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Articles by Mike Leonard
This Week in Chancery Court: Meta Investors Push for Fast Track Original
The funds challenging restructuring deal with founder , which would add a class of nonvoting stock and give him shares worth tens of billions, are seeking a litigation fast track.
France’s Macrons Dealt Setback in Candace Owens Defamation Case Original
Right-wing influencer Candace Owens scored an initial victory against defamation claims filed in a US court by French President Emmanuel Macron and his wife, Brigitte. The podcaster is no longer personally a defendant in the case after a Delaware judge said Tuesday it would violate due process to exercise jurisdiction over the Tennessee resident, who has allegedly portrayed France’s first lady as a trans woman, blood relative of her husband, and CIA operative.
Zuckerberg Stock Deal, Meta Restructuring Hit With Challenge (1)
and other board members were sued by a pension fund Tuesday over a capital restructuring that would let the Facebook founder keep corporate control while selling stock worth billions. The lawsuit, filed in Delaware’s Chancery Court, seeks to block the transactions, which were approved Oct. 19 and disclosed in an Oct. 21 securities filing. The maneuver, set to take full effect Jan.
Zuckerberg Stock Deal, Meta Restructuring Hit With Challenge (2)
and other board members were sued by a pension fund Tuesday over a capital restructuring that would let the Facebook founder keep corporate control while selling stock worth billions. The lawsuit, filed in Delaware’s Chancery Court, seeks to block the transactions approved Oct. 19 and disclosed in an Oct. 21 securities filing. The maneuver, set to take full effect Jan.
Delaware’s AI-Run Company Proposal Draws the Eye of Congress (1)
Delaware’s plan to test autonomous, AI-managed companies has drawn the attention of a senior GOP congressman who expressed concerns Monday about insulating powerful tech companies from legal consequences. Rep. (R-Ky.), chair of the House Oversight and Government Reform committee, said in a letter to Gov. Matt Meyer (D) that his committee is looking into the proposal for a new type of business structure, the “agent-managed company.” The letter seeking documents from Meyer’s office by Nov.
Delaware’s AI-Run Company Proposal Draws the Eye of Congress (2)
Delaware’s plan to test autonomous, AI-managed companies has drawn the attention of a senior GOP congressman who expressed concerns Monday about insulating powerful tech companies from legal consequences. Rep. (R-Ky.), chair of the House Oversight and Government Reform Committee, said in a letter to Gov. Matt Meyer (D) that his committee is looking into the proposal for a new type of business structure, the “agent-managed company.” The letter seeking documents from Meyer’s office by Nov.
Cloudflare Deal Ruling Hints at Path Around Legal Safe Harbors Original
A novel ruling halting Cloudflare Inc.‘s stock restructuring after its billionaire co-founder allegedly bullied the board into the deal could mark a watershed moment for a Delaware corporate ecosystem overhauled by lawmakers last year. The Delaware Chancery Court decision is one of a handful so far to interpret Senate Bill 21, the most significant revision of the state’s corporate laws in decades. Vice Chancellor J.
Nasdaq Sued by Triller Over Delisting Threat to Its SpaceX Deal Original
Triller Group Inc. filed a lawsuit seeking to forestall its imminent delisting from Nasdaq’s small-cap exchange, alleging the operator invented an arbitrary process out of whole cloth that threatens the company’s plan to acquire millions of shares on the cheap.
Cloudflare Restructure Halted in Test of Delaware Legal Overhaul Original
Cloudflare Inc. investors won an initial round Friday in their legal challenge to its capital restructuring, a case that could clarify the contours of Delaware’s most significant corporate law overhaul in decades. A Delaware Chancery Court judge temporarily blocked the company from replacing its dual-class stock with a tri-class structure that would let the firm’s founders keep their grip while offloading nonvoting shares worth billions.
Women’s Baseball Infighting Sets Up Sour Finish to First Season
There may be no crying in baseball, but there is corporate litigation. The Women’s Pro Baseball League ended its inaugural season last month with a championship title for the Los Angeles Queens, who prevailed over the San Francisco Firebells. The outing represented the most successful female hardball venture since the World War II-era All-American Girls Professional Baseball League immortalized in the 1992 film A League of Their Own.
Women’s Baseball Infighting Sets Up Sour Finish to First Season
There may be no crying in baseball, but there is corporate litigation. The Women’s Pro Baseball League ended its inaugural season last month with a championship title for the Los Angeles Queens, who prevailed over the San Francisco Firebells. The outing represented the most successful female hardball venture since the World War II-era All-American Girls Professional Baseball League immortalized in the 1992 film A League of Their Own.
Silver Lake Doubles Down on Icahn, Hedge Fund Collusion Claims Original
Silver Lake doubled down on its accusations against Carl Icahn and a group of hedge funds, assailing the legendary activist investor for allegedly teaming up with a protégé to illegally target its $25 billion acquisition of WWE’s parent company. The private equity firm expanded on its collusion claims in a court filing Monday, saying the dual-track legal challenge to its buyout of Endeavor Group Holdings Inc.
