Delaware, Inc agonises about Musk backlash as its lawyers seek changes

The drop just before the long Easter holiday weekend did not seem like a coincidence. On Thursday, March 28, a group of powerful Delaware lawyers put in motion a plan to make a series of changes to the state’s eminent corporate code, known as the Delaware General Corporation Law. The lawyers are members of the Delaware state bar association that customarily makes such proposals to update the state’s corporate law.

But the recent moves by the state bar association to change the DGCL, which have been criticised by legal scholars as rushed, arguably reflect signs of panic and insecurity. Musk’s problem with Delaware stems from the state’s strictness towards potentially self-interested deals for companies with dominant shareholders.

Source: News Formal (newsformal.com)

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