Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity_老虎社区_美港股上老虎

Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity

The Wall Street Journal2021-07-12

Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla ...

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147

Ironteam
·2021-07-12
Doesnt change the fundamental of the company. May affect term if he loses the lawsuit.
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SSVC
·2021-07-12
Hmmm.Appreciate your response and comments Thanks
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3
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- Angsana:
  yoz
  2021-07-12
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MM88188
·2021-07-12
Ok
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1
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Deonc
·2021-07-12
Ok
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2
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ITNerd
·2021-07-12
Like and comment please
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2
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- ITNerd:
  Thank you
  2021-07-12
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Nickystonks
·2021-07-12
I hope the stock price drops then it will be more juicy
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4
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- Ironteam:
  Juicyyyyy
  2021-07-12
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MarkChan
·2021-07-12
Sky Rocket and to the moon
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4
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SandDust
·2021-07-12
That is why we need the independent board for, they are accountable to prevent cases like this
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3
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TohYangYang
·2021-07-12
Like and comment pls
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2
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- Juvie:
  ok
  2021-07-12
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Des123
·2021-07-12
good
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点赞
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gov
·2021-07-12
Good
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4
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- TohYangYang:
  Nice
  2021-07-12
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Rteo
·2021-07-12
That’s why SP stuck at low $600
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3
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Greenveve
·2021-07-12
Ok
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4
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- Pigmonkey:
  LikE pls
  2021-07-12
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- Jasonlim:
  like
  2021-07-12
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- David_chau87:
  Wow
  2021-07-12
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44680eb9
·2021-07-12
Hahaha price lousai
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7
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BlueDragon
·2021-07-12
Like and comments
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5
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- FunnyFun:
  Ok
  2021-07-12
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- Darrenhung:
  ok
  2021-07-12
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- Bliang:
  A
  2021-07-12
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AdrinaChow
·2021-07-12
Like
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6
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- PumpItUp:
  Nice!
  2021-07-12
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267c35e8
·2021-07-12
Great
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9
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crtyn
·2021-07-12
Like and comment, thanks
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5
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- 1521yes:
  like
  2021-07-12
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Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla ...\n\n<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-12 07:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4>The Wall Street Journal</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nPlaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla ...\n\n<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TSLA","symbol_name":"特斯拉","start_time":0,"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","article_id":"1101488191","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","pubTimestamp":1626047978,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","collect":0,"end_time":0,"defaultTopTitle":"wsj.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TSLA":"特斯拉"},"translate_title":"埃隆·马斯克被叫来为Tesla收购SolarCity辩护","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":0.9},"content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":146296828,"gmtCreate":1626080859364,"gmtModify":1631893959866,"author":{"id":"3561582804451218","authorId":"3561582804451218","name":"Ironteam","avatar":"https://static.tigerbbs.com/820ff4e88bef87bdd250ce62ad08f334","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3561582804451218","authorIdStr":"3561582804451218"},"htmlText":"Doesnt change the fundamental of the company. May affect term if he loses the lawsuit.&nbsp;","listText":"Doesnt change the fundamental of the company. May affect term if he loses the lawsuit.&nbsp;","text":"Doesnt change the fundamental of the company. May affect term if he loses the lawsuit.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146296828","repostId":1101488191,"repostType":2,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146344969,"gmtCreate":1626055702451,"gmtModify":1633930581785,"author":{"id":"3574906731000207","authorId":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574906731000207","authorIdStr":"3574906731000207"},"htmlText":"Hmmm.Appreciate your response and comments Thanks&nbsp;","listText":"Hmmm.Appreciate your response and comments Thanks&nbsp;","text":"Hmmm.Appreciate your response and comments Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146344969","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5193839,"gmtCreate":1626067582937,"gmtModify":1635231385705,"authorId":3575326435298567,"author":{"id":3575326435298567,"idStr":"3575326435298567","authorId":3575326435298567,"name":"Angsana","avatar":"https://static.tigerbbs.com/3c8492153d7059ec1aa704a1bd541c14","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146344969,"type":1,"supId":0,"prevId":0,"content":"yoz","text":"yoz","html":"yoz"}],"langContent":"EN"},{"id":146312940,"gmtCreate":1626053611080,"gmtModify":1633930627614,"author":{"id":"3575962752135178","authorId":"3575962752135178","name":"MM88188","avatar":"https://static.tigerbbs.com/7c2029092cd1ce761811b752114cd1b2","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575962752135178","authorIdStr":"3575962752135178"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146312940","repostId":1101488191,"repostType":2,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146303410,"gmtCreate":1626052138730,"gmtModify":1633930658322,"author":{"id":"3569316529855154","authorId":"3569316529855154","name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3569316529855154","authorIdStr":"3569316529855154"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146303410","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146309177,"gmtCreate":1626052081299,"gmtModify":1633930659536,"author":{"id":"3586341894652753","authorId":"3586341894652753","name":"ITNerd","avatar":"https://static.tigerbbs.com/db0211ca9ea8852ce606418ee5492671","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3586341894652753","authorIdStr":"3586341894652753"},"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146309177","repostId":1101488191,"repostType":2,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5191535,"gmtCreate":1626052108809,"gmtModify":1635231601654,"authorId":3586341894652753,"author":{"id":3586341894652753,"idStr":"3586341894652753","authorId":3586341894652753,"name":"ITNerd","avatar":"https://static.tigerbbs.com/db0211ca9ea8852ce606418ee5492671","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146309177,"type":1,"supId":0,"prevId":0,"content":"Thank you","text":"Thank you","html":"Thank you"}],"langContent":"EN"},{"id":146972672,"gmtCreate":1626051840496,"gmtModify":1633930663793,"author":{"id":"3581978054709801","authorId":"3581978054709801","name":"Nickystonks","avatar":"https://static.tigerbbs.com/9ea10f153b0e264f05c7d19fcc08cdee","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581978054709801","authorIdStr":"3581978054709801"},"htmlText":"I hope the stock price drops then it will be more juicy","listText":"I hope the stock price drops then it will be more juicy","text":"I hope the stock price drops then it will be more