The news is all good, indeed, for Lloyd and Co. so far this week. Goldman has once again demonstrated its dominance amongst its “peers,” being named the “stabilization agent” for a $20 billion-plus IPO.
The bank in this role has the greatest hand in trying to ensure the shares trade successfully once the company's stock becomes publicly listed. That is a big task, as IPOs are widely considered a flop if shares close lower than the price at which investors buy into a deal the evening before trading begins.
In addition to the extra few million or tens of millions coming Lloyd & Co.’s way courtesy of Alibaba, they’re also saving $700K—for now, at least—on the defense of a terrible Goldman heretic. Which of course also make this just another terrible week in Sergey Aleynikov’s terrible, terrible life.
Under Delaware law, which governs Goldman, a corporation pays the legal expenses of officers, directors and other employees accused of wrongdoing in the course of performing duties for the company.
The district court erred in focusing its analysis on the meaning of the term vice president and not on the definition of officer, which appears in the relevant language of the company’s bylaws, the appeals court said.