CNN Blasts Azerbaijan’s ‘Dangerous’ Lawsuit Over Iran Reporting
CNN moved to shut down an unusual defamation case over its reporting on the Iran war, saying Azerbaijan is trying to export its own censorship policies in an unconstitutional gambit to upend the First Amendment. The network asked a federal judge in Delaware to throw out the lawsuit, which said a story about Azerbaijan’s coordination with Israel put a target on country, which sits to Iran’s north, creating a risk of reprisals and threatening to drag it into the war.
Activist Hedge Fund Wins Appeal in Empery Proxy Fight Case (1)
The CEO and board of Empery Digital Inc. — a “digital asset treasury” devoted to buying and holding Bitcoin — lost their bid to avoid a proxy fight against the hedge fund gunning for their seats. Delaware’s top legal tribunal ruled Thursday for ATG Capital Opportunities LP, upholding an August decision by a Delaware Chancery Court judge. The state Supreme Court’s decision — rendered in a single page — came just one day after it heard the appeal. The high court’s ruling tees up an Oct.
UWM’s Ishbia and Ex-NBA Star Sued Over $1.5 Billion Oaktree Deal
Billionaire Mat Ishbia, NBA legend Isiah Thomas, and other UWM Holdings Corp. directors may have shortchanged shareholders by engineering a $1.5 billion bailout from Oaktree Capital Management after a bad bet on interest rates, according to a shareholder lawsuit.
Coinbase Dismisses Texas Derivative Suit After Delaware Exit (1)
Texas corporate laws apply to shareholder lawsuits brought against even though the claims involved allegations from when the company was still incorporated in Delaware, a Texas Business Court judge said. The cryptocurrency exchange’s December 2025 relocation to Texas gave it status as a Texas corporation governed by Texas laws, Judge Andrea Bouressa said in Friday’s opinion.
Poop Drone Software Maker SewerAI Hit With Sale Price Challenge
A shareholder is challenging the $342 million buyout of SewerAI Corp., which makes an AI-powered software platform for plumbing-infrastructure robots sometimes called "poop drones."
Poop Drone Software Maker SewerAI Hit With Sale Price Challenge
A shareholder is challenging the $342 million buyout of SewerAI Corp., which makes an AI-powered software platform for plumbing-infrastructure robots sometimes called “poop drones.” The investor, William Brown, filed a petition Wednesday urging Delaware’s Chancery Court to reprice the acquisition by affiliates of JMI Management Inc. Brown’s roughly 245,000 shares were cashed out when the sale closed in June, according to his court filings.
Thoma Bravo’s Apax-Led $1.2 Billion Verint Deal Draws Challenge
A top Apax Partners LLP dealmaker was driven by the unusual structure of its investment in to steer the software company into an underpriced $1.2 billion acquisition by Thoma Bravo LP, according to an unsealed lawsuit. A shareholder cashed out by the transaction is suing former Verint board members including Jason Wright, who holds a senior role on Apax’s tech team, in Delaware’s Chancery Court.
Billionaire Deckoff’s Private Equity Affiliates Beat Fraud Case
Private equity affiliates of billionaire businessman Stephen Deckoff prevailed Tuesday against a fraudulent transfer lawsuit by subsidiaries of steelmaker that alleged a $7 million shell entity scheme. A Delaware Chancery Court judge threw out claims against PTC Liberty Tubulars LLC, an entity controlled by Deckoff’s Black Diamond Capital Management LLC, which exited the case in 2023.
Lumber Liquidators Parent Sues on Bed Bath Deal, Lemonis Remarks
Reality TV star Marcus Lemonis, CEO of the former Bed Bath & Beyond Inc., is wrongfully blaming the parent company of Lumber Liquidators for their mutual decision to scrap a merger, F9 Investments LLC said in a lawsuit. F9, led by Lumber Liquidators founder Thomas Sullivan, is suing the home retail giant now called Neighborhood Intelligence Inc. over its alleged breaches of provisions requiring both sides to sign off on public statements about the transaction.
Former Bed Bath Sued Over Busted Deal, Lemonis ‘Fireside Chat’
Reality TV star Marcus Lemonis, CEO of the former Bed Bath & Beyond Inc., is wrongfully blaming the parent company of Lumber Liquidators for their mutual decision to scrap a merger, F9 Investments LLC said in a lawsuit. F9, led by Lumber Liquidators founder Thomas Sullivan, is suing the home retail giant now called Neighborhood Intelligence Inc. over its alleged breaches of provisions requiring both sides to sign off on public statements about the transaction.
Silver Lake Suit Against Icahn Looks to End Appraisal Arbitrage
Silver Lake’s lawsuit this month against Carl Icahn, who’s challenging its $25 billion deal for WWE’s corporate parent, seeks to topple the foundations of appraisal arbitrage bets by hedge funds targeting buyouts. The Sept. 21 complaint said the legendary activist investor colluded with dozens of funds on cases asking Delaware’s Chancery Court to reprice the transaction that took Endeavor Group Holdings Inc. private.
