The Delaware Court of Chancery on Thursday blocked a bid by a former director of digital-payments firm Mozido to buy a stake in the company now said to be worth millions of dollars, finding he had long ago released any claims against Mozido and its subsidiaries.
Philip Geier Jr., who sat on Mozido’s board from March 2012 to May 2013, claimed he had been promised the ability to purchase one percent of the company’s outstanding membership units for $135,000 in exchange for his approximately 14 months of board service.
