Statutory Reform

Section 12 of 12

Primary authorities

Bluebook 21st edition. Every footnote target is a primary source — statute, enrolled bill, court opinion, agency release, or EDGAR filing. Practitioner alerts (WLRK, Gibson Dunn, Skadden, Sidley, Davis Polk, Jones Day, Cleary, Reed Smith, Cadwalader, Mayer Brown, Wilmer, RLF, BHFS, Fenwick, McDonald Carano, Hunton, Debevoise) appear in commentary form only.

Long-form source as of 2026-06-02

Sources · primary authorities
  1. Tornetta v. Musk, C.A. No. 2018-0408-KSJM (Del. Ch. Jan. 30, 2024), opinion at courts.delaware.gov, id=359340 [Tornetta I]; subsequent post-trial opinion on rescission and fee award (Del. Ch. Dec. 2, 2024) [Tornetta II]. ↵ back
  2. Tesla, Inc., Current Report (Form 8-K), Items 5.07 & 8.01 (filed June 14, 2024) (reporting June 13, 2024 stockholder vote ratifying 2018 plan and approving Texas reincorporation), EDGAR Acc. No. 0001104659-24-071439. ↵ back
  3. SEC, Div. of Corp. Fin., Statement Regarding the Division of Corporation Finance’s Role in the Exchange Act Rule 14a-8 Process During the Current Proxy Season (Nov. 17, 2025), sec.gov. Underlying rule: 17 C.F.R. § 240.14a-8. ↵ back
  4. Senate Substitute 1 for Senate Bill 21, 153rd Gen. Assemb. (Del. 2025); enacted as 85 Del. Laws ch. 6 (Mar. 25, 2025). Bill page: Del. Gen. Assemb., BillDetail/141930; signing announcement: news.delaware.gov, Mar. 26, 2025. ↵ back
  5. Original Senate Bill 21 (introduced Feb. 17, 2025; substituted in lieu Mar. 12, 2025): Del. Gen. Assemb., BillDetail/141857. The original bill record is preserved to document the legislative trail; the operative enrolled text is Substitute 1 (141930). A correct citation labels both: "Original SB 21 bill page (141857)" and "Enrolled Senate Substitute 1 (141930)." ↵ back
  6. Del. Const. art. IX, § 1, delcode.delaware.gov. Article IX, § 1 requires a two-thirds affirmative vote of each chamber to amend the General Corporation Law. Roll-call detail is on the Substitute 1 BillDetail page. ↵ back
  7. 8 Del. C. § 144(e)(2), as amended by SB 21, delcode.delaware.gov, Title 8 ch. 1 subch. IV § 144. ↵ back
  8. 8 Del. C. § 144(b)-(c) (safe-harbor preclusion); 8 Del. C. § 144(a)(6) (preserved claims, including aiding-and-abetting), delcode.delaware.gov. ↵ back
  9. 8 Del. C. § 144(b)–(d), delcode.delaware.gov. ↵ back
  10. 85 Del. Laws ch. 6, § 9 (eff. Mar. 25, 2025; retroactivity carve-out at Feb. 17, 2025); session-law text via Substitute 1 bill page (Session Laws block). ↵ back
  11. Seinfeld v. Verizon Communications, Inc., 909 A.2d 117 (Del. 2006), opinion text at law.justia.com. ↵ back
  12. KT4 Partners LLC v. Palantir Technologies Inc., 203 A.3d 738 (Del. 2019), opinion text at law.justia.com. ↵ back
  13. Rutledge v. Clearway Energy Group LLC, No. 248, 2025 (Del. Feb. 27, 2026) (Traynor, J., for a unanimous Court sitting en banc; Seitz, C.J., Valihura, LeGrow & Griffiths, JJ., joining); oral argument Nov. 5, 2025; opinion at courts.delaware.gov, id=392120. Underlying Chancery certification: courts.delaware.gov, id=380710. ↵ back
  14. Del. Const. art. IV, § 10, delcode.delaware.gov. ↵ back
  15. Statement of Gov. Matt Meyer (Feb. 27, 2026), news.delaware.gov. ↵ back
  16. In re Tesla, Inc. Derivative Litigation, Nos. 534, 2024; 10, 2025; 11, 2025; & 12, 2025, 2025 WL 3689114 (Del. Dec. 19, 2025) (per curiam, en banc); opinion PDF at courts.delaware.gov, id=389200. Disposition: affirmed in part, reversed in part. The Court took the narrower of three available paths, holding that rescission of the 2018 plan was an improper remedy and avoiding whether the 2018 plan was entirely fair to Tesla or had been effectively ratified by stockholders after the June 13, 2024 vote. The Court awarded plaintiff $1 in nominal damages and displaced the $345 million fee award with a quantum-meruit fee set at four times counsel’s lodestar, plus costs and post-judgment interest, stating no dollar amount and directing fee disputes to the Court of Chancery. The widely reported $54.5 million was the cap defendants proposed — four times their own computation of the lodestar — not a court-fixed award; on that computation the reduction is approximately 84%. ↵ back
  17. Tesla, Inc., Current Report (Form 8-K), Item 5.07 (filed June 14, 2024), EDGAR Acc. No. 0001104659-24-071439 (reporting June 13, 2024 ratification vote relied on by the Supreme Court). ↵ back
  18. Assembly Bill 239, 83rd Sess. (Nev. 2025), signed by Gov. Joe Lombardo on May 30, 2025; effective immediately upon signature; codified as 2025 Nev. Stat. ch. 142. Bill record: leg.state.nv.us, Bill/12259; bill text: leg.state.nv.us, Bill/12259/Text. ↵ back
  19. NRS ch. 78 (Private Corporations) (current as of 2025 Nev. Stat. ch. 142). ↵ back
  20. NRS § 78.240(3) (as amended), leg.state.nv.us, NRS 78.240. ↵ back
  21. Kahn v. M & F Worldwide Corp., 88 A.3d 635 (Del. 2014), opinion text at law.justia.com (MFW conjunctive committee-and-vote framework). ↵ back
  22. NRS § 78.046 (as amended), leg.state.nv.us, NRS 78.046. ↵ back
  23. NRS § 78.138 (as amended), leg.state.nv.us, NRS 78.138. ↵ back
  24. Gusinsky v. Reynolds, No. 3:25-cv-01816-K, 2026 WL 747179 (N.D. Tex. Mar. 17, 2026) (Kinkeade, J.); see also Erie R.R. Co. v. Tompkins, 304 U.S. 64 (1938), law.cornell.edu/supremecourt/text/304/64. TBOC § 21.552: statutes.capitol.texas.gov, TBOC ch. 21 § 21.552. ↵ back

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