HC2 Accused in Suit of Exploiting, Looting DTV America Corp.

A DTV America Corp. investor sued HC2 Holdings Inc. and a group of affiliates in Delaware on Tuesday, claiming the “conglomerate of overlapping entities” led a scheme to take over the TV station holding company, “loot” it, and force out minority shareholders at “a deep discount.”

“The confederacy behind the scheme” obtained a majority of DTV, which owns low-power TV stations that stream digital content, then began going after broadcast licenses it had targeted, the lawsuit says. “The conspirators also stripped DTV America of valuable technology and intellectual property.”

The defendants include the “interlocking directors” of various corporate affiliates, including ...