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time, these lawyers’ role was complicated. Many of them began their representations because of a commitment to “the cause”—though what that cause
district courts that have agreed with them that the mandate is unconstitutional. The really big surprise is their account of the Necessary and Proper
warning about the risks of investing in them.257 Our theory helps explain these illiquid-REIT problems. Essentially, public trading is a good fit for
one in which there are fifty-one local markets, with the firms located in each of them making a choice between incorporating in their home state or
true both because there are few of these cases (at most 25 out of the 324 decisions in my data set) and because they are relatively less important
case dispositions, their efforts thus far have not had the desired result and appear to have actually lengthened completion times so that these
sense of the Jones concurrences and reduce them to a clear and administrable rule—or, alternatively, arguing that they make no sense and cannot be so
appellate lawyers likely to span several administrations. Second, they should impose upon themselves— or state legislators should impose upon them—the
territories. If they fail to comply with their due diligence responsibility, the injured state may respond either directly against them or indirectly by
lack the experience or sophistication to protect themselves against unethical or otherwise improper conduct by the lawyers who represent them. While