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NoneBy TOM KRISHER, Associated Press 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.

In the world of gaming, Exile's Path 2 has taken the community by storm with its highly anticipated EA release on Steam. Developed by a talented team of creators, the sequel to the critically acclaimed Exile's Path has quickly become a fan favorite, capturing the hearts of players worldwide. With stunning graphics, immersive gameplay, and a captivating storyline, it's no surprise that the game has already achieved remarkable success, surpassing 1.1 million copies sold on Steam and generating nearly $200 million in revenue.Publicly traded REITs, which allow investors to access a diversified portfolio of real estate assets, have become increasingly popular in recent years. These investment vehicles offer liquidity, transparency, and diversification benefits that make them attractive to a wide range of investors. However, the pricing mechanisms of public REITs have been a subject of debate, with critics pointing out inconsistencies and inefficiencies in the valuation process.Mick’s Fiji Tours has pledged over $5000 worth of sponsorship for the Vatulele Sevens tournament. This initiative aims to enhance facilities that not only support athletes but enrich the entire community. Micks Fiji Tours owner Sitiveni Nawaqa revealed this during the official launch at their Nadi office yesterday. He said the two-day event would be from December 19-20 at the Vatulele District School, is not just a celebration of rugby, it is a profound testament to the spirit of community, resilience, and the incredible potential of the young athletes. “Rugby is more than a sport; it is a unifying force that brings people together, ignites passion, and fosters teamwork,” Nawaqa said. “At its core, grassroots rugby holds the power to mould the future of our society. We believe that by investing in our youths and nurturing their talents, we can unlock a pathway to character development, and lifelong friendships.” Nawaqa who has maternal links to Ekubu Village, Nadroda, reiterated his commitment by supporting not just the game of rugby but the very foundation which it is built on, their villages and communities. “As a proud sponsor, we are excited that our investment will be directed towards upgrading village infrastructure. “We recognise that strong and resilient communities provide the best environment for sports to thrive. We want to ensure that our local infrastructure reflects the heart and ambition of the Vatulele people.” Tournament director Filipe Qionikorolevu said funds from the event would assist in improving facilities in schools, sports fields, and youth training programmes. “We create safe and accessible spaces for our children and future athletes to hone their skills and grow. We hope that these upgrades will encourage participation not just in rugby, but in all forms of sport and community engagement.” The rugby men’s winner takes home $5000, runner up $2000, and losing semifinalists $500 each. The women’s netball winner gets $1000 and runner up $500. Treasurer Asesela Naborisi said: “Together, we can build a legacy. A legacy that shows them that with hardwork, commitment, and teamwork, there are no limits to what they can achieve. “Let us support each other, celebrate our talents, and invest in a brighter future.” Other sponsors include Kele Na Mahi Flyer, Vatulele Island Beach Estates, Goodman Fielder, Coca-Cola, Shop 2 Save, and Creative Box Graphix. Feedback: waisean@fijisun.com.fj