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Delaware Court Of Chancery

All articles tagged with #delaware court of chancery

crime-and-courts2 hours ago•5 min saved

Ex-Cowboys star Emmitt Smith linked to $2.5M investment-scheme allegations

A Delaware lawsuit filed by Kituwah LLC, a tribally owned Cherokee investment firm, accuses former Cowboys running back Emmitt Smith, his partner David Mosley, and their company 4 13 Solutions of obtaining a $2.5 million loan to fund a Texas renewable-energy project and then diverting the funds to other ventures, including payments to Wilson Holdings, in a Ponzi-like scheme. The loan due date of Feb. 1, 2024 has passed with no repayment, and Kituwah seeks more than $3 million in return plus interest and costs. Representatives for Smith did not immediately comment.

via Los Angeles Times|

#crime-and-courts #delaware-court-of-chancery #emmitt-smith

business4 months ago•3 min saved

Delaware judge backs Market Basket board in ousting Arthur Demoulas

A Delaware Court of Chancery judge ruled the Market Basket board was justified in suspending and removing CEO Arthur T. Demoulas amid concerns about his conduct and resistance to oversight, saying the board acted in good faith to protect the company; interim leadership remains and the family-owned chain emphasizes it is not for sale while continuing its value-focused model.

via CBS News|

#arthur-demoulas #board-governance #business

business5 months ago•4 min saved

Musk asks Delaware judge to recuse after LinkedIn reaction

Elon Musk's lawyers asked Chancellor Kathaleen McCormick of the Delaware Court of Chancery to recuse herself from a Tesla shareholder lawsuit over her LinkedIn reaction to a post criticizing him, arguing it creates a perception of bias. McCormick says she did not read the post and reported suspicious activity after her account showed an unusual reaction; the filing seeks to reassign the case to another judge. The matter relates to Musk's past rulings and his move of companies from Delaware to Texas, and concerns allegations Musk misled about selling Tesla shares prior to the Twitter purchase.

via Business Insider|

#business #delaware-court-of-chancery #elon-musk

business5 months ago•4 min saved

Shareholder sues over 10% US government stake cited as shield against Trump pressure

A shareholder-led Delaware Court of Chancery suit claims Intel’s CEO Lip-Bu Tan and the board granted the US government a 10% stake in Intel—worth about $11 billion—without meaningful consideration, allegedly to protect executives from extortion-like threats and social-media attacks by Donald Trump. The deal, funded by converting Biden-era CHIPS Act grants, followed Trump’s criticisms and a White House visit, and the complaint also targets Skadden for advising both Intel and the government; it seeks to unwind the arrangement. Intel declined to comment, and the stock has risen since the deal was struck as the company pursues its foundry ambitions.

via Financial Times|

#business #chips-act #delaware-court-of-chancery

business2 years ago•3 min saved

"Elon Musk's Lawyers Request $6 Billion in Tesla Shares as Compensation"

Elon Musk responds to lawyers requesting 29 million Tesla shares, valued at almost $6 billion, as legal awards in the recent Delaware case regarding his Tesla compensation package, which was rejected by a judge in late January. The lawyers argue for the fee in Tesla stock instead of cash, and Musk criticizes the request as "utterly disgraceful" and "criminal." Following the decision, Musk plans to move the incorporations of his other companies out of Delaware and appeals the ruling.

via TESLARATI|

#business #compensation-package #delaware-court-of-chancery

legalcorporate2 years ago•3 min saved

"Trump Media Co-Founders Sue Company in Delaware's Chancery Court"

The founders of Truth Social, a social media platform associated with Donald Trump, have sued the company in Delaware's Court of Chancery, alleging that Trump and his associates at Trump Media & Technology Group Corp. tried to cheat them out of the value of their shares in the company. The lawsuit claims that Trump and his associates attempted to dilute the value of the co-founders' shares by issuing a large number of new shares, potentially impacting their equity share from 8.6 percent to less than 1 percent. The lawsuit seeks an expedited court hearing to address these allegations.

via The News Journal|

#delaware-court-of-chancery #donald-trump #lawsuit

business2 years ago•3 min saved

"Judge Overrules Elon Musk's $55 Billion Tesla Pay Package"

A Delaware Court of Chancery judge has ruled that Elon Musk won't receive his $55 billion pay package, prompting Tesla's board to devise a new proposal. The ruling, if upheld, could impact Musk's wealth, potentially dropping him to the third-richest person globally. The case centered on whether Musk misled shareholders about the package, with the court finding that the proxy statement inaccurately portrayed key directors as independent. Musk, who seeks greater control over Tesla, awaits the verdict's impact on his proposal for a larger ownership stake.

via The Verge|

#business #compensation-package #delaware-court-of-chancery