선박충돌로 인한 손해배상청구권자의 범위에 관한 연구

남도현(Nam, Do Hyun) 국민대학교 법학연구소 2022 법학논총 Vol.35 No.2

미국 M&A계약상 주요 거래보호약정의 최근 동향에 관한 연구

남도현(Do Hyun Nam) 한국기업법학회 2017 企業法硏究 Vol.31 No.3

M&A계약상 거래보호약정은 최종적으로 계약 체결의 확실성을 증가시키기 위한 계약 조항의 일종으로 M&A거래와 관련하여 특정 조건으로 인하여 거래가 성사되지 않을 경우 입찰회사에게 약정한 가치를 제공하도록 하는 약정을 말한다. 즉, M&A계약에서 제3의 경쟁적 또는 우월한 인수희망회사로부터 계약을 체결한 기존의 인수희망회사의 거래를 보호하거나 M&A계약의 어느 한 당사자의 일방적인 계약 파기로 인하여 기업인수합병이 결렬되는 것을 방지하기 위하여 인수희망회사와 대상회사가 거래보호조치에 대한 약정을 하게 된다. 또한, 대상회사 입장에서는 회사 매각을 위한 응찰자를 유인하고 최초 응찰자에게 보다 높은 매수제안을 내도록 유도하는 효과를 갖는다. 본고에서는 먼저 거래보호약정에 대한 의의를 살펴보고, 위약금약정, 권유금지약정, 재교섭권, 이사회권유약정 및 주주총회의결강행조항, 상하한가제한 및 취소가능조항, 자산우선매수권 및 주식매수권, 의결권구속약정, 비밀유지약정 및 불가침조항 등 대표적인 거래보호약정별 구체적인 내용을 알아보고, Unocal 기준 및 Revlon 기준과 같은 거래보호약정의 유효성 판단 기준 및 거래보호약정과 관련하여 이사의 신인의무 위반 가능성을 회피하기 위한 fiduciary-out 조항에 대해 검토해 본다. 그리고 최근 미국 M&A거래 사례를 분석한 결과를 근거로 미국 M&A계약상 거래보호약정의 최근 주요 동향을 파악해 봄으로써 향후 우리나라의 M&A계약 활성화와 대상회사 주주의 이익 보호간의 균형을 도모할 수 있는 거래보호약정의 합리적인 활용 방안을 도출하는데 시사점을 제공하고자 한다. The deal protection agreement can be generally described as contractual provisions that have the effect of increasing deal certainty. In the event that the deal is not consummated due to the certain condition under the agreement the target company provides value to the bidder. The purpose of the deal protection agreement is to deter the third-party competing bidder to interrupt the deal with higher bidding or to prevent the deal from being broken up by either party of the contact. The target company also seek to have the deal protection agreement to encourage the initial bidding and to promote the value-enhancing deal. This paper first reviews the general concept of the deal protection agreement, and then analyzes each of the deal protection agreements in detail, which are termination fee, no-shop provision, matching right, board recommendation covenant, force-the-vote provision, collar provision, walkaway provision, asset lockup provision, stock option, voting agreement, confidentiality agreement, and standstill provision. This paper also discusses the standards for the validity of deal protections agreements including the judicial review of Unocal case and Revlon case, and the fiduciary-out provision to avoid the potential breach of the fiduciary duties of the board of the target company in terms of the deal protection agreement. After considering these historical and practical basis for the deal protection agreement, the current trend of deal protection agreement in the U.S. M&A market is identified by evaluating M&A deals for past decades in order to provide the deeper understanding of the deal protection agreement for the balance between encouraging the M&A deal and protecting the interests of shareholders.

전력선 통신기반 독거노인 안부확인 시스템개발에 관한연구

남도현(Do-Hyun Nam),손수국(Su-Goog Shon),이재조(Jae-Jo Lee),인동석(Dong-Seok In),박재성(Jae-Sung Park),김요희(Yo-hee Kim) 한국통신학회 2009 한국통신학회 학술대회논문집 Vol.2009 No.11

