Ok but one would think that some enterprising lawyer at GM or Ycombinator or on retainer to Sam Altman, investor, would think to do this, right?
Without looking at the incorporation documents on file, I'm sure they don't say that Jeremy gets 50% of the stock. If they did, there wouldn't be a lawsuit. It would be cut and dry.
I think what Jeremy is arguing is that he and Kyle had an agreement in the early days before paperwork, and that that agreement was not properly documented when the paperwork was written up. This is an extremely difficult thing to prove, and Kyle and his investors will no doubt lean heavily on the actual paperwork to sway the court.
This is wrong. Both the original suit and counter-complaint directly reference the fact that Kyle founded the company before meeting/engaging with Jeremy.
I dont think it has officers names on that $20 report.
>If you are requesting the $20 detailed information option, this application will not return actual images of the documents on record. This application will return a page listing the 5 most recent filings, franchise tax assessment, total authorized shares if applicable and tax due. Officer and Director names and addresses are maintained on the images of the annual reports and are not available through this application. If you wish to order a copy of an annual report please call 302-739-3073 for more information
The YC application isn't a legal document and Kyle (having gone through YC) knows this. Legally he'd have full ownership and in the application specify 50/50 meaning if/when they formalize the relationship that is what the equity split will be. YC doesn't really care what the actual current/legal split is at the time you write the application. What they care about is what the split will be by the time you start YC because that is what is relevant to them.
And (my guess) is that the real reason they care about the split is that they're looking for red flags. i.e. is the cap table already messy with lots of people on it? Is the split NOT 50/50 signalling the founders don't consider each other equals which is a bad sign, etc.
[1] https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch...