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Legal team that voided Elon’s Tesla payout asks for a $5.95 BILLION dollar fee
Posted on 3/1/24 at 6:46 pm
Posted on 3/1/24 at 6:46 pm
Gets better
They want compensation in the form of Tesla stocks
https://twitter.com/xDaily/status/1763709878701355118
They want compensation in the form of Tesla stocks
quote:
David Sacks
@DavidSacks
UPDATE: the lawyers want $6 BILLION in legal fees the form of 29 million shares of Tesla stock.
In other words, a lawsuit supposedly brought to protect Tesla shareholders will cost them 29M shares.
What a grotesque heist.
quote:
X News Daily
@xDaily
NEWS: The legal team that voided Elon’s Tesla payout asks for a $5.95 BILLION dollar fee for winning the lawsuit.
https://twitter.com/xDaily/status/1763709878701355118
This post was edited on 3/1/24 at 8:03 pm
14
Posted on 3/1/24 at 6:47 pm to Bobby OG Johnson
We’re living out Atlas Shrugged in real time.
Posted on 3/1/24 at 6:49 pm to Bobby OG Johnson
quote:
Ashley St. Clair
@stclairashley
Can someone help me understand this?
This case, brought by a guy who owns just 9 shares of Tesla, claims that Elon getting billions in compensation is unfair to shareholders (who majority approved the comp package)
So for Tesla shareholder justice, the lawyers will take billions from Tesla with an unprecedented legal fee…?
Do I have that right?
Posted on 3/1/24 at 7:02 pm to Bobby OG Johnson
Great example of why loser pays isn't this magical system.
Posted on 3/1/24 at 7:03 pm to Bobby OG Johnson
If only there wasn't appellate review
Posted on 3/1/24 at 7:03 pm to Bobby OG Johnson
quote:
Can someone help me understand this?
This case, brought by a guy who owns just 9 shares of Tesla, claims that Elon getting billions in compensation is unfair to shareholders (who majority approved the comp package)
So for Tesla shareholder justice, the lawyers will take billions from Tesla with an unprecedented legal fee…?
Do I have that right?
I am going to assume this was some form of a shareholder derivative suit, and they are wild. There is a whole cottage industry for this.
Posted on 3/1/24 at 7:07 pm to Bobby OG Johnson
The lawyers who sued the tobacco companies got about 8 billion. I have not been following this but how much money was at stake?
Posted on 3/1/24 at 7:18 pm to Bobby OG Johnson
Leaches. Scum of the Earth.
Posted on 3/1/24 at 7:32 pm to Bobby OG Johnson
quote:
So for Tesla shareholder justice, the lawyers will take billions from Tesla with an unprecedented legal fee…?
Do I have that right?
As a shareholder, I claim to beat the shite out of each of these f$%ks until they'll accept a cigarette butt and a half eaten bologna sandwich as payment.
Posted on 3/1/24 at 7:51 pm to highcotton2
quote:
I have not been following this but how much money was at stake?
Judge ruled that Elon was not entitled to a $55 bin Tesla compensation package that was approved
Posted on 3/1/24 at 7:52 pm to Taxing Authority
Only if elon was black
Posted on 3/1/24 at 7:55 pm to SlowFlowPro
quote:
There is a whole cottage industry for this.
Oh yay. A cottage industry spawned by lawyers.
Posted on 3/1/24 at 7:55 pm to Bobby OG Johnson
zero point zero chance i'd give any lawyers anything over 2 million in legal fees
Posted on 3/1/24 at 8:04 pm to Bobby OG Johnson
Gets better
They want compensation in the form of Tesla stocks
They want compensation in the form of Tesla stocks
quote:
David Sacks
@DavidSacks
UPDATE: the lawyers want $6 BILLION in legal fees the form of 29 million shares of Tesla stock.
In other words, a lawsuit supposedly brought to protect Tesla shareholders will cost them 29M shares.
What a grotesque heist.
Posted on 3/2/24 at 8:04 am to Bobby OG Johnson
quote:
Judge ruled that Elon was not entitled to a $55 bin Tesla compensation package that was approved
So the lawyers for the shareholders saved them $55 billion and they are now bitching because it is going to cost them $6 billion? They better be glad the lawyers are not going for a 30% fee.
Posted on 3/2/24 at 8:07 am to Bobby OG Johnson
This is so disgusting and wrong.
Posted on 3/2/24 at 8:34 am to David_DJS
quote:
A cottage industry spawned by lawyers.
Technically, it was spawned by laws creating corporations and shareholders.
Posted on 3/2/24 at 8:40 am to SeeeeK
quote:
zero point zero chance i'd give any lawyers anything over 2 million in legal fees
I doubt they're awarded anywhere near $1B, let alone $6B
Usually these suits result in an award that creates a common fund for shareholders, and a contingency fee can be calculated based on that recovery. However, and someone can correct me, I don't think there is any sort of reward in the Tesla case. Sounds like they're trying to argue the denial of this distribution was an award and are basing their fee off that, but it seems silly.
Someone can research, but I'd imagine some form of lodestar is used, which will calculate their work based on an hourly rate and the attorney's fees will be based on that. Something like this would probably be $50M or less.
Posted on 3/2/24 at 8:45 am to SlowFlowPro
quote:
Great example of why loser pays isn't this magical system.
In this case, these lawyers should have been the losers.
A bad ruling doesn't mean tort reform shouldn't happen.
Posted on 3/2/24 at 8:51 am to imjustafatkid
quote:
In this case, these lawyers should have been the losers.
I think the suit was shaky and if the appeals courts uphold it, Delaware will face the consequences, but that is irrelevant to my point.
quote:
A bad ruling doesn't mean tort reform shouldn't happen.
Everyone claims when they lose, it's a bad ruling, but in all cases someone has to lose.
The larger problem is that the cases that drive the NPC talking point about loser pays are nothing like this litigation and are ones where the insurance company will lose 99.999999% of the time (100% liability car wrecks). These are unicorn cases for a reason. You can't lose them unless you try, basically.
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