Former Equinox Innovative Systems Inc. board members sued its founder, saying he sabotaged its sale to aerial surveillance company TCOM LP in a scheme to renegotiate the transaction on self-dealing terms.
Equinox CEO Randy Morser deliberately dragged his feet on TCOM’s original offer until the drone maker’s struggles left certain stock options worthless, a maneuver designed to prevent significant investors from exercising the options to gain a say in the transaction, the lawsuit says. He then forced through a revised agreement that prioritized his own post-deal employment and the repayment of company debts he’d personally guaranteed, according to the court ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.