3 ms·
That supposedly better informed second vote did not undo what was defective about the first vote to award such a huge bonus. Had there been another bonus agree
by Zigurd 2y ago
That supposedly better informed second vote did not undo what was defective about the first vote to award such a huge bonus.
Had there been another bonus agreement that simply said "Give Elon this many shares now" that would not even have required going back to the Delaware court.
I suspect they did not do that because it would have brought more scrutiny to a lapdog board.
- aw1621107 2y agoIIRC another complicating factor is that "here's a bunch of money/shares with no consideration" is likely to be considered a gift and previous cases have held that gifts require (near-?)unanimous shareholder approval. I think there have been some rumblings about loosening this standard in recent years, though I'm unsure where exactly that stands at the moment.