성종에 따른 발화 기본주파수와 발화 및 성악발성 시 성대접촉률의 차이 비교

남도현(Do-Hyun Nam),최홍식(Hong-Shik Choi) 한국음성학회 2008 음성과학 Vol.15 No.4

Habitual speaking fundamental frequency (sF0) plays an important role in determining the voice classification, which can be presented differently depending on the vocal fold length and language habits. The purpose of this study, therefore, was to compare the differences in sF0 for voice classification and closed quotient between speaking and singing. Seventeen singers (7 sopranos, 5 tenors, 5 baritones, mean age 25.1 years) with no evidence of vocal folds pathology were participated. sF0 and closed quotient (CQ) both in speaking and in singing (A3-A5 with soprano, A2-A4 with tenor and baritone) were measured using SPEAD program and electroglottography. No significant differences were observed for sF0 between tenor and baritone groups (p> 0.05). However, CQ in singing was significantly different among three groups (p< 0.05), but CQ in speaking was not (p> 0.05). Furthermore, CQ was significantly different with both soprano (p< 0.01) and tenor groups ((P= 0.02) whereas baritone group revealed there is no difference when compared between speaking and singing. No significant differences in sF0 between tenor and baritone participants may result from decision-making for voice classification by experience and should measure sF0 before determining the voice classification.

미국 증권거래법상 증권사기에 대한 주주의 사적 소권 범위 -Janus Capital Group Inc. v. First Derivative Traders 판례를 중심으로-

남도현 ( Do Hyun Nam ) 한국상사판례학회 2012 상사판례연구 Vol.25 No.4

Since 1994 the Supreme Court has decided three significant cases with respect to the private right of action under the Securities Exchange Act of 1934. The first case is Central Bank of Denver, N.A. v. First Interstate Bank of Denver in 1994 holding that section 10(b) and Rule 10b-5 do not create an implied private cause of action for aiding and abetting, and the second case is Stoneridge Inv. Partners, LLC v. Scientific-Atlanta, Inc. in 2008, which reaffirmed its determination of Central Bank of Denver, holding that customers and suppliers of a company that issued fraudulent financial statements to its shareholders were not liable to those shareholders because those shareholders could not be said to have relied on any fraudulent conduct or speech on the part of the customers or suppliers. The Supreme Court, however, has not provided the guide to distinguish the primary liability for making a false or misleading statement from the liability of secondary actors. As securities fraud cases have increased in the aftermath of the economic crisis since 2008, the guide has been disputed more in order to compensate investors properly for the damage from securities fraud in the market. In terms of the liability of secondary actors, such as the investment adviser, for the violation of Section 10(b) and Rule 10b-5, the Supreme Court addressed the more clarified standard in its decision of Janus Capital Group Inc. v. First Derivative Traders. The Court held that the maker of a statement (or a misstatement) is the person or entity with ultimate authority over the statement, including its content and whether and how to communicate it, and without such control or authority a person may be said to suggest a statement but cannot be deemed its maker. This Court`s decision limited the implied private right of action under Section 10(b) and Rule 10b-5 and rejected to consider the unique and actual relationship between the secondary actor, the investment adviser, and the fund, the primary violator. While the blurry line between primary and secondary misconduct has been clarified in a way that bars to private lawsuits brought under Section 10(b) against all secondary actors, there still remain issues to be discussed. This paper first presents the history of the private right of action under Section 10(b) and Rule 10b-5, including Court precedents and legislative actions, as the factual background leading to the Janus case, and then analyzes the Supreme Court`s decision in the Janus case to provide deeper understanding and current status of the private right of action under the U.S. securities regulations.

몽골 전통 발성 흐미의 발성 방법 분석에 대한 사례연구

남도현(Do Hyun Nam),백재연(Jae Yeon Paik),황연신(Yoen-Shin Hwang),최홍식(Hong-Shik Choi) 한국음성학회 2008 음성과학 Vol.15 No.3

The goal of this study was to investigate acoustic and physiologic characteristics of two phonation types of ‘Khoomei’ which is a traditional singing style of people who live around the Altai mountains or Mongolia region. It can be produced two pitches simultaneously - high melody pitch can be perceived along with a low drone pitch. Sygyt and kargyraa styles are the most popular and identifiable styles and they can be recognized as the different sounds depending on the method of voice production. Two trained Mongolians participated and have used at least 5 - 6 years. The characteristics of this voice production were measured by using flexible fiberscope, Stroboscopy, Lx Speech studio, Spead, and Doctor Speech. In Sygyt style, very high vocal fold closure (71.50%) with both true and false vocal folds contact and strong breathing support was observed. They also showed that tongue height and harmonics were increased (around 10dB) with resonance cavity movement. In contrast, it was found that Kargyraa sound had very low pitch with relaxed stomach, less laryngeal tension and lower vocal fold contact (69.50%) than hard Sygyt style sound without raising the tongue during phonation. ‘Khoomei’ phonation can be made by strong contact of both true and false vocal folds and by increasing the harmonics as well.

