Twitter Asking a Delaware court to provide “distinctive performance” under the terms of its contract with musk – In other words, might Him Complete Acquisition at an agreed price of $54.20 per share.
court so issued counts first. The chicken processor was Tyson Foods Inc. countEd in 2001 Complete its $3.2 billion deal Last Year for Meatpacker IBP Inc. court countEd private equity firm Kohlberg & Company LLC closed its $550 million purchase of DecoPack Holding Inc., which makes cake decorating products.
But in these cases the buyers were companies rather than individuals. a . But never given such a special performance deal of this scale.
what if musk opposes?
legal battle between musk And Twitter will play in delaware court Chancery, specified in the merger agreement for disputes.
Delaware is also a popular incorporation destination for most US public companies, including Tesla Inc. and others. musk Companies such as The Boring Company and Space Exploration Technologies Corp., better known as SpaceX, Tunneling Ventures.
it gives court jurisdiction over a large amount of musk Property to compel compliance when needed. the lawyers said court will start with hold musk in contempt and issuing fines unless he did so countEd.
“The court en. has the ability tomight its counts,” said Francis Pileggi, an attorney with Lewis Brisbois in Wilmington, Delaware.
If musk continued to ignore a decision, court could count Tesla and other Delaware-incorporated companies including musk Holds a stake to freeze its assets or to turn over shares.
“He will be treated like a dead father who is not paying child support,” said Yukon School of Law professor Minor Myers. “It won’t be that hard.”
what is court done in the past?
When Delaware-incorporated ZST Digital Network Inc. was sued in 2012 by one of its largest outside shareholders in Delaware for access to its books amid accounting irregularities, the Chinese company refused to comply. Travis Laster, Vice Chancellor or Judge court of chancery, appointed a receiver of the company might This to turn on the records. He also allowed the officers to arrest the receiver when he visited the United States.
court This also mightTo comply with D companies countThe directors will be held personally liable to deposit the fine by warning them.
Ann Lipton, a professor at Tulane University Law School, said there are many examples of people who oppose courtdecisions that use appeals to pull compliance. but they eventually obey court counts and she expects musk It will happen simultaneously.
“He’s not really crazy,” she said.
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