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Delaware Judge

All articles tagged with #delaware judge

business1 year ago

"Emotional Tesla Lawyer, Musk's Wealth Unraveling, and Texas Move: A Breakdown"

During a deposition on Elon Musk's compensation package, Tesla's former general counsel, Todd Maron, reportedly burst into tears due to his admiration for Musk, according to a Delaware judge. The judge criticized the flawed process that led to the approval of Musk's $55 billion compensation package and voided it this week. Maron, who joined Tesla in 2013 and left in 2019, was described as a primary go-between for Musk and the committee, raising questions about his impartiality. Musk has expressed frustration with the ruling and plans to call a shareholder vote to transfer Tesla's state of incorporation to Texas.

via Business Insider|
#business#compensation-package#delaware-judge
business1 year ago

"Judge Voids Elon Musk's Tesla Compensation in Lawsuit"

A Delaware judge has voided Elon Musk's $56 billion pay package from Tesla, ruling that the company's board of directors "failed that the compensation plan was fair." The decision came in response to a lawsuit filed by a shareholder, causing Tesla's share price to slide about 3% in after-hours trading. The judge ordered the parties to confer on a form of final order and submit a joint letter identifying all issues to bring the matter to a conclusion at the trial level.

via CNBC|
#business#compensation#delaware-judge
business2 years ago

"Billion-Dollar Bribery Dispute: Berkshire vs. Haslam"

Berkshire Hathaway will not be allowed to use allegations of bribery against Jimmy Haslam, owner of the Pilot truck stop chain, in a dispute over accounting practices, according to a Delaware judge. The lawsuit claims that Berkshire used accounting changes to artificially depress the price it would have to pay for the Haslam family's remaining 20% stake in Pilot. The judge ruled that the bribery allegations do not have a direct connection to Pilot's claims and restricted Berkshire's defenses. Meanwhile, federal prosecutors have reportedly launched an investigation based on Berkshire's bribery allegations.

via The Associated Press|
#accounting-dispute#berkshire-hathaway#bribery-allegations
finance2 years ago

AMC Entertainment's Revised Stockholder Settlement Approved by Court

AMC Entertainment has received court approval for a revised stockholder settlement, which involves providing stock worth an estimated $129 million to holders of its common stock to settle potential legal claims related to a stock conversion plan. The approved class settlement does not allow shareholders to opt out and binds them to the agreement. This comes after a prior version of the settlement was rejected by a Delaware judge due to its inclusion of potential claims by preferred shareholders who were not represented in the lawsuit.

via Yahoo Finance|
#amc-entertainment#class-action-settlement#delaware-judge
business2 years ago

Judge's Ruling Sends AMC Stock Soaring 60%

Shares of AMC Entertainment Holdings Inc. surged over 60% after a Delaware judge rejected a settlement that would have allowed the movie-theater chain to proceed with its plan to convert preferred units into common stock. AMC has been seeking ways to increase its share count and sell more shares to improve its financial situation, but some investors expressed concerns about share dilution. The judge's ruling focused on the fairness of the settlement and did not address other issues raised by AMC stockholders.

via MarketWatch|
#amc-entertainment-holdings-inc#business#delaware-judge
finance2 years ago

AMC Stock Skyrockets as APE Deal Blocked by Judge

AMC Entertainment Holdings Inc. saw its class A shares surge up to 100% in after-hours trading after a Delaware judge denied the company's plan to convert its controversial APE preferred units into common stock. The judge rejected a nine-figure settlement that would have allowed the conversion to proceed, citing concerns about dilution of ordinary shareholders. The ruling sends the case back to the drawing board, as AMC seeks to recapitalize and navigate rising interest rates. The APE units sank as much as 63% in response to the ruling.

via Yahoo Finance|
#amc-entertainment-holdings-inc#ape-preferred-units#delaware-judge
business2 years ago

AMC Stock Skyrockets as Judge Rejects APE Deal

AMC Entertainment Holdings Inc. has been blocked by a Delaware judge from converting its APE preferred units into common stock, causing the company's class A shares to surge up to 100% in after-hours trading. The judge rejected a settlement that would have allowed the conversion while mitigating dilution for ordinary shareholders. The ruling sends the case back to the drawing board, as AMC seeks to recapitalize amid rising interest rates. The APE units, which have been the subject of litigation since February, sank as much as 63%. The shareholder lawsuit accuses AMC of an illegal corporate engineering scheme.

via Bloomberg Law|
#amc-entertainment-holdings-inc#ape-preferred-units#business