Remine Shareholder Sues In Del. Over $53.5M MLS Merger
“The deal was supposed to give holders of Remine common stock 3 cents per share in cash and 61 cents of equity in the new company, according to the complaint. But shareholders were not paid directly; instead, their portion of the merger consideration was contributed to an operating fund of a company called RM Rollover Holdings LLC.
Law360
Spinetto, Remine’s chief operating officer, secretary and director, was given control of the operating fund after the merger, the complaint says.
Spinetto was given a new job post-closing and got a management bonus. The information statement said nothing about how many shares of common stock he owned, how much of his equity was rolled into the new company, his salary post-closing or the amount of his bonus, the complaint says.
Schacknies — who served as Remine’s president, CEO, chief financial officer and a director at the time of the sale — resigned from his role as CEO when the acquisition took place and got a severance package at closing, the complaint says.”
Shocking.
