Innovate Corp. executives and affiliates—including its former CEO, ex-billionaire hedge funder Phil Falcone—are mostly free of litigation in Delaware over an alleged scheme to loot DTV America Corp. by usurping business opportunities and broadcast licenses.
Vice Chancellor Paul A. Fioravanti Jr. threw out the bulk of the case, which was brought by former DTV investors who claimed they were bought out for an unfair price by Innovate, the former HC2 Holdings Inc. He did, however, advance a few legal claims worth up to about $1.3 million in total.
Fioravanti, writing for Delaware’s Chancery Court, sharply criticized aspects of the lawsuit, ...
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