Die Reichweite des Wertverwässerungsschutzes nach § 255 Abs. 4 AktG bei bezugsrechtslosen Kapitalerhöhungen

The scope of value dilution protection for stock corporations harboured unanswered questions before the Future Financing Act. The new version of Sec. 255 Stock Corporation Act raises further detailed questions about the requirements, legal consequences and a conceivable extension or reduction of the scope of application. The author addresses these questions. The thesis benefits from an analysis of the legal situation prior to the Future Financing Act which creates a background for understanding the new regulation. The author not only sheds light on the factual requirements and legal consequences of Sec. 255 in abstract terms, but also illustrates the effects of the provision using specific capital measures that are relevant in practice.