Nevada Business Court Makes Lawyer Who “happened to wander into the courtroom today” Co-CEO of Public Company

How did Mr. Miller get picked for this role? A transcript of the relatively brief hearing reveals that the idea was pitched to the Court by one of Farnsworth’s attorneys.  As the attorney explained it “my proposal is going to be that Mr. Colucci, Lisa King, and then, a third-party, who just happened to wander in the courtroom today, because he was a witness in the case next door, Mr. Ross Miller, be appointed as co-CEO.”  The attorney then revealed that he had “vetted Mr. Miller.  He said he’ll do it.  He used to be the Secretary of State of Nevada. If you remember, his father was the governor for 10 years not even 8, but 10 years. And he does do corporate law. And he says he’s interested in it. So we’re going to propose him as the co-CEO.”

From the transcript, I gather that the Court thought this structure preferable to appointing a receiver.  The Court stated that it knew “the receiver word, you know, it has a negative connotation.”

Mr. Miller became one of three co-CEOs on August 19th and then pursuant to a settlement agreement entered into on September 28th became the sole CEO of Vinco….

Source: Nevada Business Court Makes Lawyer Who “happened to wander into the courtroom today” Co-CEO of Public Company — Business Law Prof Blog