Chancery

Citizens for Judicial Fairness Urges Chancery Court Overhaul After Elon Musk Considers Reincorporating Another Company Outside of Delaware

Retrieved on: 
Wednesday, January 31, 2024
Legal, Labor, Advocacy Group Opinion, Courts, Professional Services, Public Policy, Government, Small Business, State, Local, Other Policy Issues, Chancery, Corteva, Courts of Delaware, Country, Risk, TransPerfect, Musk, Court, X Corps

Citizens for Judicial Fairness released the following statement in response to these developments:

Key Points: 
  • Citizens for Judicial Fairness released the following statement in response to these developments:
    “Another heavy-handed intervention by the Chancery had led to another high-profile company ready to leave Delaware.
  • We have been begging for transparency in Delaware Courts and awareness for the power this Court holds on companies and workers throughout the Country.
  • We hope that the spotlight that Musk can shine on this unscrupulous Court will be a wake-up call for overhaul of a Court that has long benefitted its partner law firms and not the people of Delaware.
  • We will be doubling down on our efforts to shine a light on this sordid state of affairs over the coming months.”
    View source version on businesswire.com: https://www.businesswire.com/news/home/20240131276988/en/

Bernstein Litowitz Berger & Grossmann Wins Landmark Compensation Challenge for Tesla Shareholders as Delaware Court Rescinds Elon Musk’s Entire $55 billion Tesla Pay Package

Retrieved on: 
Wednesday, January 31, 2024
Class Action Lawsuit, Professional Services, Legal, Chancery, History, Proxy, Delaware Court, Tesla, Inc., Compensated emancipation, Negotiation, Musk, Video game

In a historic corporate governance decision on behalf of shareholders, the Delaware Court of Chancery has nullified Elon Musk’s entire $55 billion compensation package at the request of a Tesla stockholder.

Key Points: 
  • In a historic corporate governance decision on behalf of shareholders, the Delaware Court of Chancery has nullified Elon Musk’s entire $55 billion compensation package at the request of a Tesla stockholder.
  • Shareholders of Tesla had challenged the 12-tranche package of stock options awarded to the company’s CEO in 2018, totaling up to approximately $55 billion, by far the largest executive pay package in history.
  • As a consequence, she ordered that the entire pay package be rescinded, thereby setting aside approximately $55 billion in compensation and the dilution to Tesla stockholders that came with it.
  • Mr. Varallo said: “We are enormously grateful for the Court’s thorough and extraordinarily well-reasoned decision in turning back the Tesla board’s absurdly outsized pay package for Musk.

Citizens for Judicial Fairness Urges Scrutiny of Rogue Judicial Actions in Delaware

Retrieved on: 
Wednesday, January 3, 2024
Public Policy, Government, Legal, Publishing, State, Local, Courts, Communications, Professional Services, Advocacy Group Opinion, Hearing, Chancery, The News Journal, News, Delaware Court, TransPerfect

Today, in light of an upcoming hearing about fees paid by TransPerfect in the Delaware Court of Chancery and reporting that TransPerfect is considering acquiring the Delaware News Journal, Citizens for Judicial Fairness released the following statement:

Key Points: 
  • Today, in light of an upcoming hearing about fees paid by TransPerfect in the Delaware Court of Chancery and reporting that TransPerfect is considering acquiring the Delaware News Journal, Citizens for Judicial Fairness released the following statement:
    “Delaware needs robust coverage when there is a lack of government transparency; the media should provide insight for the hard-working Delawareans that don’t have the luxury to monitor the action of the State’s elite leadership.
  • We are encouraged that TransPerfect is considering purchasing the News Journal to begin to shine a light on the unscrupulous nature of Delaware State’s leadership and Court system.
  • “Hearings like the Chancery’s TransPerfect fees hearing tomorrow will determine whether elite Court insiders will continue to serve themselves with elaborate fees and fines at the expense of workers, or if justice will prevail and companies will be able to operate freely and fairly within the state.
  • We will be watching closely to ensure that Chancery shenanigans do not go unnoticed.”
    View source version on businesswire.com: https://www.businesswire.com/news/home/20240103226664/en/

Citizens for Judicial Fairness Releases 2024 Candidate Questionnaire to Guide Engagement in Delaware’s Upcoming Elections

Retrieved on: 
Tuesday, December 19, 2023
Courts, Public Policy, Government, State, Local, Other Policy Issues, Advocacy Group Opinion, Elections, Campaigns, Investment, Ethics, Chancery, Court of Chancery, Court, CJF, Black

Today, Citizens for Judicial Fairness announced its 2024 candidate questionnaire, which will be sent to candidates for state office in Delaware’s 2024 elections.

