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The Shareholder Forumtm

support for fair value realization

of stock investments in

DBM Global Incorporated

(f/k/a Schuff International Inc.)



Support of Minority Shareholder Interests

The Shareholder Forum had offered to support Appraised Value Rights ("AVR") of DBM (f/k/a Schuff International) minority shareholders in 2014 following a $31.50 per share tender offer by the company's controlling shareholder, HC2 Holdings, Inc., with the stated intent to proceed with a short-form merger "as soon as practicable.”

HC2 acquired DBM shares in the 2014 tender offer and other purchases bringing its total holdings to 92% of outstanding DBM shares, but has not proceeded with a merger. The Forum has continued to support the minority shareholder interests of its AVR participants in this context.



Project Status

December 31, 2019

The Shareholder Forum agreed to support appraisal rights for Participants who had reserved Appraised Value Rights ("AVR") Management of their investments in Schuff International Inc. (subsequently renamed DBM Global, Inc.) by October 1, 2014. HC2 Holdings, Inc. (ticker: HCHC), then the controlling shareholder of DBM/Schuff, had at that time initiated a $31.50 per share tender offer and stated its intent to proceed with a short-form merger to acquire all of the company's shares. However, after acquiring 92% of the DBM/Schuff shares, HC2 did not proceed with the merger.

Managed as a majority-owned subsidiary of HC2, DBM stopped reporting to minority shareholders, ceased its annual meetings of shareholders, engaged in questionable financing transactions with HC2 affiliates, and in 2019 agreed to pay the costs of settling claims by its own shareholders against HC2. Though not within the scope of its committed management of an appraisal rights proceeding, the Forum has continued to support the broader minority shareholder interests of its AVR participants, including reporting to participants, communications with HC2 to encourage fair conduct, formal demands for records enforced with legal proceedings,  and finally by objecting to a proposed settlement of litigation that would require non-defendant DBM to pay the costs of HC2 and its affiliated co-defendants and that unexpectedly included current DBM minority shareholders in its definition of a class that would waive claims against HC2 and its officers.

For listings of other reports and research material


DBM/Shuff AVR Reference






[Available to Participants]

2020 "reconstitution"

of DBM parent HC2's board


September 27, 2019

Report to Shareholders:

HC2 Holdings Shareholder Survey

 (research initiated by HC2 shareholders to determine levels of support for the company's current management, including its strategies relating to DBM Global)


May 14, 2020

HC2 Holdings, Inc., SEC Form 8-K

Report of

"cooperation agreements"

with three shareholder groups

to reconstitute board

(44 pages, 348 KB, in PDF  format)


June 11, 2020

HC2 Holdings, Inc. press release

"HC2 Holdings Announces

Executive Management Change"


 The Deal

October 8. 2019 

 "Activist Target: HC2 Holdings"

see subsequent reports of

The Deal

January 28, 2020

"Ex-Third Point Analyst Eyes Director Fight at Falcone’s Firm"


February 19, 2020

"Ex-Third Point Analyst Seeks to Oust HC2’s Falcone"


April 24, 2020

"ISS Urges Shareholders to Remove Falcone From HC2 Board"


April 30, 2020

"Glass Lewis Backs Dissident in HC2 Board Battle"


May 14, 2020

"Falcone Remains HC2 CEO After Gorzynski Settlement"


Institutional Investor

April 20, 2020

 "No One:

Absolutely No One:

I Wonder What Phil Falcone

Is Up To?"

see subsequent reports of

Institutional Investor

April 30, 2020

"Indebted Phil Falcone Agrees to Forgo Bonus at HC2 in Midst of Proxy Fight"


May 14, 2020

"Phil Falcone Hangs Onto HC2 Board Seat in Activist Battle"


June 11, 2020

"Phil Falcone Out as HC2 CEO"



Earlier Issues



September 14, 2018

"Investor Seeks DBM Records To Probe Possible Misconduct"



August 17, 2017

"Paul Weiss Accused By Financial Co. Of Bad Merger Advice" 



April 30, 2016

 "Phil Falcone’s Long Game"


New York Times | DealBook

September 3, 2015

"Philip Falcone, Former Head of Vast Fund, Tries a 3rd Act"


New York Post

November 3, 2014

"Falcone ‘steels’ away shares of Schuff International"






The project supporting investor interests in DBM Global Incorporated (f/k/a Schuff International, Inc.) is being conducted by the Shareholder Forum for the benefit of Participants that have reserved Appraised Value Rights ("AVR") Management, subject to conditions including standard Forum policies that each Participant is expected to make independent use of information obtained through the Forum and that participation is considered private unless the Participant specifically authorizes identification.

Inquiries may be sent to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.