선박건조계약의 해제에 관한 고찰

남도현(Nam Do Hyun) 동아대학교 법학연구소 2018 東亞法學 Vol.- No.78

1970년대부터 2000년대 중반까지 빠른 성장을 보여왔던 우리나라의 조선업은 2008년 세계 금융위기의 여파로 큰 타격을 입었다. 특히 세계 조선․해운업의 불황으로 기존의 선박건조계약의 해제 관련 분쟁이 증가하였다. 그러나 선박건조계약에 관한 구체적인 규정이 우리나라 상법 등에는 규정되어 있지 않고, 대부분의 선박건조계약이 SAJ Form과 같은 국제표준계약서를 이용하여 작성되고 각 개별 계약에 관한 사항은 수정사항으로 추가되고 있다. 따라서 선박건조계약이나 선박건조계약의 해제 등에 관하여는, 우선 당사자 간 계약 체결 시 기본서식으로 사용된 국제표준계약서에 대한 해석 및 이에 대한 국제중재 또는 영국법 등의 관련 판례를 근거로 각 해당 계약상의 구체적인 약정을 해석하게 된다. 이에 본고에서는 국제적으로 통용되고 국제표준계약서 등에서 일반적으로 인정되는 정의 또는 조건 및 영국법 판례 등을 근거로, 선박건조계약에 대한 의의, 법적 성격, 주요 내용 등을 자세히 살펴보고, 선박건조계약의 해제에 관하여 발주자 및 건조자의 계약 해제권 발생 사유 및 그 효과를 각각 검토해봄으로써, 향후 선박건조계약 관련 협상에 대비하여 선박건조계약 및 그 계약의 해제의 특성에 대한 사전 이해를 돕고 잠재적인 분쟁에 대한 합리적인 해결방안을 도출하는데 시사점을 제공하고자 한다. Korea"s shipbuilding industry, which had grown rapidly from the 1970s to the mid-2000s, suffered the serious downturn by the aftermath of the 2008 global financial crisis. Especially, the dispute related to the rescission of existing shipbuilding contracts has increased due to the depression of the world shipbuilding and shipping industry. However, the Commercial Act of Korea does not have specific provisions on the shipbuilding contract, except the provision for mortgages of ship under construction, and most shipbuilding contracts are written using international standard contract forms such as SAJ Form, and specific condition or items for the individual contract are added as amendments. Therefore, regarding the shipbuilding contract or the rescission of the shipbuilding contract, the detail provision of the shipbuilding contact is analysed the interpretation of the international standard contract form used as the basic form at the conclusion of the contract between the parties, and the decision of the international arbitration or related cases of the English law. In this paper, first, the definition, legal nature, and important contents of shipbuilding contract will be examined in detail , and then causes and effect of rescission of shipbuilding contact both by buyer and builder are reviewed based on the definition or condition generally accepted in international standard contract forms and cases of the English law in order to provide the deeper understanding for the future negotiations on shipbuilding contracts and reasonable resolution to potential disputes on contracts.