Billionaire Sprott Sued by Hycroft Investor Over Silver Scheme
Canadian metals magnate Eric Sprott grabbed a nearly $1.2 billion windfall by seizing control of Hycroft Mining Holding Corp. while keeping a lid on a “game changing” silver strike, according to a shareholder lawsuit. An investor sued Sprott and Hycroft’s senior leaders Wednesday, saying the company’s board and executives concealed the massive ore find while conspiring to hand the billionaire a 42% stake that ballooned in value from $112 million to $1.28 billion in just four months.
Nonhuman Voting Gets Warm Reception From Delaware High Court
The ACLU looked to have a steep hill to climb Wednesday as it urged Delaware’s top legal tribunal to invalidate a town charter authorizing some corporations, LLCs, and other artificial entities to vote in local elections. Most of the five-member state Supreme Court voiced wide-ranging doubts about the vote dilution lawsuit against the Town of Fenwick Island, which allows nonhumans owning property to participate in municipal elections.
Zuckerberg Confronts Renewed Pension Fund Case on Harm to Teens
After a two-year pause, corporate litigation resumed in Delaware on Friday over human trafficking, child exploitation, and social media addiction allegations against and other top executives. A group of funds updated their long-running shareholder case against the tech giant’s board, adding fresh details in the wake of Meta’s landmark $18 billion settlement with a group of state attorneys general.
Restaurant Brands Will Pay $18 Million to End Carrols Deal Case
has agreed to pay $18.2 million to end litigation led by a pension fund over its $1 billion buyout of Carrols Restaurant Group Inc., a top owner of Burger King and Popeyes locations. The settlement disclosed Sept. 11 would resolve shareholder claims filed in Delaware’s Chancery Court by the Plymouth County Retirement Association, a Carrols investor.
Atlas Energy Founder, Board Offer $17 Million to End Up-C Case
Texas oil tycoon Ben “Bud” Brigham and other Atlas Energy Solutions Inc. board members have agreed to pay to $17 million to end litigation over a 2023 restructuring. The settlement disclosed Sept. 11 would resolve shareholder claims targeting the fracking services company’s conversion from an umbrella partnership, or Up-C, into a traditional corporation.
Delaware Vote-By-Mail Beats Challenge by Top State GOP Official
Delaware election officials defeated a court challenge to its absentee ballot laws brought by the state’s top elected Republican, part of a nationwide GOP effort to curb mail-in voting, a priority of President . A Delaware Chancery Court judge threw out a lawsuit filed by state Senate Minority Leader Gerald W. Hocker, rejecting his claim that provisions authorizing “permanent” absentee status violate sections of Delaware’s constitution requiring voters to apply from scratch every two years.
Whole Earth Brands Deal Case Advances on Novel Corporate Ruling
The former CEO of Whole Earth Brands lost a novel court ruling Wednesday rejecting his bid to end litigation over the sweetener maker’s sale to affiliates of his father, the British-American billionaire Martin Franklin.
Skechers Ruling Throws Cold Water on Hedge Fund Legal Tactic
Hedge funds flocking to arbitrage blockbuster buyouts are pressure-testing the most significant overhaul of Delaware corporate law in decades. The changes in last year’s state Senate Bill 21 — adopting self-dealing safe harbors and protections for founders while reducing investor access to corporate records — are already driving strategic shifts across the plaintiffs’ bar.
Skechers Ruling Throws Cold Water on Hedge Fund Legal Tactic
Hedge funds flocking to arbitrage blockbuster buyouts are pressure-testing the most significant overhaul of Delaware corporate law in decades. The changes in last year’s state Senate Bill 21 — adopting self-dealing safe harbors and protections for founders while reducing investor access to corporate records — are already driving strategic shifts across the plaintiffs’ bar.
THL, Agiliti Agree to $32 Million Settlement Ending Buyout Case Original
Thomas H. Lee Partners LP and Agiliti Inc. plan to pay $32 million to end litigation over the medical equipment maker’s $2.5 billion private equity sale, according to court filings. The class action settlement, filed in Delaware’s Chancery Court, would resolve claims that the buyout firm exploited an inside track to force through a transaction cashing out public investors for an unfair $10 per share.
Paramount Loses Appeal Over $8 Billion Skydance Deal Documents
The $8 billion merger between and Skydance Media LLC divided Delaware’s top legal tribunal Wednesday as it ordered the media conglomerate to turn over deal documents to an investor. The state supreme court ruled for a pension fund seeking more information on the transaction handing Paramount’s reins from media mogul to producer David Ellison and backers led by his father, founder , whose $196 billion net worth makes him the world’s sixth-richest person.
Olde Tymey Boston Hockey
by Mike Commito Aug 26, 2016, 11:53am EDT Forty-five years ago today, Bobby Orr inked a five-year contract with the Boston Bruins that made him the highest paid player in league history. It was quite the pay bump for the twenty-three year...
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