A high-profile corporate dispute is coming to Delaware Chancery Court on July 12.
The case, to be heard in Wilmington, involves a shareholder dispute over electric vehicle maker Tesla Motors acquiring Solar City, a solar power systems manufacturer and installer.
Tesla CEO Elon Musk owned stock in Solar City and Tesla. However, suing shareholders claimed the buyout was not in their best interest and did not add value to the carmaker.
Tesla has since absorbed Solar City as a Tesla business.
It will be the first high-profile chancery trial to be held since the coronavirus pandemic. The trial had been delayed due to Covid-19 restrictions.
Chancery has been conducting much of its business via remote access (Zoom).
The case is expected to be attended by members of the financial media, with the state’s court system outlining rules and procedures for those who wish to attend.
Chancery, considered by many to be the nation’s leading state business court, is known for its rules of decorum.
In the Zoom era for Chancery, Vice Chancellor Joseph Slights encountered a lawyer who was not allowed to proceed due to the lack of a tie.
Slights noted that while the lack of a tie was the official reason for his decision, he noted that the individual was wearing either a t-shirt or pajamas.
Multi-billionaire Musk, who also controls rocket maker SpaceX, is known for his mercurial behavior and social media posts that have landed him in hot water with stock regulators. He is likely to testify in the case, perhaps via Zoom.
Seating for the media and public will reflect Covid-19 restrictions that require seats to be three feet apart, with unvaccinated individuals required to wear masks.
