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Ladybbird · 03-12-24, 06:03

Tesla CEO MAD Musks $56BIL Tesla Pay Package Rejected Again By US Judge

Fatally flawed: Delaware judge rejects Elon Musks second bid to ram through $56BIL pay package

AP 3 DEC 2024

Delaware judge has rejected Teslas bid to ram through a humongous pay package for its CEO Elon Musk after striking it down once already earlier this year.

Judge Kathleen McCormick ruled in January that the proposed $56bn bonanza originally offered by Teslas board had violated shareholders' rights because the entire "negotiation" process was effectively controlled by Musk.

Afterwards, Tesla quickly moved to ratify the payout ? described in court documents as the largest ever seen in public markets ? via a shareholder vote, then asked the court to approve it after all.

But on Monday Judge McCormick flatly denied that motion in a scathing judgement, describing the electric car makers legal arguments as "fatally flawed" and at times "indefensible".

"The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law," she wrote.

"Novelty is not necessarily damning, but defendants? novel request flies in the face of the policy bases for all relevant rules of procedure."

McCormick also rejected an equally massive and unprecedented bid by the plaintiffs lawyers to receive their legal fees in the form of $5.6bn in Tesla stock, which McCormick described as "a bold ask".

https://www.youtube.com/watch?v=KER4aOeivxU

03-12-24, 06:03	#13
Ladybbird Join Date: Feb 2011 Posts: 50,390 Thanks: 28,758 Thanked 14,428 Times in 10,234 Posts Awards Showcase Total Awards: 8	Judge Rejects MAD Musks 2nd Bid For $56BIL Tesla Pay Package Tesla CEO MAD Musks $56BIL Tesla Pay Package Rejected Again By US Judge Fatally flawed: Delaware judge rejects Elon Musks second bid to ram through $56BIL pay package AP 3 DEC 2024 Delaware judge has rejected Teslas bid to ram through a humongous pay package for its CEO Elon Musk after striking it down once already earlier this year. Judge Kathleen McCormick ruled in January that the proposed $56bn bonanza originally offered by Teslas board had violated shareholders' rights because the entire "negotiation" process was effectively controlled by Musk. Afterwards, Tesla quickly moved to ratify the payout ? described in court documents as the largest ever seen in public markets ? via a shareholder vote, then asked the court to approve it after all. But on Monday Judge McCormick flatly denied that motion in a scathing judgement, describing the electric car makers legal arguments as "fatally flawed" and at times "indefensible". "The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law," she wrote. "Novelty is not necessarily damning, but defendants? novel request flies in the face of the policy bases for all relevant rules of procedure." McCormick also rejected an equally massive and unprecedented bid by the plaintiffs lawyers to receive their legal fees in the form of $5.6bn in Tesla stock, which McCormick described as "a bold ask". *https://www.youtube.com/watch?v=KER4aOeivxU*