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Managers at many other firms have been scared by the spectacle and are now scrambling to adopt new shareholder rules that will make it easier to thwart takeover bids in future.
Auditors at KPMG found the city's officials respected legislation governing public transport bodies, as well as shareholder rules.
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An S.E.C, No-Action letter allowed Facebook to issue restricted stock units without counting the recipients as shareholders for purposes of the 500 shareholder rule.
"The co-op probably could take the position that as any parking space is vacated by either a rental tenant or shareholder, the 'one space per shareholder' rule would apply, and the newly vacated space would go to the next shareholder on the waiting list".
The Waters amendment, if enacted into law, would give the SEC cover if it adopts the pro-shareholder rules and is faced with what many expect to be a flurry of lawsuits.
Yet still shareholders rule.
Matthias Graf von Krockow, the head of the bank's executive board and spokesman for its shareholders, ruled out bringing in an external investor in an interview with the German daily Handelsblatt three weeks ago.
Facebook may be going public not to comply with the 500-shareholder rule.
The 500-shareholder rule is often cited as the main rationale for why the company will go public next year.
Private companies have started issuing them too– mostly because they don't count against the 500-shareholder rule.
What's more, the legislation dispenses with the 500-shareholder rule, which put a limit on the number of shareholders a company was allowed before registering with the SEC (and going public).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com