MICHAEL J. PHILLIPS is Professor of Business Law at Indiana University's School of Business. He holds a J.D. degree from Columbia University, and LL.M. and S.J.D. degrees from George Washington University. A former editor-in-chief of the American Business Law Journal, he has authored more than 40 scholarly articles and coauthored two business law texts. He is also author of The Dilemmas of Individualism: Status, Liberty, and American Constitutional Law (Greenwood, 1983).