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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....
...A 2001 study found that companies with a Delaware incorporation enjoyed a premium on their valuations....
...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”....
...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....
...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)....
...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.”...
...a Delaware corporate law court ruled on Tuesday....
...Greg Varallo, the lead lawyer at Bernstein Litowitz representing the shareholders, said it could be a few weeks before his side submitted its fee request but declined to comment on what figure they will...
...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....
...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...
...Kingswood initially valued the package at $270mn in a 2021 letter of intent. But by the time of deal agreement months later, both sides had agreed on a $245mn valuation....
...Texas last year created its own business court, although it has a long way to go to rival Delaware....
...“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...
...On a busy day at work in 2016, Matthew Panuwat took a break from his biotech executive job to make a stock trade on his computer....
...Families are one thing but the locals are not thrilled by the arrival of large corporations....
...The order from the Delaware Court of Chancery on Tuesday sent Tesla shares down more than 4 per cent in after-market trading, dealing a blow to Musk as he seeks billions of dollars of investment for a new...
...Investors, who are already digesting a steadily falling share price, disappointing sales figures, and a contentious plan to move company headquarters from Delaware to Texas, face another conundrum: whether...
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