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Business Organizations Keyed to Chasalow, 3rd Ed.
Lovenheim v. Iroquois Brands, Ltd.
Citation:
618 F. Supp. 554 (1985)Facts
Peter C. Lovenheim owned 200 shares of common stock in Iroquois Brands, Ltd., a company that imported paté de foie gras from France. Lovenheim was concerned about the force-feeding methods used to produce the paté, which he believed caused undue distress, pain, and suffering to geese. He submitted a shareholder proposal requesting that Iroquois form a committee to study these methods and report to shareholders on whether the production method caused animal suffering and whether distribution of the product should be discontinued until more humane methods were developed. Iroquois refused to include the proposal in its proxy materials, citing SEC Rule 14a-8(c)(5), which allows exclusion of proposals relating to operations accounting for less than 5% of a company’s total assets, net earnings, and gross sales. Iroquois demonstrated that paté sales represented only $79,000 (0.05%) of its $141 million in annual revenues, resulted in a net loss of $3,121, and involved only $34,000 of its $78 million in assets. Lovenheim argued that despite the economic insignificance, his proposal was “otherwise significantly related” to Iroquois’ business due to its ethical and social importance.
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