A Harris County man has filed suit against the company that he claims is denying him access to the 200 shares he allegedly owns.
Britt Borel alleges he owns 20 percent of the stock in defendant Dransco. The stock is controlled by defendants Richard Hebert and Leonard G. Papania, who own 40 percent and 20 percent of the stocks respectively, according to the complaint filed Nov. 13 in Jefferson County District Court.
Even though Borel owns the stock, he claims Hebert and Papania refuse to recognize his ownership interest in the company.
“Although Dransco Inc. and the defendant controlling shareholders refuse to recognize his ownership interest in Dransco, Inc., and although Community Bank is willing to release plaintiff from the terms of the security agreement and pledge and to release the collateral; Dransco, Inc., as the instrumentality of the individual defendants, arbitrarily and without cause, refuses to consent to the release,” the suit states.
Borel alleges breach of fiduciary duty and civil conspiracy against the defendants.
He seeks a declaratory judgment that he is the owner of 200 shares of stock and an order requiring Dransco to consent to the release of the security agreement. He also seeks general and special damages, including a forced buy-out, disgorgement, equitable relief, damages, exemplary damages, pre- and post-judgment interest, attorney’s fees and costs.
Keith Kebodeaux and Casey Hargroder of Kebodeaux and Hargroder in Beaumont will be representing him.
The case has been assigned to Judge Gary Sanderson, 60th District Court.
Case No. B193-594