juicy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146972672","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5195157,"gmtCreate":1626080878417,"gmtModify":1635231291970,"authorId":3561582804451218,"author":{"id":3561582804451218,"idStr":"3561582804451218","authorId":3561582804451218,"name":"Ironteam","avatar":"https://static.tigerbbs.com/820ff4e88bef87bdd250ce62ad08f334","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146972672,"type":1,"supId":0,"prevId":0,"content":"Juicyyyyy","text":"Juicyyyyy","html":"Juicyyyyy"}],"langContent":"EN"},{"id":146970841,"gmtCreate":1626051563683,"gmtModify":1633930669530,"author":{"id":"3555328083089722","authorId":"3555328083089722","name":"MarkChan","avatar":"https://static.tigerbbs.com/ce362b41e66dea03b5ad37b4327920a7","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3555328083089722","authorIdStr":"3555328083089722"},"htmlText":"Sky Rocket and to the moon&nbsp;","listText":"Sky Rocket and to the moon&nbsp;","text":"Sky Rocket and to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146970841","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146952662,"gmtCreate":1626050990856,"gmtModify":1633930682294,"author":{"id":"3581331938298103","authorId":"3581331938298103","name":"SandDust","avatar":"https://static.tigerbbs.com/ea6083d742fc232449a625fb122842c8","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581331938298103","authorIdStr":"3581331938298103"},"htmlText":"That is why we need the independent board for, they are accountable to prevent cases like this","listText":"That is why we need the independent board for, they are accountable to prevent cases like this","text":"That is why we need the independent board for, they are accountable to prevent cases like this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146952662","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146963115,"gmtCreate":1626049921137,"gmtModify":1633930705302,"author":{"id":"3584395488031951","authorId":"3584395488031951","name":"TohYangYang","avatar":"https://static.tigerbbs.com/3e76cb2a204369fb8e5eb9e84a258516","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3584395488031951","authorIdStr":"3584395488031951"},"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146963115","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5191119,"gmtCreate":1626050054387,"gmtModify":1635231645219,"authorId":3578559022708914,"author":{"id":3578559022708914,"idStr":"3578559022708914","authorId":3578559022708914,"name":"Juvie","avatar":"https://static.tigerbbs.com/9174cf1baa02042e82114235e72d7246","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146963115,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":146985965,"gmtCreate":1626049687457,"gmtModify":1633930710751,"author":{"id":"4087685411789360","authorId":"4087685411789360","name":"Des123","avatar":"https://static.tigerbbs.com/ba7602b4b7e3538c8a7d687463663003","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4087685411789360","authorIdStr":"4087685411789360"},"htmlText":"good&nbsp;","listText":"good&nbsp;","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146985965","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146986881,"gmtCreate":1626049544143,"gmtModify":1633930712268,"author":{"id":"3583750403365476","authorId":"3583750403365476","name":"gov","avatar":"https://static.tigerbbs.com/e50e768a875518adb25631ba4c32578f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3583750403365476","authorIdStr":"3583750403365476"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146986881","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5191085,"gmtCreate":1626049928869,"gmtModify":1635231648785,"authorId":3584395488031951,"author":{"id":3584395488031951,"idStr":"3584395488031951","authorId":3584395488031951,"name":"TohYangYang","avatar":"https://static.tigerbbs.com/3e76cb2a204369fb8e5eb9e84a258516","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146986881,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"EN"},{"id":146981264,"gmtCreate":1626049396458,"gmtModify":1633930714298,"author":{"id":"3582595806100338","authorId":"3582595806100338","name":"Rteo","avatar":"https://static.tigerbbs.com/ba4c61a94c707cd25f18400b8cc52a4c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3582595806100338","authorIdStr":"3582595806100338"},"htmlText":"That’s why SP stuck at low $600","listText":"That’s why SP stuck at low $600","text":"That’s why SP stuck at low $600","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146981264","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146912563,"gmtCreate":1626049115452,"gmtModify":1633930721865,"author":{"id":"3581823397971154","authorId":"3581823397971154","name":"Greenveve","avatar":"https://static.tigerbbs.com/6c561f6ffa43b092a23982419590bfc7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581823397971154","authorIdStr":"3581823397971154"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/146912563","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5190901,"gmtCreate":1626049284898,"gmtModify":1635231669011,"authorId":3568071651427696,"author":{"id":3568071651427696,"idStr":"3568071651427696","authorId":3568071651427696,"name":"Pigmonkey","avatar":"https://static.tigerbbs.com/3402225c0172781df7553e20722ebad7","vip":1,"crmLevel":13,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146912563,"type":1,"supId":0,"prevId":0,"content":"LikE pls","text":"LikE pls","html":"LikE pls"},{"id":5190907,"gmtCreate":1626049299081,"gmtModify":1635231668291,"authorId":3583013291377509,"author":{"id":3583013291377509,"idStr":"3583013291377509","authorId":3583013291377509,"name":"Jasonlim","avatar":"https://static.tigerbbs.com/267c1a2f725df0fb1a5215f427359d1e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146912563,"type":1,"supId":0,"prevId":0,"content":"like","text":"like","html":"like"},{"id":5190937,"gmtCreate":1626049363622,"gmtModify":1635231665080,"authorId":3578052873261314,"author":{"id":3578052873261314,"idStr":"3578052873261314","authorId":3578052873261314,"name":"David_chau87","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146912563,"type":1,"supId":5190907,"prevId":0,"content":"Wow","text":"Wow","html":"Wow"}],"langContent":"EN"},{"id":146937934,"gmtCreate":1626048813228,"gmtModify":1633930727957,"author":{"id":"4087443573108990","authorId":"4087443573108990","name":"44680eb9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4087443573108990","authorIdStr":"4087443573108990"},"htmlText":"Hahaha price lousai","listText":"Hahaha price lousai","text":"Hahaha price lousai","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146937934","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146935658,"gmtCreate":1626048737874,"gmtModify":1633930729541,"author":{"id":"4087932884013320","authorId":"4087932884013320","name":"BlueDragon","avatar":"https://static.tigerbbs.com/431c326e19a16844e147d10866565f27","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4087932884013320","authorIdStr":"4087932884013320"},"htmlText":"Like and comments","listText":"Like and comments","text":"Like and comments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/146935658","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5190785,"gmtCreate":1626048805489,"gmtModify":1635231681041,"authorId":3581664026895626,"author":{"id":3581664026895626,"idStr":"3581664026895626","authorId":3581664026895626,"name":"FunnyFun","avatar":"https://static.tigerbbs.com/e07aca58746125ec6ef6115042d363e9","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146935658,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":5190830,"gmtCreate":1626048975733,"gmtModify":1635231676514,"authorId":3574734588858295,"author":{"id":3574734588858295,"idStr":"3574734588858295","authorId":3574734588858295,"name":"Darrenhung","avatar":"https://static.tigerbbs.com/4071eb35791d34354cdd8637c991a073","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146935658,"type":1,"supId":5190785,"prevId":0,"content":"ok","text":"ok","html":"ok"},{"id":5190975,"gmtCreate":1626049504870,"gmtModify":1635231660916,"authorId":3573606104770883,"author":{"id":3573606104770883,"idStr":"3573606104770883","authorId":3573606104770883,"name":"Bliang","avatar":"https://static.tigerbbs.com/0d7cd18997f43a1b7035c0207a1c5872","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146935658,"type":1,"supId":0,"prevId":0,"content":"A","text":"A","html":"A"}],"langContent":"EN"},{"id":146936262,"gmtCreate":1626048659756,"gmtModify":1633930731303,"author":{"id":"3583131237618472","authorId":"3583131237618472","name":"AdrinaChow","avatar":"https://static.tigerbbs.com/d1b867f4c2019d6ec313665b1af8431b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3583131237618472","authorIdStr":"3583131237618472"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146936262","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5190762,"gmtCreate":1626048708199,"gmtModify":1635231683665,"authorId":3571699784798633,"author":{"id":3571699784798633,"idStr":"3571699784798633","authorId":3571699784798633,"name":"PumpItUp","avatar":"https://static.tigerbbs.com/be2a05fd6a34da9d3a9d1ff63df025cf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146936262,"type":1,"supId":0,"prevId":0,"content":"Nice!","text":"Nice!","html":"Nice!"