The judge in charge of Twitter Inc.’s $44 billion lawsuit against Elon Musk is known for being tough, and he’s also one of the few judges to ever force a reluctant buyer to close a US corporate merger. USA, reports Reuters.
Last year, Kathaleen McCormick became the first woman to serve as chancellor or chief judge of the Court of Chancery. Twitter’s lawsuit against Musk was filed with him on Wednesday. The lawsuit wants to force Musk to end her deal with the social media platform, and it looks set to be one of the biggest legal battles in years.
Adam Badawi, a law professor at the University of California Berkeley who specializes in corporate governance, said: “She already has a history of not tolerating some of the worst behavior we see in these areas when people want out of deals.” “She is a strict judge who does not accept nonsense.”
She is known for being soft-spoken, friendly, and easy to talk to, but she also stands her ground. Musk, on the other hand, is known for being rude and impulsive. She tries to get lawyers to treat each other with respect and be honest at legal conferences.
This year, he told a group at the University of Delaware: “We’ve always supported each other. We always went out for drinks after the fights and kept this level of civility.”
Musk said on Friday that he was finalizing the deal to buy Twitter for $54.20 a share, which was worth $44 billion. This came after weeks of tweets suggesting that Twitter was hiding the real number of fake accounts. On Tuesday, the social networking site filed a lawsuit.
Legal experts and court records show that only a few times did judges compel unwilling buyers to go ahead with corporate acquisitions. McCormick was one of them.
Last year, McCormick drew the attention of Wall Street dealmakers when he told an affiliate of private equity firm Kohlberg & Co LLC to close the $550 million purchase of DecoPac Holding Inc., which makes home decor products. cakes.
He said his decision was “a victory for the certainty of the deal” and disagreed with Kohlberg’s assertion that he could pull out because he did not have enough money.
The case closely resembles the Twitter settlement in many ways. Like Musk, Kohlberg said he was leaving because DecoPac had broken the merger agreement. Like Musk, Kohlberg said DecoPac didn’t continue business as usual.
Also, there are differences. Musk’s deal is much bigger, involves a target publicly traded company (Twitter) and could affect Tesla Inc, which makes electric cars and is where most of Musk’s money comes from.
In other situations, when shareholders fought with management, management sided with the shareholders.
Last year, he stopped energy company The Williams Cos Inc from using a so-called “poison pill” to stop an acquisition. She said doing so was against her duty to shareholders.
Last month, he said Carvana Co. shareholders could sue the board for selling shares directly to a few investors when the share price was low during the start of the pandemic. McCormick began his career with the Delaware chapter of the Legal Aid Society, which helps low-income people navigate the court system. He went to law school at Notre Dame.
During his confirmation hearing, he told the Delaware Senate that he went into private practice “primarily for financial reasons.” He joined Young Conaway Stargatt & Taylor, one of the state’s leading commercial litigation firms.
She became vice chancellor of the Court of Chancery in 2018 and was the first woman to lead the Court of Chancery in 2018. Although she appears calm, Eric Talley, a corporate law expert at Columbia Law School, said he doesn’t think Musk would scare off McCormick.
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Categories: Technology
Source: vtt.edu.vn