Tornetta v. Musk: The Tesla Compensation Case
Trial begins November 14th. What will this "new" old case bring?
Day is done, gone the sun.
From the lake, from the hills, from the sky,
All is well, safely
rest prep thyself for the next case. 🎶
October 28th at 5:00pm Eastern has come and gone, and there is one email that Chancellor Kathaleen St. Jude McCormick will not be receiving—one that says, in an alternate universe, that the Twitter deal did not close, and the trial is back on.
Here, in this universe, on this—perhaps the weirdest—timeline, the deal did close, on its original terms. $54.20 per share. $44 billion or so in cash, equity, and debt—the combination of which precisely, we may never quite know.
Casey Newton has taken over the role of Chief Outside Information Officer for all the tweeps wondering what will become of their jobs in the post-acquisition landscape, and The Chancery Daily reverts to nerding out over legal documents.
So, shall we go … onwards! Or, perhaps, in some ways, backwards! To a complaint originally filed in 2018 that is finally wending its way toward trial in less than two weeks.
As we did for the Twitter v. Musk complaint, it’s time to create a reference document for the upcoming lay of the trial land and take a deep dive into the particulars of Richard J. Tornetta v. Elon Musk, et al., which will be going to trial in front of Chancellor McCormick starting on November 14th.
This case will certainly be different from the Twitter matter, which—as I’ve said on many occasions—was fairly banal from a legal point of view, though it was capacious in size. The Tornetta case concerns (according to Plaintiff’s allegations) “the largest compensation grant in human history (the Grant)” which was: