I'm not a lawyer, and I don't read a lot of lawsuits by any stretch, but this actually makes Proper Media sounds like a bunch of assholes who are trying to seize control of a company they have no right to. Paragraph 5 itself states that "Bardav’s shareholders may not be companies" due to how they elected to incorporate. But this whole lawsuit centers around how "Proper Media" (the company, who can't in-and-of-itself own any portion of Bardav) is the one being wronged, because the actions taken weren't in their favor. They are effectively a vendor. They, as a company, are not the shareholders (even though the underlying people are shareholders in both companies).
They allege that Vincent Green conspired with Mikkelson, but they aren't pursuing legal action against him -- just against Mikkelson?
It sounds like they're just pissed that Snopes no longer wanted to use Proper Media as a vendor. And I can see why they would be. If I owned an office building, and also owned an office cleaning company, I'd want my cleaning company cleaning those offices. But if my tenants decide my cleaning company sucks, should I be able to evict them and take-over their business?
Again, IANAL. I'm probably making the complete wrong analogy and oversimplifying this. Who knows. This is just purely my personal take on something I have zero expertise in, based on a document I skimmed very quickly.