Most Claims Tossed In Del. Suit Targeting DBM Global Control

By Jeff Montgomery (January 21, 2022, 8:53 PM EST) -- Most claims in a suit accusing DBM Global Inc. directors and its controlling stockholder of using the company as a closely held "piggy bank" were dismissed Friday in a Delaware Chancery Court ruling that kept alive two counts against controller Innovate Corp. and one director.

Vice Chancellor J. Travis Laster, ruling from the bench after a videoconference hearing, dismissed a count put forward in the suit, filed by Fair Value Investments Inc., that focused on alleged awards of excessive dividends to Innovate, formerly HC2 Holdings Inc., which holds 92% of DBM Global's stock.

Surviving were derivative counts against Innovate for allegedly...

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