Brookfield Affiliate Meta Aerospace Facing Equity Dilution Suit

An affiliate of Meta Aerospace LLC, a remote indirect subsidiary of Brookfield Asset Management Inc., was hit with litigation in Delaware over its alleged scheme to dilute the roughly one-third stake in a military contracting company held by its founders, who would be left with 1/50,000th of 1%.

The derivative lawsuit, filed late Thursday, targets Meta Aerospace Holdings 3 LLC and its three appointees to the board of R2 Space LLC, which took on Meta Aerospace as a majority owner after being founded by retired Navy commander Ryan Farris and longtime civilian contractor Reuben Soerensen.

The suit accuses Meta ...