The Court of Chancery of the state of Delaware issued a notification outlining details of a case that was hanging on one share.
Two directors of Boston Technologies, a US-based service and technology provider to brokerage firms operating in the margin FX business have been engaged in a court battle that threatened to bring the two stake holders’ relationship to a deadlock. After three months and twenty one days since the claim was filed, the court’s decision was hanging on the transfer of one share.
The court’s memorandum opinion, a 43 page document, outlines the full details of the case including information about how the directors formed the company and their consequent business arrangement. It also states claims and counter claims made by the petitioner and respondent.
George Popescu and Kevin Millien were the sole directors of Boston Technologies, formed in 2009. The firm had a revenue of $2 million which increased to $14 million by 2012.
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Boston Technologies was one of the pioneers behind the bridging technology that connected the popular MetaTrader 4 platform to the interbank market, thus enabling retail traders to pursue automated and algorithmic trading through expert advisors, a privilege common to institutional and professional traders.
Mr. Millien, the petitioner whose attorneys include; Francis G.X. Pileggi, Esquire and Jill Agro, Esquire of Eckert Seamans Cherin & Mellott, LLC, Wilmington, Delaware, filed a complaint against the petitioner requesting the court to place a custodian to resolve a deadlock pursuant to 8 Del. C. § 226. Consequently, the respondent, Mr. Popescu put forward four counterclaims.
Mr. Millien left Boston Technologies in 2013, prior to his departure he was heading up the firm’s UK operation. Both directors were 50% equal shareholders in the firm, and due to differences between the two, he wanted a custodian had to be appointed in order for the firm to be managed efficiently.
Mr. Popescu’s counterclaims were taken onboard by the court and Mr. Millien was requested to transfer one share to Mr. Popescu, thus giving him majority shareholding and voting rights.
Boston Technologies has grown significantly through its various international operations in Europe and Asia. It was one of the first technology providers to offer liquidity in emerging market currency pairs.