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Twitter sued
Posted on 5/7/22 at 7:09 pm
Posted on 5/7/22 at 7:09 pm
For as great as Florida is, the frickin police pension is suing Twitter
Seems interesting and odd that a pension fund stock losing money would file a lawsuit over a potential profit. If I was a policeman I would sue the crap out of them
quote:
Elon Musk and Twitter Inc were sued on Friday by a Florida pension fund seeking to stop Musk from completing his $44 billion takeover of the social media company before 2025. In a proposed class action filed in Delaware Chancery Court, the Orlando Police Pension Fund said Delaware law forbade a quick merger because Musk had agreements with other big Twitter shareholders, including his financial adviser Morgan Stanley and Twitter founder Jack Dorsey, to support the buyout.
quote:
The fund said those agreements made Musk, who owns 9.6% of Twitter, the effective "owner" of more than 15% of the company's shares. It said that required delaying the merger by three years unless two-thirds of shares not "owned" by him granted approval.
Seems interesting and odd that a pension fund stock losing money would file a lawsuit over a potential profit. If I was a policeman I would sue the crap out of them
This post was edited on 5/7/22 at 7:10 pm
Posted on 5/7/22 at 7:12 pm to dafif
Just a money grab. “You are in violation of this regulation. We haven’t been damaged but we can hold you up in this litigation so pay us and you can proceed.”
Posted on 5/7/22 at 7:13 pm to dafif
quote:
before 2025
This tells you everything you need to know about why this suit is being filed.
Posted on 5/7/22 at 7:26 pm to SCLibertarian
Based on a hypothetical/ technical argument that most likely does not hold up.
But I just can’t get past the fiduciary obligations of the fund ….
But I just can’t get past the fiduciary obligations of the fund ….
Posted on 5/7/22 at 7:29 pm to dafif
Someone REALLY doesn’t want Musk to buy Twitter.
Posted on 5/7/22 at 7:30 pm to dafif
All acquisitions generate lawsuits. There would have been suits if they hadn’t sold as well.
Posted on 5/7/22 at 9:09 pm to dafif
That has to be the worst legal argument I've ever heard.
Musk having the support of other share holders is legally the same thing as owning their stock which would put him over %15. Lmao these fcking people.
Musk having the support of other share holders is legally the same thing as owning their stock which would put him over %15. Lmao these fcking people.
Posted on 5/7/22 at 9:29 pm to dafif
quote:
Elon Musk and Twitter Inc were sued on Friday by a Florida pension fund seeking to stop Musk from completing his $44 billion takeover of the social media company before 2025.
clearest case ever of literally "no standing" so the case should get thrown out
he doesnt own it yet, he doesnt control it yet, so they have no complaint yet
you cant sue over what "might" happen and "maybe" you will be harmed by it
Posted on 5/7/22 at 9:49 pm to Jon Ham
quote:
Just a money grab. “
Seems like a dangerous game
Share price would bottom if deal dies
Posted on 5/7/22 at 9:53 pm to dafif
Trying to kick the can past 2024
Posted on 5/7/22 at 10:42 pm to dafif
quote:
For as great as Florida is, the frickin police pension is suing Twitter
Public Pension fund =/= Florida
Posted on 5/7/22 at 10:50 pm to dafif
Don’t get it. Is the pension fund headquartered in Delaware?
Posted on 5/7/22 at 10:57 pm to dafif
it’d be weird that a union pension voted against their best interest, if they didn’t do it literally every time the opportunity presented itself
Posted on 5/8/22 at 12:25 am to dafif
quote:
Orlando Police Pension Fund
Coincidental location.
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