주식매수청구권에 대한 매수가격 산정에 관한 고찰

남도현(Nam, Do Hyun) 한국증권법학회 2018 증권법연구 Vol.19 No.1

우리나라와 미국에서는 주식매수청구권에 대한 매수가격 산정에 관하여 구체적인 산정 방법이나 기준이 아닌 포괄적인 규정만을 두고 있다. 따라서 지금까지 매수가격에 대한 다양한 산정 기준이나 방식들이 법원의 판단에 따라 형성되어 왔다. 이에 대하여 2017년 12월 14일 미국 델라웨어주 대법원은 Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd. 사건에서 Dell, Inc.의 경영자인수합병에 반대하는 주주가 제기한 주식매수청구소송에서 매수가격 산정에 대한 중요한 기준을 제시하는 판결을 하였다. 본 사건에서 델라웨어주 대법원은 효율적인 시장에서의 회사의 주가와 공정한 합병 협상 과정에서의 거래 가액과 같은 시장 가치에 근거한 요소들은 주식매수청구의 매수가격을 결정하는데 비중 있게 고려되어야 한다고 판시하면서, 기존의 현금흐름할인방식에 근거한 매수가격 산정에 회의적인 입장을 나타냈다. 본고에서는, 우선 미국 델라웨어주 판례를 중심으로 주식매수청구권 행사 절차 및 매수가격 산정기준에 대하여 구체적으로 알아보고, 대상 판결인 Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd. 사건에 대한 사실관계, 법원의 판결 및 쟁점 사항에 대한 면밀한 검토를 통하여 우리나라 주식매수청구권의 매수가격 결정에 대한 시사점을 도출해 보고자 한다. In Korea and the U.S., there is not any specific method or standard to establishing the fair value of the shares in an appraisal proceeding, but the general principle. Until these days various methods and standards to determine the value of dissenting shares have been made by courts’ decisions. In December 14, 2017, the Delaware Supreme Court issued the important decision providing the defined standard to determine the fair value for the shares of shareholders dissenting the management buyout in Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd. The Delaware Supreme Court provided clarity that the market-based elements, such as the company’s stock price in the efficient market and the merger price of robust sale process should be deserved heavy, if not dispositive, weight in the fair value analysis required by the appraisal statute, while the court was skeptical of the reliability of the Discount Cash Flow analysis in determining the fair value of dissenting shares. In Korea, where the appraisal proceedings for the listed company and the unlisted company are regulated differently by Commercial Act and Financial Investment Service and Capital Market Act, the Supreme Court used the method, which is similar to the Delaware Block Method, reflecting the market value, net asset value, and earnings value to determine the fair value of shares of the unlisted company in the appraisal proceeding, though it still emphasized that there is no single specific standard or method for the fair value analysis, and, instead, all relevant factors, such as the situation of the company and the nature of the business, should be considered. In terms of the listed company, the Supreme Court mostly held that the fair value should be estimated by the market price of the company exclusive of any effect from the accomplishment or expectation of the deal. In this paper, first, the procedures for exercising the appraisal right and the standard to determine the fair value of shares of dissenting shareholders will be reviewed in detail by focusing on cases in Delaware, and then the factual background, the Delaware Supreme Court’s decision, and issues regarding Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd. will be examined closely in order to provide meaningful implication for the appraisal proceeding in Korea.

발성훈련 전후의 혈중 산소포화도(SaO₂)와 폐포 내 이산화탄소분압(P<SUB>A</SUB>CO₂)의 비교연구

남도현(Do Hyun Nam) 한국음성학회 2007 음성과학 Vol.14 No.3

The aim of this study is to examine the influence of vocal training on internal respiration in order to develop an efficient method of singing phonation. Five males trained singers (age:25.0±1.4years, career:6.8±1.1 years) and five female trained singers (age:22.0±1.0years, career:5.8±1.2 years) participated in this study. SaO₂(Oxi Hemoglobin saturation) was measured by Oxy-Pulse meter while PACO₂ (Pressure Alveolar CO₂) was measured by Quick et CO₂ before and after 2-minute, 4-minute and 6-minute vocal training. Result showed that SaO₂ was within a normal range after vocal training but PACO₂ came out lower than the normal range (36-40㎜Hg) after vocal training which led to Hypocapnia. This caused the singers to experience some headache and dizziness.

