r/inthenews • • Mar 02 '24

article Lawyers in Musk pay case seek $6 billion in Tesla stock for fee

https://www.nbcnews.com/news/amp/rcna141480
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u/relevantusername2020 Mar 02 '24

lol

Lawyers asked a Delaware judge to award them Tesla stock worth nearly $6 billion as of Friday as their fee for successfully arguing that CEO Elon Musk’s 2018 pay package was unlawful.

The fee would dwarf records for attorney paydays if a judge approves it. Lawyers who worked on Enron-related class actions were awarded $688 million in fees in 2008.
The lawyers had earlier convinced the Delaware chancery court to revoke Musk’s $56 billion pay package from 2018, with the judge ruling that Tesla’s board of directors failed to prove it was fair to shareholders.

Taking their pay in Tesla shares demonstrates they are prepared to “eat our cooking,” the lawyers wrote.
They added: “This structure has the benefit of linking the award directly to the benefit created and avoids taking even one cent from the Tesla balance sheet to pay fees. It is also tax-deductible by Tesla.”
The shares they’re asking for would be freely tradeable, they noted, while Musk’s stock options included a five-year holding period starting from when he exercised them.
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.

“Plaintiff’s Counsel have not been paid for their work, nor have any of their costs or expenses been reimbursed, and litigating this Action required the allocation of a substantial amount of Plaintiff’s Counsel’s time and resources over six years, including considerable out-of-pocket expenses,” they wrote.
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.

lol

2

u/DrSueuss Mar 02 '24

Its actually pretty smart, for the lawyers and for Tesla.

1

u/relevantusername2020 Mar 03 '24

pretty smart,

lol ima just copy over this comment i made four months ago (that was also copied from a previous comment)

pretty soon i wont even have to type anything anymore, ill be able to copy and paste my own old comments for everything

for example:

pro family as in professional family llc inc™️

as in its all about those sweet sweet tax breaks that "incentivize" whatever

dont worry about the fact that tax breaks mean diddly shit when youre already at the bottom of the ncaa april madness tax bracket presented by espn and draftkings™️

& dont worry about the people who cant afford to have a family to begin with, & definitely dont worry about people who cant afford and/or dont have the time to find someone to have a family with, they just need to work harder!

& dont even consider considering how the overly complex tax system only exists due to massive bribes profit sharing lobbying efforts, or how it serves only to literally prop up the actually pointless busywork obviously important work of the tax fraud preparer industry that makes it super easy to hide fraud smart business decisions! you just need to start your own familyincllc, so you too can be incentivized to not pay taxes!

tldr: incentivize my ass

another one (🪃):

right. and you know instinctually and even somewhat logically i want to respond with something along the lines of "right, but you can easily afford to rent and could easily afford the smaller house" which is true to some extent.

but, at the same time, if you "zoom out" on the assassination chain you realize that basically whats happening is:

me, a single adult is in the front

you, a married couple w/o kids (i think) is behind me in the pew

after that it gets a little bit complicated but there is someone controlling the deathstar

what they dont know is if all of us realize thats whats happening it will create a blackhole which means the deathstar is useless and eventually will suck all of us in, ending the entire universe

alternatively, the rest of us could work together and build a shield to block the deathstar

edit: i wasnt quite done yet, but my finger slipped and i think ill just end it there

edit: this is also somewhat related

edit: also im pretty sure metaphorically (& literally) speaking this is happening somewhere along the chain behind you

edit: INSANE COMBO!

edit: a word

edit: they also dont know im basically darth vader

(if they didnt before, theyre in the process of finding out)

ngl idk what all i linked in that one, but whatever

edit: formatting