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Investor Tells Del. Court Ex-Friend Usurped $30M Stock Right – Law360

By Jeff Montgomery (June 3, 2022, 9:36 PM EDT) — An investor who accused a former friend of first managing and then hijacking his shares after a subsidiary spinoff now worth $30 million told a Delaware vice chancellor on Friday that the friend abruptly stopped acknowledging the ownership after the big gain.

During dueling summary judgment arguments before Vice Chancellor Morgan T. Zurn, an attorney for art gallery owner and hotelier Leon A. Malca said he was denied access to or control of 600,000 shares in Colombian on-demand delivery company Rappi Inc. by former friend Sebastian Mejia after it had been spun off from another startup that the two invested in,…

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