![]() It also churned through five different CEOs by 2020, when Carter personally extended a $50 million loan to the struggling outfit. Rebranded as Tidal, it struggled to attract subscribers, logging multimillion-dollar losses for 10 consecutive quarters by mid-2020. Tidal, which presented itself as an artist-friendly alternative to other music streaming services, was formed when a group of recording artists led by Jay-Z, whose real name is Shawn Carter, acquired Norwegian streaming service Aspiro in 2015 for $56 million. “Under Delaware law, however, a board comprised of a majority of disinterested and independent directors is free to make a terrible business decision without any meaningful threat of liability, so long as the directors approve the action in good faith.” “It seemed, by all accounts, a terrible business decision,” the judge said of Block’s acquisition of Tidal. That deference remains even if a corporate decision turns out to be unwise. McCormick noted that the demand requirement is a manifestation of Delaware’s business judgment rule, under which courts defer to the decision-making of corporate directors unless there is an indication they acted in bad faith. Under Delaware law, shareholders must make such a demand or demonstrate that doing so would be futile because a majority of directors were self-interested, lacked independence or faced a substantial likelihood of liability. ![]() Judge McCormick ruled Tuesday that the pension fund had failed to demand that Block’s board pursue legal action itself before filing a derivative lawsuit on behalf of the company. T-Pain Announces Tidal Partnership & New Dial-In Tips Hotline That Gives Aspiring Artists…Ĭhancellor Kathaleen St.
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