For How Long Is That Proxy Valid?

Section 705(a) of the California Corporations Code provides that no proxy is valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. This is a reflection of the fact that proxies are typically obtained...

Does Delaware Have Personal Jurisdiction Over Controlling Stockholders?

Delaware Chancellor Kathaleen St. J. McCormick's decision to set aside Elon Musk's multibillion dollar compensation package with Tesla, Inc. has garnered widespread in the general and legal press.  Tornetta v. Musk, 2024 WL 343699, (Del. Ch. Jan. 30,...

Does LLC Cancellation Constitute An Affirmative Defense?

Section 17707.08(c) of the California Corporations Code provides:

Can "New Wave" Stockholder Agreements Catch A Wave In California?

Heheheheheheee Wipe oooout!

California Bill Would Require Licensing Of Commercial Financing Providers

Last week, Senator Steven M. Glazer introduced a bill, SB 1482, that would require licensing of "commercial financing providers" and "commercial financing brokers" with the Department of Financial Protection & Innovation under the California...

What Are The Damages?

In yesterday's post, I discussed Vice Chancellor J. Travis Laster's recent ruling in Palkon v. Maffeii, 2024 WL 678204 (Del. Ch. Feb. 20, 2024).  The case concerned a challenge to the proposed redomestications of TripAdvisor, Inc. and  Liberty...

Vice Chancellor Laster Rules That It Is "Reasonably Conceivable" That Nevada Provides Greater Protection Against Fiduciary Liability Than Delaware

Last April, I wrote about a lawsuit challenging the redomestications of TripAdvisor, Inc. and  Liberty TripAdvisor Holdings, Inc.  Yesterday, Vice Chancellor J. Travis Laster issued his ruling on the defendants' motion to dismiss the suit for failure...

Agency By Unsigned Charter Amendment?

Writing in DealLawyers.com, Meredith Ervine highlights one Delaware corporation's proposal to amend its certificate of incorporation to designate the corporation as the agent of its stockholders to pursue damages in the event that specific...

What To Do When A Business Entity Has Been Wrongfully Begotten

Over the years, I have been frequently called to assist in cases of wrongful termination.  See What To Do When Your Business Entity Has BeenWrongfullyTerminated. Rarely have I encountered the converse - the formation of an entity using a stolen...

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