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We are grateful that our Delaware Chancery judiciary engages directly with the legal and governance communities at longstanding events such as Tulane Corporate Law Institute, law school classes and other academically oriented confabs. An example of this will be on April 23rd, when Vice-Chancellor Lori Will and Delaware Supreme Court Justice Karen Valihura will be speaking at the upcoming Berkeley Spring Forum (we will be attending!).

But we now have LinkedIn-gate. A year or so after Vice Chancellor Travis Laster got into hot water by weighing in on SB 21 and the debate over amendments to Delaware law on his now defunct LinkedIn page, Delaware Chancery Court Chancellor Kathaleen McCormick is in the (matzah ball) soup.

As our readers know, Chancellor McCormick has ruled on many Musk cases and most importantly, his compensation case, which was overturned by the Delaware Supreme Court.

This week, she “liked” a post seemingly disparaging Elon Musk and his legal team– and it appeared that she was taking sides on matters in her own courtroom. Immediately, Musk’s lawyers sought a motion to recuse.

Chancellor McCormick quickly reassigned the remaining Musk related case but denied a motion to recuse because she is not biased, in her words. Outside experts are scratching their heads. Commenting on X, University of Arkansas Law Professor Robert Anderson described the move as “extremely odd”:

“She [Chancellor McCormick] grants a motion to reassign the cases ‘because of disproportionate media attention?’ Will cases be reassigned going forward if there is disproportionate media attention to them, or is this a special case? And why? She does not deny…that her LinkedIn count ‘supported’ the derogatory post, and she doesn’t claim it was inadvertent, but she now says she does not in fact support the post.”

In Professor Anderson’s view, this does not reflect positively on the Delaware Chancery Court and “it’s sort of crazy how much trouble the Delaware Chancellors have made for themselves on LinkedIn.”

Can a law clerk in Delaware show our esteemed judges how to stay in “read only” mode?

Chag Pesach Sameach and Happy Easter!

GPP team

Barclays Q1 2026 Review of Shareholder Activism

The report points out that while global activity was slightly down 11%, activism in the U.S. remains elevated, with Tech and Industrials remaining the most targeted sectors amid persisting global uncertainty and market fluctuations. Speaking on CNBC, Barclays’ Jim Rossman also emphasized that AI “is going to be the big theme of 2026” and that he is already seeing several new campaigns with “an AI angle.”

Bloomberg: Activist Investor Irenic Builds Stake in Snap, Calls for Changes

Irenic Capital Management sent a letter and presentation to Snap Inc.’s board outlining financial and operational improvements the activist wants the company to make, including changes to Snap's smart glasses business, workforce and compensation structure and AI adoption. Read More



Mega-Deal Mania

2026 has started with the best quarterly showing ever for large corporate deals, with 22 deals valued above $10 billion. Bloomberg estimates that global volumes have now surpassed $1.3 trillion and deals have had their best quarter, indicating that geopolitical turbulence and a bumpy stock market have yet to deter dealmakers. Read More

Financial Times: Unilever Combines Food Division with Spice Maker McCormick in $66bn Deal

In a Reverse Morris Trust deal, Unilever will spin off its food division and merge it with McCormick. This will not only create a new food giant but is the next step in Unilever's move to become a pure-play business in beauty and personal care. Read More

The Wall Street Journal: Sysco to Buy Restaurant Depot in $29 Billion Deal

U.S. food distributor Sysco has agreed to buy the wholesale supplier in a cash-and-stock deal with Restaurant Depot operating as an independent division that will keep its leadership team. Read More



Iowa Journal of Corporation Law: The Evolution of the Poison Pill

Robert Anderson chronicles the history of how poison pill provisions have been used in corporate takeover law, and how the Delaware Supreme Court’s endorsement made poison pills so impactful. Read More

ESG Dive: Governance to remain a ‘focal point’ for shareholders this proxy season: report

A new report by The Conference Board emphasizes that despite the overall decline of ESG terminology, governance-related submissions will remain prevalent this proxy season. Read More



Bloomberg: SpaceX Has Filed Confidentially for IPO Ahead of AI Rivals

After months of speculation, SpaceX officially submitted its draft public listing registration to the SEC, putting the company on track for a potential June listing that could raise as much as $75 billion for a potential $2 trillion valuation. Read More

Reuters: Global companies delay IPOs and slash dividends as Middle East conflict rattles markets

The Reuters team chronicles a list of various firms that have postponed their IPO plans or cut back on dividend payouts as a result of global turmoil. Read More

This week, we headed to Lincoln Center for The Met’s production of Giuseppe Verdi’s “La Traviata,” and wow did it deliver (F-off Timothée). Highlights included the gorgeous set design and scenery, as well as stunning lead performance by New Orleans’ own Lisette Oropesa.

Finally, no outing would be complete without a wine recommendation so if you are doing pre- or post-show drinks nearby, we would recommend you skip the always-too-crowded The Smith and go to one of these fantastic options:

• Vanguard Wine Bar: for a relaxed glass and a great selection of (mostly) French wines.
• Zizi Wine Bar: if you want something livelier and are looking to try a variety of Mediterranean wines.
• Canto: if you prefer an espresso martini or a cocktail as a nightcap.

A new section to the Gladstone newsletter that goes beyond the world of governance and activism and dives into the stories that we have been following on the train, at lunch and during weekend conversations with friends. We hope you enjoy and let us know what news tabs you have kept open this week!

• The Wall Street Journal: How a Massive KitKat Heist Turned Into Crisis PR Gold Read More
• FT Alphaville: A spokesperson could not be reached for comment (possibly because she doesn’t exist) Read More
• Financial Times: Raphael — the Met’s Renaissance blockbuster shows an artist in pursuit of perfection Read More
• The New Yorker Radio Hour: John Lithgow on the Controversial Authors Roald Dahl and the new Broadway show Giant Listen Here

• April 13-17: Semafor World Economy – Washington, D.C. 
• April 23: Berkeley Law’s Spring Forum on Governance – San Francisco, CA
• May 3-6: Milken Institute Global Conference – Los Angeles, CA
• May 6: Sportico’s Invest West Conference – San Francisco, CA



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