미국 해상보험법의 체계 및 구조에 따른 문제점에 관한 고찰

남도현 ( Nam Do-hyun ) 경상대학교 법학연구소 2018 法學硏究 Vol.26 No.1

세계무역 및 보험시장에서 미국이 관여하고 있는 규모가 압도적으로 우위에 있음에 따라, 국제무역상 준거법으로 미국의 해상법을 채택하는 경우가 확대되고 있다. 따라서 이러한 시점에서 기존의 영국 해상보험법에 관한 연구와 더불어 미국 해상법에 대한 검토도 필요한 것으로 보인다. 우리나라와는 달리 미국은 연방체제하에서 연방법과 주법이 병존하는 법체계를 갖고 있다. 이에 따라 연방법과 주법 사이에 적용법과 관할 재판지에 대한 논란이 발생할 가능성이 있다. 미국 헌법은 연방의 사법권이 해사에 미친다고 규정함으로써 해사법은 연방법의 관할하에 있는 것으로 해석된다. 즉 해사법은 해사에 관한 계약 등을 규정하고 해상보험계약은 해사에 속하는 것으로 해사법의 적용대상에 포함되는 것이므로 전속관할권은 연방법원에 부여된 것으로 보인다. 그러나 해사사건에 대하여 원고가 해사법이 아닌 일반 민사소송을 통하여 주법원에 권리를 주장하는 경우 주법원이 해상보험계약에 관한 소송에 대한 관할권이 인정되는 경우도 있다. 특히 Wilburn Boat Co. 사건에서 연방대법원이 해상보험계약에 대하여 주법이 적용된다고 결정한 것은 이례적인 것으로 보인다. Wilburn Boar Co. 사건에서 연방법과 주법간의 선택의 기준은 연방해사법상 이미 성립된 판례법이 없다면 주법을 적용해야 한다는 것이다. 이러한 기준은 해상보험법 뿐만 아니라 향후 해사법 전체에 영향을 미칠 수 있는 것이었다. 이는 미국과 국제거래의 상대방에게는 법의 일관성이나 통일성의 결여로 인하여 발생 가능한 분쟁에 대한 불확실성을 증가시키는 현상으로 볼 수 있다. 따라서 이러한 미국 해상보험법에 대한 이해를 높이기 위해서는 미국 해상보험법이 속하여 있는 체계 및 그 구조에 대한 전체적인 이해가 필요하며, 더 나아가 이를 바탕으로 하여 향후 국제거래를 위한 실무상 대응 방안을 검토할 필요가 있다. 연방법제 하에서의 미국 해상보험법 체계 및 구조상의 문제점에 대한 실무상 영향으로는 해상보험 관련 사안에 대한 적용법으로 미국 주법을 채택할 경우 해상보험의 국제 공통성 및 일관성이 결여될 수 있는 가능성이 있으며, 이에 따른 법적 불확실성의 증가로 인한 국제적 신용 하락과 잠재적 소송의 유인 및 해상화물 등에 대한 보험자의 인수 문제가 발생할 수 있다. 이러한 문제점에 대응하기 위해서는 우선 계약 당사자 간에 적용법 및 관할 재판지를 지정하는 유효한 약정을 체결하도록 하며, 미국 주법이나 주법원을 지정하기 보다는 보다 일관성이 있어 법적 안정성을 도모할 수 있는 연방해사법과 연방법원을 적용법과 관할법원으로 지정하도록 하는 방안이 있다. As the scale of the US involvement in the global trade and insurance market is overwhelming, the adoption of maritime law in the United States as an international trade law is expanding. At this point, it is necessary to examine the US maritime law in addition to the existing maritime insurance law. Unlike Korea, the United States has a legal system in which federal and state laws coexist under the federal system. There is therefore the possibility of controversy of choice of laws and jurisdiction between the federal and state laws. The US Constitution states that maritime law is under the jurisdiction of federal law by stating that the federal judicial power shall extend to all cases of admiralty and maritime jurisdiction. It means that the exclusive jurisdiction is given to the federal court since contracts for maritime affairs are governed by maritime law and maritime insurance contracts are subject to maritime law as the maritime affair. However, in the case that a plaintiff files a civil lawsuit for the dispute on the maritime affair in a state court rather than maritime lawsuit, the state court may have jurisdiction over the lawsuits related to maritime insurance contracts. Especially in the case of Wilburn Boat Co., it is unprecedented that the Supreme Court to decide that state law applies to marine insurance contracts. In the case, the court stated that the case is governed by the appropriate state law if there was no federal admiralty law rule governing warranties in a marine insurance contract. These standards could affect cases related to the entire maritime law as well as the marine insurance law after the case of Wilburn Boat Co. This can be seen as increasing the uncertainty about the conflicts that may arise due to the lack of consistency of law for the counterparts of US on international trades. Therefore, in order to improve understanding of the US marine insurance law, a comprehensive understanding of the system and structure of the US marine insurance law is required. Based on this understanding, it is also necessary to review practical measures for the international trade. The practical impact of the systemic and structural problems of maritime insurance law could lead to the lack of international commonality and consistency of maritime insurance if the state law is applied to maritime insurance matters. In other words, the increase in legal uncertainty could cause a decrease of the international credibility, an increase of the potential dispute, and the problem of insurer to undertake the marine insurance. In order to respond to these problems, it is necessary to first conclude a valid agreement between the contracting parties to specify the applicable law and jurisdiction, and select the federal maritime law and federal courts, rather than the state law and state courts, as the applicable law for the maritime contract to provide more consistent and legal stability.