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DETROIT (AP) — For a second time, a Delaware judge has nullified a pay package that Tesla had awarded its CEO, Elon Musk, that once was valued at $56 billion. On Monday, Chancellor Kathaleen St. Jude McCormick turned aside a request from Musk's lawyers to reverse a ruling she announced in January that had thrown out the compensation plan. The judge ruled then that Musk effectively controlled Tesla's board and had engineered the outsize pay package during sham negotiations . Lawyers for a Tesla shareholder who sued to block the pay package contended that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. In their defense, Tesla's board members asserted that the shareholders who ratified the pay plan a second time in June had done so after receiving full disclosures, thereby curing all the problems the judge had cited in her January ruling. As a result, they argued, Musk deserved the pay package for having raised Tesla's market value by billions of dollars. McCormick rejected that argument. In her 103-page opinion, she ruled that under Delaware law, Tesla's lawyers had no grounds to reverse her January ruling “based on evidence they created after trial.” On Monday night, Tesla posted on X, the social media platform owned by Musk, that the company will appeal. The appeal would be filed with the Delaware Supreme Court, the only state appellate court Tesla can pursue. Experts say a ruling would likely come in less than a year. “The ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners — the shareholders,” Tesla argued. Later, on X, Musk unleashed a blistering attack on the judge, asserting that McCormick is “a radical far left activist cosplaying as a judge.” Legal authorities generally suggest that McCormick’s ruling was sound and followed the law. Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, said that in his view, McCormick was right to rule that after Tesla lost its case in the original trial, it created improper new evidence by asking shareholders to ratify the pay package a second time. Had she allowed such a claim, he said, it would cause a major shift in Delaware’s laws against conflicts of interest given the unusually close relationship between Musk and Tesla’s board. “Delaware protects investors — that’s what she did,” said Elson, who has followed the court for more than three decades. “Just because you’re a ‘superstar CEO’ doesn’t put you in a separate category.” Elson said he thinks investors would be reluctant to put money into Delaware companies if there were exceptions to the law for “special people.” Elson said that in his opinion, the court is likely to uphold McCormick's ruling. Experts say no. Rulings on state laws are normally left to state courts. Brian Dunn, program director for the Institute of Compensation Studies at Cornell University, said it's been his experience that Tesla has no choice but to stay in the Delaware courts for this compensation package. The company could try to reconstitute the pay package and seek approval in Texas, where it may expect more friendlier judges. But Dunn, who has spent 40 years as an executive compensation consultant, said it's likely that some other shareholder would challenge the award in Texas because it's excessive compared with other CEOs' pay plans. “If they just want to turn around and deliver him $56 billion, I can't believe somebody wouldn't want to litigate it,” Dunn said. “It's an unconscionable amount of money.” Almost certainly. Tesla stock is trading at 15 times the exercise price of stock options in the current package in Delaware, Morgan Stanley analyst Adam Jonas wrote in a note to investors. Tesla's share price has doubled in the past six months, Jonas wrote. At Monday’s closing stock price, the Musk package is now worth $101.4 billion, according to Equilar, an executive data firm. And Musk has asked for a subsequent pay package that would give him 25% of Tesla's voting shares. Musk has said he is uncomfortable moving further into artificial intelligence with the company if he doesn't have 25% control. He currently holds about 13% of Tesla's outstanding shares.Jaland Lowe, Pitt charge past