Two crucial battles for investors' rights are about to be fought out in federal courts: the struggle over the sale of a control stake in Sovereign Bank's holding company, and the liquidity crisis at Calpine. From what I hear, the latter company is more likely to take a decisive step into court this month, rather than postponing action until January. At this point, any delay on Calpine's part speaks more to the board's previous lack of planning than to the possibility for an out-of-court solution.

In both cases, a supine board has permitted management to fritter away the chances for the preservation of value, or seek peaceful solutions to conflicts with creditors and shareholders. One could undertake a socio-psychological analysis of how aggressive people such as the CEOs of Sovereign and Calpine have been able to dominate their notional employers.