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...Delaware....
...On Thursday, March 28, a group of powerful Delaware lawyers put in motion a plan to make a series of changes to the state’s eminent corporate code, known as the Delaware General Corporation Law....
...The back-of-the-envelope numbers above were worked out in 10 minutes by a person who’d never previously looked at Lyft, cared about Lyft, hailed a Lyft, or been within 4,400 miles of an available Lyft....
...Administrative controls aside, Lyft may still be turning a corner....
...If you’ve been under a rock, here’s the latest via the Borg: Lyft Inc....
...Musk vs Delaware The small US state of Delaware has long been the refuge of large corporations seeking predictable courts....
...“This is actually a correction from the press release,” Brewer said. Lyft shares jumped 35.1 per cent on Wednesday....
...Criticism of Delaware reached a peak in the 1980s when it sanctioned some “poison pill” defences against hostile takeovers....
...” and concluded that “a ‘Delaware premium’ is non-existent or unknowable”....
...A 2001 study found that companies with a Delaware incorporation enjoyed a premium on their valuations....
...Amid New Orleans festivities, rainmakers wonder if the party is over for Delaware Delaware, Inc. may be the enterprise now under the most intense activist threat....
...for large corporations thanks in part to a transparent corporate law regime, years of legal precedent and a community of lawyers....
...Michela Tindera So Delaware’s court system is fast and effective. But that’s not the only reason corporations love it. It’s also because of how long it’s been in operation....
...A Delaware court recently struck down Elon Musk’s $56 billion Tesla pay package....
...At the same time it wrote: “Delaware law can be indeterminate because of its use of broad, flexible standards that are applied to individual cases in a highly fact-specific way.”...
...Varallo convinced a Delaware judge that Musk’s $56bn pay package at his electric-car company Tesla should be voided, landing a massive dent in the billionaire’s net worth (don’t worry, he’s still rich)....
...Musk is also seeking to change the company’s state of incorporation to Texas, partly in protest at a Delaware court decision to void a $56bn pay package he was awarded in 2018....
...A hard-to-replicate combination of decades of legal precedent and an established legal community make the state attractive to corporations....
...Elon Musk has said Tesla will “immediately” hold an investor vote on whether to move its corporate registration to Texas, after a court judgment in Delaware voided his $56bn pay package....
...Bernstein pointed to a Delaware case from 2012 in which plaintiffs’ lawyers were awarded a fee of nearly $300mn, or 15 per cent of the shareholder recovery, which had been the record for that court....
...The lawyers who represented victorious Tesla shareholders may be in line for a record-breaking payout worth hundreds of millions, or even billions, of dollars after a Delaware court on Tuesday voided a $56bn...
...Lyft, the ride-hailing company, raised $460mn the week after its financial results prompted a 35 per cent share price rally....
...Here, per MainFT, is the latest thing: Elon Musk has said Tesla will “immediately” hold an investor vote on whether to move its corporate registration to Texas, after a court judgment in Delaware voided...
...“The affairs of Delaware corporations, however, must be managed by Boards of Directors, not backroom deals,” said the lawsuit, saying non-Elliott shareholders never got the opportunity to approve the features...
...Texas last year created its own business court, although it has a long way to go to rival Delaware....
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