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Securities Regulation, Keyed to Choi
Lovenheim v. Iroquois Brands, Ltd.
Citation:
618 F. Supp. 554 (1985)Facts
Peter Lovenheim owned two hundred shares of Iroquois Brands, Ltd., a company that imported paté de foie gras from France. Lovenheim submitted a shareholder proposal requesting that the Board of Directors form a committee to investigate the methods used by the company’s French supplier to produce paté, specifically whether force-feeding of geese caused undue animal suffering, and to report findings to shareholders with recommendations about continued distribution. The force-feeding process involved placing geese in metal braces and pumping up to 400 grams of corn-based mash through a funnel inserted 10-12 inches down their throats. Iroquois’s paté sales totaled only $79,000 annually with a net loss of $3,121, representing less than 0.05% of the company’s $78 million in assets, $141 million in revenues, and $6 million in profits. Iroquois refused to include the proposal in its 1985 proxy materials, relying on the Rule 14a-8(c)(5) exception for proposals not meeting the five percent economic threshold. Lovenheim filed suit seeking a preliminary injunction to compel inclusion of his proposal, arguing it was significantly related to the company’s business due to its ethical and social importance regarding humane treatment of animals.
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