Key Points: 
  • Today, Citizens for Judicial Fairness announced its 2024 candidate questionnaire, which will be sent to candidates for state office in Delaware’s 2024 elections.
  • The questionnaire will provide an opportunity for candidates to express their positions on issues that are central to CJF’s advocacy for transparency, equity, and accountability in Delaware’s justice system.
  • CJF will use candidates’ answers to guide engagement in the 2024 elections, including endorsements and other advocacy engagement.
  • The questionnaire follows polling released by CJF showing a Governor’s race with the majority of voters still undecided.

Citizens for Judicial Fairness Places Thanksgiving Print Ad Highlighting Chancery Court Corruption by Delaware Insiders

Retrieved on: 
Monday, November 27, 2023
Professional Services, Courts, State, Local, Public Policy, Small Business, Other Policy Issues, Advertising, Communications, Other Professional Services, Legal, Government, HIG, Chancery, CITE, Mississippi Chancery Courts, The News Journal, Multimedia, Court of Chancery, News, Lawyer, TransPerfect, Court, Tobacco

Today, Citizens for Judicial Fairness announced the launch of a new print advertising campaign on Thanksgiving weekend criticizing Delaware legal insiders for their profiteering off of their Chancery Court connections.

Key Points: 
  • Today, Citizens for Judicial Fairness announced the launch of a new print advertising campaign on Thanksgiving weekend criticizing Delaware legal insiders for their profiteering off of their Chancery Court connections.
  • View the full release here: https://www.businesswire.com/news/home/20231127511482/en/
    Chancery corruption advertising that ran in the News Journal on Thanksgiving weekend (Photo: Citizens for Judicial Fairness)
    Citizens for Judicial Fairness released the following statement about the campaign: “We are grateful to have the opportunity to expose the hypocrisy and enrichment of Chancery insiders this holiday season.
  • Time and again we have seen these insiders enrich themselves at the expense of companies they are supposed to serve and the people of Delaware.
  • This holiday season, we’re redoubling our commitment to reform the Chancery to work for the people, not for insiders.”
    “Profiteering on the menu this Thanksgiving?

u-blox: u-blox moves court venue against InterDigital to Delaware

Retrieved on: 
Friday, October 27, 2023
Delaware Court, Federal court, IDCC, Delaware Court of Chancery, Federal Courts Improvement Act, Intellectual property, RAI Production Center, Naples, InterDigital, Risk, Reasonable, Communication, SEP, FRAND, Chancery

u-blox remains committed to obtaining a license from InterDigital on Fair, Reasonable and Non-Discriminatory (“FRAND”) terms.

Key Points: 
  • u-blox remains committed to obtaining a license from InterDigital on Fair, Reasonable and Non-Discriminatory (“FRAND”) terms.
  • The Delaware Court of Chancery provides an efficient venue for the resolution of this dispute because the parties involved are incorporated in Delaware and the court is known for setting case schedules that are faster than the Federal Courts.
  • “We proactively decided to move the case to the Delaware Court of Chancery, because we are committed to this strategy.
  • We aim to create value for our customers and expect the venue change to allow a much faster resolution of the issue.”

Citizens for Judicial Fairness Protests Delaware’s Kangaroo Chancery Court at Corporate Law Conference

Retrieved on: 
Thursday, October 12, 2023
Public Policy, Government, Legal, State, Local, Courts, Other Policy Issues, Professional Services, Advocacy Group Opinion, Pain, Multimedia, School, Bias, Mississippi Chancery Courts, Dell, University, Chancery, CJF, TransPerfect, Court of Chancery, Black, Volunteering, Conference, Sale, Citizenship

Chancellor McCormick epitomizes the exploitative behavior at play in the Chancery Court.

Key Points: 
  • Chancellor McCormick epitomizes the exploitative behavior at play in the Chancery Court.
  • Since stepping into her role, the Chancery Court has rubber-stamped millions in excessive legal fees for corporate elites.
  • TransPerfect, the world’s largest translation services company, is still being charged millions in egregious fees every month by Skadden Arps – fees that are promptly approved by McCormick’s Chancery Court.
  • Businesses that once called Delaware home are now fleeing the state due to murky court rulings from the Delaware Chancery Court.

