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Two things that made me giggle: "Still, the lawyers described the nearly $6 billion in shares as “conservative” under Delaware law, which they said entitles th
by neom 3y ago
Two things that made me giggle:
"Still, the lawyers described the nearly $6 billion in shares as “conservative” under Delaware law, which they said entitles them to 33% of the 'quantifiable conferred benefit.' - “Nevertheless, in an effort to be conservative, Plaintiff’s Counsel does not seek the 33%” warranted by previous cases, they wrote. "
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"The lawyers wrote that, throughout the history of the case, they collectively logged 19,499.95 hours — meaning that a nearly $6 billion award would equal a per-hour rate of $305,550. They argued, though, that the hours worked was of secondary importance, if it was worth considering at all. "
A nice and conservative $300k an hour.
- neom 3y agoHere's another fun thing (can't edit my comment) - I decided to go look at who exactly are these lawyers, It's a collection of lawyers across 3 firms (as is common in a case this large), I went and looked at the firms they used, and if you add up every single lawyer at all 3 firms, it's 91 lawyers total (including associate lawyers - two of the firms are tiny and specialized). If they get it, that would be what... 65 million per lawyer in all the firms involved... not a bad exit ;)
- leereeves 3y agoHere's another: the best case value of Musk's "unconscionable" pay package (in the form of conditional stock grants) at the time it was offered was about $5B, roughly the same amount the lawyers are asking for. Now they argue that the amount "would be justified given how much value they delivered to Tesla shareholders"! That sounds like a great argument for paying Musk, who delivered 10x the value. And another hilarious bit: “Delaware seeks to incentivize, not punish, efficient litigation.” Litigation, but not business.