Pierce Leonard

Any risk, any size. That's the job. Funds, fintech, robotics, space, the restaurant down the street. If it's a real business, I'd love to help.

In 2007 a consultant signed on for 15% of Drivers History sale proceeds. TransUnion acquired it in 2014. He sued in 2020; the operating company and TransUnion settled in 2024; the co-founders did not. Nov. 9 a Delaware court ordered their fees advanced. Old deals follow founders.

Only about 45% of crowdfunded companies ever filed even one annual report, a University of Colorado law professor wrote Nov. 12. The statute requires reports "not less than annually." If you raised on Regulation Crowdfunding, Form C-AR is how investors know you are still there.

After Pagaya bought Theorem Technology, Theorem took a co-founder to arbitration over a non-solicit covering clients from the 12 months before closing. On Nov. 10, a Delaware court upheld his right to advanced legal fees. Read your indemnification agreement before you sell.

ChatGPT allegedly told a Danish user he could withhold rent: "This is 100% settled Danish tenancy law. No risk, no loophole, no 'maybe.'" He was evicted in June. He sued OpenAI Nov. 2 in San Francisco. If your AI gives legal answers, you own how sure it sounds.

Three Accelerant Twister co-founders formed a holding company for every owner but the inventor, then raised money for it by pitching Twister. On Oct. 30, 2026, a Delaware court held them personally liable for $462,000. Pitch one company, and that company gets the money.

A proof of reserves attestation is not an audit. It shows a snapshot, not controls, and not liabilities. If your board treats that letter as comfort, the gap becomes a disclosure problem. Ask what was actually verified and by whom.

Your D&O application asks if you use AI in material decisions. You say no because a vendor tool does it. That is still your decision and still a misrepresentation. Silent AI is the fastest way to hand a carrier a rescission argument.

Delaware Chancery found two directors a controller added three days before a vote acted in bad faith. In Destiny XYZ it restored a co-founder's 36.5% stake after a reverse split cashed him out. The individual defendants pay his fees. Add directors before a vote, expect questions.

Whoa. A Delaware Chancery suit alleges Groq's directors ran a reverse acqui-hire with Nvidia at about $20B ($17B license + $3B in restricted stock units) without the stockholder vote a merger needs. Allegations only. Structure a deal like a sale, expect sale-level duties.

Testing the waters sounds free. It is not. Anything you say to gauge interest before you file can become a securities claim if the final terms differ. Keep the script, keep the dates, and assume every slide gets read back to you in a deposition.

Check who decides to settle your D&O claim. Many forms let the carrier settle without your consent once the retention is exhausted. A quiet settlement can end the case and your reputation. Ask for a consent clause, then ask what happens when you refuse.

Board minutes are an insurance document. In a derivative suit, the record of what the board reviewed and when decides whether the conduct exclusion bites. Sloppy minutes are free evidence for the plaintiff. Write them like the carrier will read them.

Domestic D&O forms are mostly silent on digital assets. Silence is not coverage. Bermuda forms define the asset, the custody standard, and what triggers a loss. Ask to see the definition page, not the marketing summary.

Fair value accounting now pushes Bitcoin swings straight through earnings. A 30% quarter is not a footnote, it is a reported loss. Expect securities claims to follow the earnings line, and check that your D&O covers disclosure, not just theft.

Carriers are adding a human in the loop condition to AI policies. If your product lets the agent act without review, that condition is breached and the claim is declined. Automation is a coverage decision, not just a product decision.