The co-founder of one of Delaware’s largest homebuilding companies may argue that he is entitled to a higher payout on his shares based on supposed promises made to him by members of the company’s board, the Delaware Court of Chancery has ruled.
Steven W. Bomberger, who founded the privately held Benchmark Builders with three brothers in 1988, had asked the court to find that he is entitled to a payment of $3,925.15 for each of his 150 shares—a far cry from the $100-per-share payout his co-founders, Francis and Richard Julian, say he can claim under a 1994 shareholders agreement.
