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Vinson & Elkins LLP

Takeaways From the Delaware Court of Chancery’s First Dismissal of MultiPlan-style SPAC Challenge

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Since the Delaware Court of Chancery’s January 2022 decision in In re MultiPlan Corp. Stockholders Litigation,1 plaintiffs in Delaware had enjoyed a long and unbroken string of motion to dismiss victories in suits alleging...more

Farrell Fritz, P.C.

Out of Control! What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling Stockholders

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Process still matters.  That’s the main takeaway from the Delaware Court of Chancery’s 200-page opinion striking down Tesla’s 2018 incentive package awarded to Elon Musk.  The court rescinded the incentive package mainly...more

Mayer Brown

Recent Developments in Delaware Officer Exculpation Charter Amendments

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Key Takeaways: As noted in our previous Legal Update, the August 2022 amendments to Section 102(b)(7) of the Delaware General Corporation Law (DGCL) permits a Delaware corporation to include an officer exculpation provision...more

Troutman Pepper

Delaware Court of Chancery Confirms Enforceability of Identity-Based Voting Stock

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Recently, in Colon v. Bumble, the Delaware Court of Chancery held that certain provisions in the charter of Bumble, Inc. (Bumble), which contemplated that each share of stock carried either one vote or 10 votes depending upon...more

ArentFox Schiff

Fiduciary Obligations in a Re-Leveraging Transaction Heads to Court: Shipp v. Central States Manufacturing, Inc., Case...

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On November 28, three participants in Central States Manufacturing, Inc.’s employee stock ownership plan (ESOP) filed a complaint on their own behalf and on behalf of other ESOP participants against the company, its board of...more

Skadden, Arps, Slate, Meagher & Flom LLP

‘Going Dark’: Navigating the Tricky Path to Delisting and Deregistering

During periods of market turmoil and declining stock prices, companies may be tempted or pressured to delist and deregister their shares. This process is often referred to as “going dark.” Given the poor performance of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Proposed Changes to Delaware Law Would Facilitate Ratification of Defective Corporate Acts, Disposition of Pledged Assets, Stock...

The proposed 2023 amendments to the Delaware General Corporation Law (DGCL) approved by the Delaware State Bar Association are intended to address a number of practical issues facing corporations and their counsel and to...more

Fenwick & West LLP

2022 Corporate Governance Practices and Trends

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Fenwick has surveyed the corporate governance practices of the companies included in the Standard & Poor’s 100 Index (S&P 100) and the technology and life sciences companies included in the Fenwick – Bloomberg Law Silicon...more

Wilson Sonsini Goodrich & Rosati

Changes in Law Allow Increased Flexibility for Management of Delaware Corporations to Grant Equity Awards; Should You Take...

Among the recently enacted changes to the Delaware General Corporation Law (DGCL) that were described in our August 1, 2022 Client Alert are some that provide more flexibility for boards of directors of Delaware corporations...more

Mintz - Energy & Sustainability Viewpoints

Is a Public Benefit Corporation Right for Your Mission-Driven Business?

This article is geared towards founders who have an idea for a mission-driven business and want to know what to do next. Why does this article focus on Delaware? - Delaware has become internationally recognized as...more

White & Case LLP

Repricing Underwater Options

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In this time of market volatility, White & Case LLP partners Colin Diamond (Chair of US Public Company Advisory) and Henrik Patel (Global Head of Employment, Compensation and Benefits) address the securities law, tax and...more

Williams Mullen

Tax-Free Rollovers in Private M&A Transactions: LLC Asset vs. Stock Drop-Down (with Examples)

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Companies with a history of consistent revenue growth and adjusted EBITDA make attractive acquisition targets for strategic and private equity buyers. Unlike a strategic buyer, which may have on hand a management team capable...more

Vinson & Elkins LLP

Thoughts For Boards Navigating In Turbulent Conditions

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A board of directors’ vision and leadership becomes particularly vital during times of distress. While day-to-day operations rest with management, both fiduciary duty law and sound corporate governance practices call for the...more

Chambliss, Bahner & Stophel, P.C.

Small Business Financial Relief Through the Paycheck Protection Program

The CARES Act provides $350 billion to the Paycheck Protection Program to allow the Small Business Administration (SBA) to guarantee 100% loans (with interest rates not to exceed 4%) made by local SBA preferred lenders to...more

Perkins Coie

Business Immigration Considerations During the COVID-19 Pandemic

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Companies affected by COVID-19 must carefully consider immigration implications for all foreign national and expat employees, including issues of immigration compliance. Those businesses with employees working in the United...more

Harris Beach PLLC

Integrity and Oversight Processes in CARES Act Warrant Careful Review

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The COVID-19 crisis has spurred unprecedented government action on multiple fronts, including the passage of the Coronavirus Aid, Relief, and Economic Security legislation (the “CARES Act”). The legislation is...more

Pillsbury Winthrop Shaw Pittman LLP

CARES Act and FFCRA Revenue Stream Options for Nonprofit Organizations

Depending on size and tax-exemption status, nonprofit organizations may be eligible for federal relief. Nonprofit organizations can qualify for financial relief under certain provisions of the CARES Act, which is designed to...more

Foley & Lardner LLP

Applying for a CARES Act Loan? Take Three Simple Steps Now to Avoid Government Scrutiny Later

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The COVID-19 virus crush is upon us at this moment. Like in 2008 with TARP, the government has invited businesses around the country to apply for CARES Act relief to help survive this pandemic...more

Buchalter

Buchalter Client Alert COVID 19: Treasury Department Releases Answers to the Paycheck Protection Program Loans Frequently Asked...

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The Treasury Department has recently published the Paycheck Protection Program Loans Frequently Asked Questions (PPP FAQs). The Treasury Department’s publication provides businesses and lenders desperate guidance related to...more

ArentFox Schiff

No Change To PPP for Dealers Submitting with Franchise Identifier Codes

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The SBA has released additional guidance regarding the application of certain affiliate rules applicable to the PPP. Any dealership with 500 or fewer employees is eligible to apply for a PPP loan. However, even if you are a...more

Foley Hoag LLP

The U.S. Small Business Administration Releases Additional Paycheck Protection Guidance

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On April 6, 2020, the U.S. Small Business Administration (the “SBA”), in consultation with the Department of Treasury, issued a frequently asked questions page (the “FAQs”) as additional guidance on the implementation...more

Mitchell, Williams, Selig, Gates & Woodyard,...

State and Local Government Assistance from the CARES Act

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides an estimated $2 trillion stimulus package to assist individuals, small and medium-sized business as well as state and local governments during the...more

Wilson Sonsini Goodrich & Rosati

Corporate Preparedness: Getting and Staying Ready in Uncertain Times

COVID-19 continues to impact companies financially, operationally, and strategically. Confronting unprecedented levels of volatility and stock price declines, and the potential for a painful economic contraction, has many...more

Epstein Becker & Green

The CARES Act: What Employers Need to Know (Part II): Impact on Certain Retirement and Group Health Plans, and Executive...

In Part I of our Act Now Advisory on the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”), we addressed numerous aspects of the Act, including provisions on (i) paid sick and family leave; (ii) the...more

A&O Shearman

Qualified Retirement Plans During COVID-19: The CARES Act and Other Considerations

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If you are a decision-maker or part of a COVID-19 response team at a U.S. business, you are making urgent, daily decisions that affect the health and wellbeing of your workers, customers and suppliers, as well as the...more

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