Posted on 03/02/2024 6:52:17 AM PST by packagingguy
Lawyers for a Tesla shareholder successfully argued in a Delaware court that Elon Musk doesn't deserve a $55-billion compensation package for his work at the EV company.
Instead, some of that compensation package should go to them in attorney fees, the lawyers argued to a Delaware judge.
The attorneys argued in a Friday court filing that the fee for their litigation work amounts to about 11% of the pay package. That amounts to about $5.96 billion worth of Tesla shares based on the current price of the company's stock at $202.64 per share.
Chancellor Kathleen McCormick of the Delaware Chancery Court now has to decide how much of the compensation package can go to attorneys' fees.
Tesla and Musk can still choose to appeal the overall decision to void the CEO's stock options.
According to the Journal, plaintiff attorneys usually get one-third of a verdict or settlement amount. The attorneys argued in their filing that they were not asking for the "33% of the quantifiable conferred benefit" based on "well-established precedent."
(Excerpt) Read more at businessinsider.com ...
Oh wait, Elon didn't toe the party line so we have to go after him also.
Anyone who thinks lawfare will stop at only these two is completely out of their mind.
This is an insane amount of money to ask for legal services; the services are not even worth 1/1,000th this amount of money.
Die, lawyer scum!
(Not you.)
“Anyone who thinks lawfare will stop at only these two is completely out of their mind.”
No kidding. They’ve let this ugly monster loose and it won’t be sated. It tasted blood and is hungry for more.
Victor Hanson has been point out a lot about all the precedents set by Democrats the past few years and lawfare is near the top of bad ones.
Percentage is usually by agreement.
If no agreement, then the typically hourly rate, which should be paid by the plaintiffs.
Agree lawyers like hacks always rate themselves higher than their true worth gouge and often their motto.
and if Musk leaves Tesla it will DIE
The law firm of Dewey, Cheatham, and Howe.
Yes, true.
I had a legal agreement that should there be a lawsuit each party would pay their own attorney.
The other party tried to hide that agreement and have me pay their attorneys; at least they didn’t ask for 10% of my net worth.
The judge didn’t like it much when he found the other party lied about the existence of the agreement.
LOL
Remember how Napolean put an end to the ravages of the French Revolution. It wasn’t pretty for the perps but it brought civil order.
But plaintiff didn't win Musk's pay package. Did he? How can they demand 11% of it, if not for greed?
“The first thing we do is, let’s kill all the lawyers.”
More Wolfram & Hart, I think...
Some of our Founding Fathers were lawyers.
Pity we don’t make ‘em like that any more.
-PJ
Now we know why this case was brought.
The proper name for it is court-enabled theft.
This is a financial crime, facilitated by a corrupt branch of government (judicial).
You are correct. The plaintiff did not get the money, the money just wasn’t paid out to Musk. The 11% is the penalty portion for not being politically correct.
The judge threw out the agreement Tesla had with Musk. It would be fair game to throw out the lawyers agreement and give them $1.
EC
Bernstein Litowitz Berger & Grossman.
Bernstein Litowitz Berger & Grossman.
Having said that, the producers of our nation really need their own Galt's Gulch. Let the rest burn.
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