LSU in second half to move to 6-0Donald Trump says he thinks Pete Hegseth can get confirmed in NBC News interviewAston Villa boss Unai Emery has set his sights on automatic qualification to the last 16 of the Champions League after a 3-2 win at RB Leipzig. Ross Barkley’s 85th-minute goal gave them victory in Germany after goals from John McGinn and Jhon Duran early in each half were cancelled out by Lois Openda and Christoph Baumgartner. That sent them up to third in the new league phase of the competition ahead of Wednesday’s games and with matches against Monaco and Celtic to come, Villa have an excellent chance of finishing in the top eight. Job done... in the end ? #RBLAVL #UCL pic.twitter.com/PRD1Hi1Q3A — Aston Villa (@AVFCOfficial) December 10, 2024 That would mean they would avoid a play-off round to make it through to the last 16 and Emery says that is the target. “Today was key. Juventus at home, we were thinking more to win but in the end we accepted the draw because it was important for a point to be more or less in the top 24,” he told Amazon Prime. “Today was a match we were thinking at the beginning was key to be a contender to be in the top eight with the last two matches to be played. “It is going to be difficult and we have to get some more points but we now have the possibility to achieve this option. Aston Villa midfielder Ross Barkley scored the winner (DPA/PA) “We weren’t contenders in the beginning to get there but now we have to accept it.” Leipzig, who are flying high near the top of the Bundesliga, are out after losing all six matches. They did pose a threat to Villa, who inflicted some of their own problems on themselves, notably a rare gaffe from goalkeeper Emiliano Martinez for Openda’s equaliser. “I try to enjoy and always we want to improve and sometimes it is hard but today the team were performing well, playing seriously and I was enjoying it,” he added. “We tried to overcome the mistakes we made and we did. More or less we were playing consistently. One mistake and they score but then we played very well. “Champions League is very difficult and we have to expect that every team playing at home are feeling strong. We played with consistency and domination.”
Joe Biden's pardon of his son Hunter spurs broader discussion on who else should be granted clemencyNoneThe MLB Draft Lottery has generated some incredible results for the league. The completely unpredictable process allowed teams like the Cleveland Guardians and Cincinnati Reds to enter the lottery in 2024 despite relatively respectable seasons. Nonetheless, the anti-tanking process has made for some interesting results. Thanks to the St. Louis Cardinals and Seattle Mariners jumping up into the lottery, the Chicago Cubs fell from their original spot. Beginning the evening with the highest likelihood of remaining at their 14th pick, the Cubs fell back three spots with teams like the Oakland Athletics and Chicago White Sox also jumping up into the top 12 following horrific seasons. The results for the top 18 picks are as follows: MLB Draft Lottery 2025 Results 18 Arizona Diamondbacks (16, 0.27%) 17 Chicago Cubs (14, 0.68%) 16 Minnesota Twins (12, 1.09%) 15 Boston Red Sox (11, 1.22%) 14 Tampa Bay Rays (10, 1.50%) 13 San Francisco Giants (9, 1.90%) 12 Texas Rangers (8, 2.45%) 11 Oakland Athletics (ineligible) 10 Chicago White Sox (ineligible) 9 Cincinnati Reds (7, 3.67%) 8 Toronto Blue Jays (5, 7.48%) 7 Miami Marlins (1-T, 22.45%) 6 Pittsburgh Pirates (6, 5.31%) 5 St. Louis Cardinals (13, 0.82%) 4 Colorado Rockies (1-T, 22.45%) 3 Seattle Mariners (15, 0.53%) 2 Los Angeles Angels (3, 17.96%) 1 Washington Nationals (4, 10.20%) Although the Cubs fell, they're still in position to add another impact player. In 2023, the Cubs landed top prospect Matt Shaw at the 13th spot and in 2024 landed Cam Smith, another top-10 prospect, with the 14th overall selection . Perhaps the Cubs' front office can channel some of that luck again and find another impact player at the 17th spot. The 2025 MLB Draft will take place July 13-15 from Atlanta, home of the 2025 MLB All-Star Game. This article first appeared on On Tap Sports Net and was syndicated with permission.
