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Lawyers who sunk Elon Musk's big pay package are now asking for nearly $6 billion worth of Tesla stock. Musk doesn't seem happy.
Business Insider ^ | Mar 2, 2024 | Lloyd Lee

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 ...


TOPICS: Business/Economy
KEYWORDS: delaware; judicialpiracy; judicialpirates; lawfare; lawsuit; musk
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To all the businesses out there lawfare was just being waged against Trump because he poses a danger to democracy.

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.

1 posted on 03/02/2024 6:52:17 AM PST by packagingguy
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To: packagingguy

Die, lawyer scum!

(Not you.)


2 posted on 03/02/2024 6:55:44 AM PST by Tolerance Sucks Rocks (FBI out of Florida!)
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To: packagingguy

“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.


3 posted on 03/02/2024 6:56:11 AM PST by ProtectOurFreedom (“Occupy your mind with good thoughts or your enemy will fill them with bad ones.” ~ Thomas More)
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To: packagingguy

Percentage is usually by agreement.

If no agreement, then the typically hourly rate, which should be paid by the plaintiffs.


4 posted on 03/02/2024 6:57:05 AM PST by Brian Griffin
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To: packagingguy

Agree lawyers like hacks always rate themselves higher than their true worth gouge and often their motto.


5 posted on 03/02/2024 6:58:03 AM PST by Vaduz
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To: packagingguy

and if Musk leaves Tesla it will DIE


6 posted on 03/02/2024 6:58:52 AM PST by butlerweave
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To: packagingguy

The law firm of Dewey, Cheatham, and Howe.


7 posted on 03/02/2024 7:00:26 AM PST by HartleyMBaldwin
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To: Brian Griffin

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.


8 posted on 03/02/2024 7:02:14 AM PST by packagingguy
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To: HartleyMBaldwin

LOL


9 posted on 03/02/2024 7:08:16 AM PST by sopo
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To: ProtectOurFreedom

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.


10 posted on 03/02/2024 7:11:58 AM PST by AndyJackson
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To: packagingguy
"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.""

But plaintiff didn't win Musk's pay package. Did he? How can they demand 11% of it, if not for greed?

11 posted on 03/02/2024 7:20:45 AM PST by jeffc (Resident of the free State of Florida)
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To: packagingguy

“The first thing we do is, let’s kill all the lawyers.”


12 posted on 03/02/2024 7:23:37 AM PST by House Atreides (I’m now ULTRA-MAGA. -PRO-MAX)
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To: HartleyMBaldwin

More Wolfram & Hart, I think...


13 posted on 03/02/2024 7:35:54 AM PST by mewzilla (Never give up; never surrender!)
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To: House Atreides

Some of our Founding Fathers were lawyers.

Pity we don’t make ‘em like that any more.


14 posted on 03/02/2024 7:37:18 AM PST by mewzilla (Never give up; never surrender!)
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To: packagingguy
Bill Clinton went after Bill Gates and Microsoft, too.

-PJ

15 posted on 03/02/2024 7:40:05 AM PST by Political Junkie Too ( * LAAP = Left-wing Activist Agitprop Press (formerly known as the MSM))
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To: packagingguy

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).


16 posted on 03/02/2024 8:10:58 AM PST by logi_cal869 (-cynicus the "concern troll" a/o 10/03/2018 /!i!! &@$%&*(@ -)
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To: jeffc

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.


17 posted on 03/02/2024 8:20:24 AM PST by packagingguy
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To: Brian Griffin

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


18 posted on 03/02/2024 8:24:10 AM PST by Ex-Con777
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To: packagingguy

Bernstein Litowitz Berger & Grossman.

Bernstein Litowitz Berger & Grossman.


19 posted on 03/02/2024 8:28:14 AM PST by Trumpisourlastchance
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To: packagingguy
I'm not an Objectivist.

Having said that, the producers of our nation really need their own Galt's Gulch. Let the rest burn.

20 posted on 03/02/2024 9:29:24 AM PST by politicket
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