JONATHAN KLICK AND ROBERT H. SITKOFF, Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off, 108 Columbia Law Review 749 (May 2008)

Jonathan Klick and Robert H. Sitkoff's engaging, enlightening and thorough article examines the controversy over the attempt by the trustees of the Milton Hershey School Trust to divest a controlling interest in the Hershey Company in 2002. At that time, the trust's $4.7 billion of Hershey stock constituted 53 percent of the trust's $8.8 billion of assets. The trustees announced their intention to sell in order to diversify the trust's investments.