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British-Indian businessman Rami Ranger hit back at what he said was an unjust ruling after being stripped of his CBE (Commander of the Order of the British Empire) by the UK Forfeiture Committee . Ranger, a critic of Khalistseparatist movements, announced his decision to pursue legal action, including a judicial review and an appeal to the European Court of Human Rights. In an official statement, Ranger stated, "Today I lost my CBE for standing up against Khalistanis who wish to break up India and the BBC for producing a two-part documentary with the help of anti-Prime Minister Modi guests to imply that the PM was involved in the Gujarat riots some 20 years after the riots and for which PM Modi was exonerated by the highest court in India." His comments underscore his belief that the Forfeiture Committee's decision undermines British democracy and the rule of law. Expanding on his stance, Ranger added that the decision to revoke his honour sets a troubling precedent. "The decision of the Forfeiture Committee has serious implications for all upstanding citizens, that they should not speak their mind in case they forfeit their honour for standing up against those who wish to harm us and our country," he said. Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd. 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Earlier on Saturday the Times of India reported that Ranger and Anil Bhanot , an accountant and the managing trustee of Hindu Council UK were stripped of their peerage by King Charles III. Bhanot was stripped of his OBE (Officer of the Order of the British Empire). Calling the process unfair, Ranger urged supporters to express their concerns to the Forfeiture Committee via email, emphasising that his right to freedom of speech had been violated. A spokesperson for Ranger also voiced disappointment at the decision, pointing out that Ranger had not committed any crime or broken any law, unlike most individuals who have had their honours revoked. "Lord Ranger is devastated that the CBE awarded to him for his services to British business and for promoting community cohesion has been taken away. It is a sad indictment that the honours system, which is designed to empower individuals who go the extra mile and contribute a great deal to the nation, should be used to curtail the basic fundamental rights of free speech and thought process," the spokesperson stated. The Forfeiture Committee reportedly revisited complaints against Ranger, many of which had already been addressed. These included a tweet by Ranger regarding a Southall Sikh Gurdwara Trustee, his criticism of a BBC documentary implicating Indian Prime Minister Narendra Modi in the Gujarat riots, and an online dispute with journalist Poonam Joshi. The spokesperson highlighted that complaints originating from the US-based Sikhs for Justice group, designated as an "unlawful association" by the Indian government, were also considered by the Forfeiture Committee. The organisation's leader had been declared a terrorist by India in 2020. Despite these origins, the Committee seemingly treated the complaints as valid without a transparent or thorough investigation. Lord Rami Ranger was recognized for his outstanding contributions to business and community cohesion, receiving a CBE (Commander of the Order of the British Empire) in 2016. Three years later, in 2019, Ranger's achievements were further acknowledged when he was appointed a peer in Theresa May's resignation honors. Ranger's significant contributions to the UK over three decades were also emphasised by his spokesperson. "His business is the only company in the United Kingdom to have won an unprecedented five consecutive Queen's Awards for Enterprise in International Trade. He has connected Britain with 130 countries through export activities, created a significant number of British jobs, and supported universities and charities with millions in donations." Ranger has also been a staunch advocate for community cohesion. He founded the Pakistan, India & UK Friendship Forum and the Hindu Forum Britain and chaired the British Sikh Association, promoting interfaith dialogue. His philanthropic efforts include support for charities like Combat Stress, The Prince's Trust, and Syrian refugee initiatives. Criticism of the Forfeiture Committee's lack of transparency was also central to the spokesperson's remarks. They argued that the investigatory and recommendation process lacked due process and impartiality. "The absence of the commonly accepted standards of due process and fairness as reflected in the principles of natural justice under common law, including the right to be heard and the requirements for impartiality free from any agenda, need to be the subject of an urgent and comprehensive review," the spokesperson said. The spokesperson also accused the Committee of penalising Ranger for exercising his right to free speech and revisiting complaints that had been resolved. They noted that Ranger had already apologised for his remarks, undertaken rehabilitative training, and stepped back from social media. Despite the controversy, Ranger remains committed to his work and legacy. "Lord Ranger will continue to make the significant contribution that he has over the last 30 years and that led to him originally receiving his honours," the spokesperson affirmed. He plans to challenge the decision through all available legal avenues, aiming to vindicate himself and restore his reputation. In his statement, Ranger expressed hope that his supporters would rally behind him. "If you think I have been wronged, then please express your feelings to the Forfeiture Committee," he urged, providing the committee's contact information for feedback. (You can now subscribe to our Economic Times WhatsApp channel )Fulfillment Services Market to Set Phenomenal Growth by 2032 | DHL, FedEx Supply Chain, ShipBob