Lilly shareholders deserve protection

March 20, 2010
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IBJ Letters To The Editor

[In response to a Feb. 22 story about Eli Lilly and Co.] Senate Bill 1 was passed by the Indiana General Assembly and signed by the governor in 1985. Its purpose was then, and still is, to protect a company’s shareholders when stock values seem depressed.

This is the wrong time, in my opinion, and I may not have all the facts, to open up Eli Lilly to an outside takeover, for this is the time Lilly shareholders will receive far less than the underlying value of the company.

The Indiana statute came about in a frenzy caused by the Belzbergs of Canada, who were intent on an unfriendly takeover of Arvin. With the help of Senate Pro Tem Bob Garton and Gov. Bob Orr, we hustled the legislation through the General Assembly to the governor’s desk. And it worked!

The Belzbergs withdrew and sold their Arvin stock to us. It was tested by the U.S. Supreme Court later and on July 1, 1987, The Wall Street Journal reported quite thoroughly on how effective the Indiana statute was.

This is the time for the Lilly board of directors to keep your guard up. This is the time to protect your shareholders.


Jim Baker
Retired chairman and CEO
Columbus, Ind.


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  1. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

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