26 Capital Comments On Delaware Court Of Chancery Ruling

Retrieved on: 
Friday, September 8, 2023
Court, Delaware Court of Chancery, MDY Industries, LLC v. Blizzard Entertainment, Inc., Delaware Court, Chancery, Capital, Airline, Management, Risk management

MIAMI, Sept. 8, 2023 /PRNewswire/ -- 26 Capital Acquisition Corp. ("26 Capital") (NASDAQ: ADER ) today announced that the Delaware Court of Chancery has declined to force the closing of the proposed merger agreement between 26 Capital and Tiger Resort, Leisure and Entertainment Inc., operating as Okada Manila.

Key Points: 
  • MIAMI, Sept. 8, 2023 /PRNewswire/ -- 26 Capital Acquisition Corp. ("26 Capital") (NASDAQ: ADER ) today announced that the Delaware Court of Chancery has declined to force the closing of the proposed merger agreement between 26 Capital and Tiger Resort, Leisure and Entertainment Inc., operating as Okada Manila.
  • However, the Court has left the door open for 26 Capital to seek damages at a damages trial—which 26 Capital intends to pursue.
  • "We are disappointed by the Court's ruling as the proposed merger benefits all parties, but we remain committed to enhancing shareholder value and will continue to explore all available strategic options, " said Jason Ader, Chairman and Chief Executive Officer of 26 Capital.

Citizens for Judicial Fairness Places Labor Day Print Advertisement: “Don’t Let the Chancery Court Steal From Workers This Labor Day”

Retrieved on: 
Tuesday, September 5, 2023
Professional Services, Social Activism, Publishing, Public Policy, Small Business, Marketing, Communications, Labor, Media, Government, Advocacy Group Opinion, Court of Chancery, Jabba, Star Wars, McCormick, HIG, Chancellor, Labour, Chancery, Supreme court

Today, Citizens for Judicial Fairness announced the launch of a Labor Day print advertisement exposing Delaware’s “Jabba the Hutt-like” elites including Chancery Court Chancellor Kathaleen McCormick, former Chancellor and Supreme Court Justice Leo Strine, and longtime Chancery Court insider Kevin Shannon for enriching themselves while leaving working Delawareans behind.

Key Points: 
  • Today, Citizens for Judicial Fairness announced the launch of a Labor Day print advertisement exposing Delaware’s “Jabba the Hutt-like” elites including Chancery Court Chancellor Kathaleen McCormick, former Chancellor and Supreme Court Justice Leo Strine, and longtime Chancery Court insider Kevin Shannon for enriching themselves while leaving working Delawareans behind.
  • The advertisement calls out cushy conflicts of interest such as McCormick’s former representation of HIG before taking the bench and doling out judgements in the unsavory company’s favor.
  • Citizens for Judicial Fairness released the following statement about the campaign: “Our campaign to expose Chancery insiders is just beginning.
  • We can’t continue to allow insiders to control the system solely for their own benefit and enrichment.

Citizens for Judicial Fairness Slams Latest Chancery Court Decision to Reject Skadden Fee Challenge in TransPerfect Case

Retrieved on: 
Wednesday, August 9, 2023
Professional Services, Courts, Public Policy, Government, State, Local, Small Business, Legal, Court of Chancery, Mississippi Chancery Courts, Court, Bleeding, TransPerfect, Chancery

“It's no surprise that the most crooked court in America would rule yet again that corrupt custodianships can continue with impunity to bleed dry a smashing, modern day American business success story -- but can't they at least try to mask the breathtaking corruption that's making them and their insider buddies rich? The general public and those who come before the court seeking a fair shake would no doubt appreciate the Chancellors at least try to pretend they aren't there to stuff their faces at the cash trough while everyone else waits for some shred of justice to be done."

Key Points: 
  • Today, following reporting that the Chancery Court has rejected TransPerfect’s latest challenge to Custodian Skadden Arps’ unreasonable billing practices, Citizens for Judicial Fairness released the following statement:
    "Today, the Delaware Chancery Court served up healthy doses of arrogance and condescension to go alongside its routine rulings that protect self-dealing legal elites.
  • TransPerfect simply seeks to end the Chancery's boundless fleecing of the company's employees, customers and shareholders in the form of outrageous legal fees that fill the pockets of the court's cronies.
  • Not only did the Court not even deign to seriously consider TransPerfect's pursuit of justice, it instead huffed and puffed in exacerbation at being asked to stop this court-sanctioned highway robbery.
  • View source version on businesswire.com: https://www.businesswire.com/news/home/20230809799287/en/