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¡°Critical Reform for Overreaching Court Starts with Delaware¡¯s Governor¡±

NEW YORK, July 3, 2024 ¨C In the wake of a string of high-profile cases in recent years, and amid record scrutiny for Delaware¡¯s Chancery Court, ¾ÅÉ« Founder Phil Shawe has released the following statement on SB 313, a new law passed by the Delaware Legislature that provides some disruption to the court¡¯s runaway train of unchecked power:

¡°SB 313 doesn¡¯t recoup the detriment caused to our company, nor our tens of thousands of team members, but it is an assertion that change is not only needed, but imminent, for a court that has exhibited rampant overreach in recent years. To have multiple members of the court actively working to influence the legislature¡ªa body that is meant to be distinctly independent from the judiciary¡ªepitomizes the desire for dominance the Chancery Court flaunts.

¡°The proposed amendments in SB 313, written by the Corporate Law Council¡ªthe group responsible for reviewing, recommending, and developing changes to Delaware¡¯s corporate law¡ªallow corporations to enter into stockholder contracts even if provisions are not set forth at incorporation. The law reins in the Chancery Court¡¯s recent rulings that exhibit absolute authority as opposed to the fair arbiter of business law attracting millions of incorporations to the state.

¡°I strongly urge Governor Carney to sign SB 313 and contest Chancery¡¯s flagrant power grab immediately.¡±

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