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BOCOCK v. INNOVATE CORP.

C.A. No. 2021-0224-PAF.

JAMES BOCOCK, VENTURI ANDERSONI, LLC, JOHN N. KYLE II, KRISTINA C. BRUNI, PAUL DESTEFANIS, PAULA ABERLE, MICHAEL DAGEN, ENTRUST FREEDOM/YVONNE WOOD, EQUITY TRUST/J.M. HUISINGA, IRWIN PODHAJSER, JAMES GALLAGHER, JONATHAN HEISTEN, LINDA KLINK, MICHAEL L. ROBERTS, PAVAN ANAND, PHYLLIS COHEN, RONALD R. TILLER, TYLER WOOD, STEPHEN CLAASSEN, MICHAEL TANIELIAN, FRANK NEVES, JOHN D. ROEHRS, STAN V. SMITH ON BEHALF OF THE STAN V. SMITH TRUST DATED APRIL 30, 1993, ROBERT A. BEAN, RICHARD CAREY, and ALLEN WHITMORE, Plaintiffs, v. INNOVATE CORP., HC2 BROADCASTING HOLDINGS INC., HC2 BROADCASTING INC., CONTINENTAL GENERAL INSURANCE COMPANY, PHILLIP A. FALCONE, MICHAEL J. SENA, WAYNE BARR, JR., LES LEVI, PAUL K. VOIGT, AND IVAN P. MINKOV, Defendants.

Court of Chancery of Delaware.

Date Decided: October 28, 2022.

Attorney(s) appearing for the Case

John G. Harris , David B. Anthony , BERGER HARRIS LLP, Wilmington, Delaware; Attorneys for Plaintiffs James Bocock, Venturi Andersoni, LLC, John N. Kyle II, Kristina C. Bruni, Paul Destefanis, Paula Aberle, Michael Dagen, Entrust Freedom/Yvonne Wood, Equity Trust/J.M. Huisinga, Irwin Podhajser, James Gallagher, Jonathan Heisten, Linda Klink, Michael L. Roberts, Pavan Anand, Phyllis Cohen, Ronald R. Tiller, Tyler Wood, Stephen Claassen, Michael Tanielian, Frank Neves, John D. Roehrs, Stan V. Smith on behalf of The Stan V. Smith Trust, Robert A. Bean, Richard Carey, and Allen Whitmore.

Kevin G. Abrams , J. Peter Shindel, Jr. , April M. Ferraro , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Attorneys for Defendants INNOVATE Corp. (f/k/a HC2 Holdings, Inc.), HC2 Broadcasting Holdings Inc., HC2 Broadcasting Inc., Michael J. Sena, Wayne Barr, Jr., Les Levi, and Ivan P. Minkov.

Martin S. Lessner , Daniel M. Kirshenbaum , M. Paige Valeski , Wilmington, Delaware, YOUNG CONAWAY STARGATT & TAYLOR, LLP; Beth I. Z. Boland , FOLEY & LARDNER LLP, Boston, Massachusetts; Chelsea L. Hilliard , FOLEY & LARDNER LLP, Dallas, Texas; Attorneys for Defendant Continental General Insurance Company.

Stephen C. Norman , Jaclyn C. Levy , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Eric Landau , Travis Biffar , ELLENOFF GROSSMAN & SCHOLE LLP, Irvine, California; Attorneys for Defendant Philip A. Falcone.

Kurt M. Heyman , Aaron M. Nelson , HEYMAN ENERIO GATTUSO & HIRZEL LLP, Wilmington, Delaware; Attorneys for Defendant Paul K. Voigt.

MEMORANDUM OPINION

In November 2017, HC2 Holdings, Inc. (now Innovate, Inc. or "Innovate") acquired a controlling stake in DTV America Corporation ("DTV America"). It acquired that stake through a stock purchase agreement with several DTV America stockholders, many of whom are plaintiffs in this action. Both...

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