Okay, so I’m finally putting a thread together: what is the deep-blue Delaware legislature proposing to do and why is it the most evil thing not directly involving Donald Trump happening in America today? legis.delaware.gov/BillDetail/1... - ThreadSky

lawnerd.bsky.social • 1 day ago

Okay, so I’m finally putting a thread together: what is the deep-blue Delaware legislature proposing to do and why is it the most evil thing not directly involving Donald Trump happening in America today?

https://legis.delaware.gov/BillDetail/141857

Comments

sturmyweather.bsky.social•20 hours ago

📌

lawnerd.bsky.social•1 day ago

So, why are 2/3 of the corporations in America formed in Delaware?

It’s not taxes. That’s an urban legend. It’s Delaware’s corporate law, which (1) has very few mandatory rules, (2) is adjudicated by a court system with a really spectacular reputation for being fair, apolitical, and consistent,

lawnerd.bsky.social•1 day ago

and (3) because it’s stable and predictable (which follows from (1) and (2))

I want to emphasize that Delaware courts’ reputation for fairness isn’t some euphemism for “always sides with big business”

lawnerd.bsky.social•1 day ago

Famously, in Brown v. Board, one of the five cases consolidated in that appeal was from Delaware, where the court of chancery had ordered school desegregation as the appropriate remedy, even under Plessy (while urging SCOTUS to overturn plessy and find segregation per se unconstitutional)

lawnerd.bsky.social•1 day ago

One of the most telling things about that anecdote is that it shows that when the NAACP challenged Jim Crow in Delaware, it sued in **state court**. That’s how respected Delaware courts are.

lawnerd.bsky.social•1 day ago

Anyway, the next important thing to understand is “what even is a corporation”? It’s not a person Mitt Romney. It’s an imaginary robot. It’s got a lot of assets, those assets are controlled by employees, corporate officers, and a board of directors, in ascending order of authority

lawnerd.bsky.social•1 day ago

The corporate directors are in turn elected by the stockholders.

When one stockholder or small group controls 50+% of the stock, though, elections are basically pro forma. Ultimate authority ends up resting with the controller

arielbkw.bsky.social•1 day ago

📌

lord-head.bsky.social•1 day ago

📌

vixerunt.bsky.social•1 day ago

📌 Excellent Delaware and DEXit explainer

hrjaffe.bsky.social•11 hours ago

I emailed the bill's sponsors this morning. So far I've only heard back from Senate Minority Whip Brian Pettyjohn (R-19). He claims, "This is not about Musk at all, it is about the many companies we have talked to [...] who also have frustrations and already are leaving or are considering leaving."

lawnerd.bsky.social•11 hours ago

They talked to the “companies”? Companies are legal fictions. They talked to people. “Were any of those people speaking on behalf of companies who don’t have controlling stockholders?” is the question.

urbanlarson.bsky.social•1 day ago

Outrageous and stupid.

lisarayn.bsky.social•1 day ago

I grew up in Delaware. I’ve written about its corporate policies. It’s evil.

bike4evr.bsky.social•18 hours ago

📌

stochasticooze.bsky.social•1 day ago

Aren't there some elections in Delaware now where corporations can vote?

rustymarble.bsky.social•1 day ago

There are some regions where non-human entities are allowed to vote.

Looks like it was Seaford, I'm not up on where things stand now but here's an old article about it.

https://www.cnn.com/2023/06/30/business/delaware-seaford-businesses-voting/index.html