The briefing just concluded on Tornetta's effort to thwart Musk's brazen attempt to evade the Delaware ruling rescinding his 2018 compensation package. Tornetta turned in some brilliant work.
Looks like Tornetta got his 'Perry Mason' legal team.
They appear to be taking the gloves off and now realize that when dealing with Mr. Musk, bare knuckle works best. My favorite part is asking the Court of Chancery to hold the requested share award for litigation fees in Trust with the Court. That's the Tornetta lawyers saying "Make My Day" to the parties Musk. Now I await the delicious commentary from Chancellor McCormick.
Question: When Chancellor McCormick voided Musk's compensation package, did the options associated with the plan cease to exist upon termination of the plan? Are the options still "live" to populate the Trust which Tornetta wants the Court to hold pending final resolution?
Here, we wander into the land of spirits & elfs just a bit.
The final paragraph of the opinion reads (footnote omitted): "For the foregoing reasons, judgment is entered in Plaintiff’s favor. The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees, that need to be addressed to bring this matter to a conclusion at the trial level."
So, the options are something of Schrödinger's cat at this point. They sort of exist until someone enters an order, which is like opening the box, at which point they will be gone. That's why Plaintiff has asked for an "implementing order" on the rescission.
The 303,960,630 shares of stock underlying the options do exist. They have been set aside in Tesla's treasury for award to Musk. Plaintiff wants the Court to "sequester" those shares in a "constructive trust" so they can go walking away. Most decidedly an equitable remedy that a court of equity like the Court of Chancery is ideally suited to fashion.
Yes, the game is in play now. These two weeks are going to be legally interesting.
Looks like Tornetta got his 'Perry Mason' legal team.
They appear to be taking the gloves off and now realize that when dealing with Mr. Musk, bare knuckle works best. My favorite part is asking the Court of Chancery to hold the requested share award for litigation fees in Trust with the Court. That's the Tornetta lawyers saying "Make My Day" to the parties Musk. Now I await the delicious commentary from Chancellor McCormick.
Question: When Chancellor McCormick voided Musk's compensation package, did the options associated with the plan cease to exist upon termination of the plan? Are the options still "live" to populate the Trust which Tornetta wants the Court to hold pending final resolution?
Here, we wander into the land of spirits & elfs just a bit.
The final paragraph of the opinion reads (footnote omitted): "For the foregoing reasons, judgment is entered in Plaintiff’s favor. The parties are to confer on a form of final order implementing this decision and submit a joint letter identifying all issues, including fees, that need to be addressed to bring this matter to a conclusion at the trial level."
So, the options are something of Schrödinger's cat at this point. They sort of exist until someone enters an order, which is like opening the box, at which point they will be gone. That's why Plaintiff has asked for an "implementing order" on the rescission.
The 303,960,630 shares of stock underlying the options do exist. They have been set aside in Tesla's treasury for award to Musk. Plaintiff wants the Court to "sequester" those shares in a "constructive trust" so they can go walking away. Most decidedly an equitable remedy that a court of equity like the Court of Chancery is ideally suited to fashion.
Absolutely fascinating. Really liked the 'Schrodinger's cat' reference. You're really on your game. This scoundrel brings out the best in you.
Sincerely hope Musk doesn't get a single penny of his absurd pay bonus.