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Most claims thrown in Del. Suit targeting DBM Global Control

By Jeff Montgomery (January 21, 2022, 8:53 PM EST) – Most of the claims in a lawsuit accusing the directors of DBM Global Inc. and its controlling shareholder of using the company as a tightly held “piggy bank” were dismissed Friday in a Delaware Chancery court ruling that kept alive two counts against comptroller Innovate Corp. and an administrator.

Vice Chancellor J. Travis Laster, ruling from the bench after a videoconference hearing, dismissed a count brought in the lawsuit, filed by Fair Value Investments Inc., which involved allegations of excessive dividend awards to Innovate, formerly HC2 Holdings Inc., which owns 92% of the shares of DBM Global.

Survivors were derivative counts against Innovate for allegedly…

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