Troutman Sanders LLP in its Tysons Corner, Virginia office. Before attending law school, the author worked as an economic analyst in Washington, D.C. While attending law school, the author was an editor for the Michigan State Law Review. The author would like to thank Professor Elliot Spoon for his meaningful insight and helpful comments on this article, and would also like to give a special thanks to his parents, family, friends and colleagues for their continuous support.

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