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How major US stock indexes fared Monday, 12/9/2024Athleisure Market to expand by USD 176.3 Billion from 2024-2028, driven by the rise of online shopping, with AI powering market evolution - Technavio
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DOVER, Del. (AP) — A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package Chancellor Kathaleen St. Jude McCormick on Monday denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys , who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package. McCormick concluded in January that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. The compensation package initially carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla’s stock price. Following the court ruling, Tesla shareholders met in June and ratified Musk’s 2018 pay package for a second time, again by an overwhelming margin. Defense attorneys then argued that the second vote makes clear that Tesla shareholders, with full knowledge of the flaws in the 2018 process that McCormick pointed out, were adamant that Musk is entitled to the pay package. They asked the judge to vacate her order directing Tesla to rescind the pay package. McCormick, who seemed skeptical of the defense arguments during an August hearing, said in Monday’s ruling that those arguments were fatally flawed. “The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law,” McCormick wrote in a 103-page opinion. The judge noted, among other things, that a stockholder vote standing alone cannot ratify a conflicted-controller transaction. “Even if a stockholder vote could have a ratifying effect, it could not do so here due to multiple, material misstatements in the proxy statement,” she added. Meanwhile, McCormick found that the $5.6 billion fee request by the shareholder’s attorneys, which at one time approached $7 billion based on Tesla’s trading price, went too far. “In a case about excessive compensation, that was a bold ask,” McCormick wrote. Attorneys for the Tesla shareholder argue that their work resulted in the “massive” benefit of returning shares to Tesla that otherwise would have gone to Musk and diluted the stock held by other Tesla investors. They value that benefit at $51.4 billion, using the difference between the stock price at the time of McCormick’s January ruling and the strike price of some 304 million stock options granted to Musk. While finding that the methodology used to calculate the fee request was sound, the judge noted that the Delaware’s Supreme Court has noted that fee award guidelines “must yield to the greater policy concern of preventing windfalls to counsel.” “The fee award here must yield in this way, because $5.6 billion is a windfall no matter the methodology used to justify it,” McCormick wrote. A fee award of $345 million, she said, was “an appropriate sum to reward a total victory.” The fee award amounts to almost exactly half the current record $688 million in legal fees awarded in 2008 in litigation stemming from the collapse of Enron.Sue MacPherson: 'Honor and commitment to our veterans and Butte'
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EXCLUSIVE Body language expert breaks down whether Biden was being truthful when he flat-out denied he would pardon son Hunter Joe Biden announced Sunday evening the pardon for his son Hunter Came after he said at least twice over the summer he would not issue a pardon By KATELYN CARALLE, SENIOR U.S. POLITICAL REPORTER IN WASHINGTON, D.C. Published: 21:23, 2 December 2024 | Updated: 21:38, 2 December 2024 e-mail 29 View comments Joe Biden was determined to give a truthful answer when he repeatedly said he would not pardon his son before turning around and doing so on Sunday. A body language expert provided an analysis to DailyMail.com where she claimed that Biden wanted to portray himself as someone who had 'made this decision' to not pardon Hunter, despite several reports now claiming he was considering the action for at least six months. 'Biden looks like a man who has already made this decision and that the decision itself is non-negotiable,' Judi James said of the two instances where Biden told reporters he was not weighing a pardon for his 54-year-old son. 'There's not even any discussion from the interviewer, who moves onto the next subject, clearly satisfied the questions have been dealt with in the most comprehensive way,' she added. Biden announced on Sunday his decision to pardon his son. While it's not immediately clear whether Biden was being truthful based on an analysis of his body language, James speculates that he did believe his answer was earnest at the time. 'He was very determined to define himself as being totally honest which in political terms is the same as being honest because he would know how impossibly bad these unequivocal answers would look if he did the opposite in the future,' she told DailyMail.com. 'It's implying he is staking his reputation on this here.' A body language expert told DailyMail.com that President Joe Biden didn't show any explicit signs of dishonestly when he said that he did not intend to pardon his son Hunter President Biden announced on Sunday evening he came to the decision to pardon his son Hunter, 54, for three felony charges for lying on a form to purchase a firearm But now, his reputation is tarnished and Americans claim they can no longer trust the word of the U.S. Commander-in-Chief, who will remain in the role for another nearly two months. Read More How Biden privately 'considered pardon for Hunter SIX MONTHS ago' but denied it in public Hunter was convicted on June 11, 2024 of three felony charges for lying on a federal form to purchase a firearm in 2018. Before the conviction and at least two times after, Biden and his spokespeople and surrogates said that he would not pardon his son. In an interview with ABC News host David Muir in June, Biden is asked: 'Have you ruled out a pardon for your son?' 'Yes,' Biden replied matter-of-factly. 'It is rare for any politician to offer a one-word answer to a 'Yes or no' question, but Biden does that here, twice,' James notes. A reporter asked Biden during a press conference, also over the summer: 'Was your son able to get a fair trial, do you believe the Justice Department operated independently of politics?' 'I am satisfied that I'm not going to do anything,' Biden said from the podium. 'I said I'd abide by the jury decision. I will do that and I will not pardon him.' At the time, Biden was still leading the 2024 presidential ticket, but later in the summer he stepped out of the race and endorsed Vice President Kamala Harris, who went on to lose to Donald Trump. Biden said at least twice after the conviction over the summer that he would not pardon his son. Pictured: At a press conference, Biden said, 'I said I'd abide by the jury decision. I will do that and I will not pardon him' Of Biden's two denials over the summer regarding his son, James said: 'There is absolutely no wriggle room in terms of offering himself any get-out clause if he should decide to change his mind.' 'The impact of the first 'Yes' to accepting the jury's verdict no matter what is then huge and to make it even more powerful he retains an almost frozen facial expression,' she noted. Additionally, James observes that there are no indications that Biden was being untruthful when he said he didn't intend to pardon Hunter. 'His commitment looks as firm here,' she notes, 'with a similar holding of the eye gaze which looks like a gesture of honesty or like a gesture he uses to emphasize the sense of honesty in his answer.' Joe Biden Politics Judi James Share or comment on this article: Body language expert breaks down whether Biden was being truthful when he flat-out denied he would pardon son Hunter e-mail Add commentQatar tribune Tribune News Network doha QNB Group, received the Bank of the Year Qatar award from The Banker magazine, during a ceremony held recently in London to recognise banks across the world, mapping their financial strength and soundness via Tier 1 capital, their profitability and their performance versus their peers. This award comes as a recognition of the QNB’s continuous product development, service quality, wide array of digital banking services, enhanced customer experiences, seamless banking, innovation and technology, and overall performance in the market of Qatar. The award falls under a highly competitive selection process that collects over 1,000 different entities, and it highlights QNB’s exceptional performance in Qatar. Commenting on this award, QNB Group Chief Executive Officer Abdulla Mubarak Al Khalifa said, “We are deeply honoured to be recognised as the best bank in Qatar by The Banker. This prestigious accolade underscores our unwavering commitment to delivering exceptional banking services, driving innovation, and addressing the evolving needs of our clients. At QNB, we are dedicated to excellence and remain steadfast in our mission to contribute to Qatar’s financial growth while setting new benchmarks in the banking industry.” QNB Group is one of the leading financial institutions in the MEA region and among the most valuable banking brands in the regional market. Present in over 28 countries across Asia, Europe, and Africa, it offers tailored products and services supported by innovation and backed by a team of over 31,000 professionals dedicated to driving banking excellence worldwide. Copy 05/12/2024 10Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon Musk
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