}],"langContent":"EN"},{"id":146930933,"gmtCreate":1626048399322,"gmtModify":1633930735575,"author":{"id":"3583238931757961","authorId":"3583238931757961","name":"267c35e8","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3583238931757961","authorIdStr":"3583238931757961"},"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146930933","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":146994891,"gmtCreate":1626048339513,"gmtModify":1633930737012,"author":{"id":"3581556523917541","authorId":"3581556523917541","name":"crtyn","avatar":"https://static.tigerbbs.com/62554f7ddf70dc78b9e6f2cc7c56c702","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581556523917541","authorIdStr":"3581556523917541"},"htmlText":"Like and comment, thanks&nbsp;","listText":"Like and comment, thanks&nbsp;","text":"Like and comment, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146994891","repostId":1101488191,"repostType":4,"repost":{"id":"1101488191","kind":"news","pubTimestamp":1626047978,"share":"https://www.laohunote.com/m/news/1101488191?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:59","market":"us","language":"en","title":"Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101488191","media":"The Wall Street Journal","summary":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>埃隆-马斯克被要求为特斯拉收购 SolarCity 辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家在2016年带领特斯拉为SolarCity支付了过高的费用。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手中两家无利可图的企业：特斯拉和SolarCity Corp。他改善他们前景的解决方案是：将他们合并成单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>五年后，马斯克被传唤在特拉华州法院为这笔约 21 亿美元的交易的适当性辩护。原告包括几家拥有特斯拉股票的养老基金，他们将这笔交易描述为一项为自己谋利并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克预计最早将于周一在非陪审团审判中出庭作证，他当时是两家公司的董事长。他的律师将此次收购视为实现他创建自主一体化可持续能源公司的长期目标的机会。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>此案的一个主要问题是，当时拥有特斯拉约 22% 股份的马斯克是否控制了这笔交易。证明这一说法是一项挑战，因为马斯克先生是特斯拉的少数股东，而公司股东批准了此次收购。马斯克先生的律师说，SolarCity 的价值高于特斯拉为其支付的价格，这家电动汽车制造商的董事会成员（包括马斯克先生的兄弟金巴尔-马斯克）是独立行事的。</blockquote> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克先生失败，他可能会被要求让 TESLAINC.TSLA0.63% 完整。如果主审法官发现这家太阳能公司在特斯拉同意收购时一文不值，那么这笔款项可能相当于 SolarCity 交易的价值。</blockquote> The trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。特斯拉与 SolarCity 合作时的其他董事会成员去年同意以总计 6000 万美元的赔偿金达成和解，由保险公司支付。董事会成员（其中一些人在特斯拉和 SolarCity 都有利益）否认有不当行为。</blockquote> Mr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常且有时好斗的首席执行官建立了声誉。他已经在本案中透露了其中的一些内容，在 2019 年的证词中成为对抗性证人，一再刺激原告律师兰德尔-巴伦（Randall Baron），他称后者因 “攻击可持续能源 ”而 “应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为 SolarCity 单独做得很好，特斯拉单独做得也很好，但从长远来看，它们在一起会更好。这就是未来会证明的，”马斯克先生在证词中说。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克先生于 2016 年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前一直处于严重的财务困境，面临着债务契约失败的风险，并且没有其他融资选择。他们说，股东并没有完全了解公司的状况。</blockquote> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity 由马斯克先生的堂兄弟于 2006 年创立，2015 年和 2014 年净亏损分别为 7.69 亿美元和 3.75 亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity 有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯-哈默梅什（Lawrence Hamermesh）说，马斯克先生作证时，很可能会被问及他在与 SolarCity 的交易中参与了多少。“哈默梅什先生说：”原告想要表明的一件事是，他是否参与了整个谈判、开发和交易时机。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法庭裁定特斯拉首席执行官是否控制了公司对合并的考虑，关于一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法庭裁定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>哈默梅什先生说，如果主审法官、副校长约瑟夫-斯莱茨三世（Joseph Slights III）认定马斯克先生没有控制这笔交易，那么原告的案件很可能就结束了。特拉华州的判例法通常遵循独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制，法院将评估交易过程和价格是否公平，如果不公平，是否应命令马斯克向特斯拉退款。</blockquote> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>“他说：”理论是，特斯拉受到了损害，而马斯克是责任方。“他必须让特斯拉完整”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司 (Morningstar Research Services LLC) 分析师塞斯·戈尔茨坦 (Seth Goldstein) 表示，对于现在位列地球上最富有的人之一的马斯克来说，损失的前景可能比任何法院下令的财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“戈尔茨坦先生说：”你可以看到董事会在收购特斯拉现有行业之外的业务方面变得格外勤奋。</blockquote> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>去年，美国证券交易委员会起诉马斯克和特斯拉，指控他通过推文误导投资者。马斯克和特斯拉分别支付了 2000 万美元和解。马斯克同意在发布他的某些推文之前由特斯拉的律师审查。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk say that SolarCity was worth more than Tesla paid for it and the electric vehicle-maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5190723,"gmtCreate":1626048549963,"gmtModify":1635231687807,"authorId":3575273204402761,"author":{"id":3575273204402761,"idStr":"3575273204402761","authorId":3575273204402761,"name":"1521yes","avatar":"https://static.tigerbbs.com/5c7c5c91dad8a3479b64a59aca3d3845","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":146994891,"type":1,"supId":0,"prevId":0,"content":"like","text":"like","html":"like"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":147,"commentSize":18,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}