contract obligations

I'd like to know if it would be worth the effort to
pursue my situation.

Here goes.

I was offered another job that paid more money.
Didn't really want to leave but the money was too
good. I knew my current employer wouldn't match.

I Handed in my 2 week notice, a week later they came
back and asked what it would take to keep me.
I wrote up a counter offer, the Director circled what
he agreed to and crossed out what he didn't and signed
that paper.
He retired a new director came in and obligated the
contract, that director left.

Another director was hired, sat me down and said he
won't honor it because:
One: HR doesn't have a copy, so it's void.
Two: The first Director had no authority to sign such
a paper.
Three: "I can't do for you what I can't do for
others"
There was no option of restitution in this meeting.

Well... HR did have a copy of this agreement (contract) and when
I said contract, she said she was concerned.
At the end of our conversation, HR proceeded to go
into a 5 minute spiel about trusting your employer -
mind you, lying about having a copy & having a signed
"agreement", where's the trust

I was supposed to receive 6 raises in a 3 year span.
My last 2 being Nov 1st '07 and May of '08. (I will
get a review in May)
My concern is that it isn't a formal contract but it is signed and was instated and upheld by 2 directors. And we are talking about pennies on the dollar.

Is it worth it or should I just forget it and look for
employment elsewhere?

Thanks for your time.

Have it reviewed by an attorney in your state.

seems to me, if you had a written agreement with the company, as whoever authorized the agreement to begin with had the authority to do so as a representative of the company, the agreement is still binding for its term, regardless of personnel change. If that person who first made the agreement was able to get you paid at a higher rate, they must have had the authority to do so. The fact that you got 2 pay raises in accordance with that agreement supports your position that the employer made the agreement in good faith and intended to fulfill its terms. Based on this, I think you have a binding and enforcable agreement. (contract and agreement are basically the same thing) If your company has an internal dispute resolution process, file a complaint, if not, seek an attorney's advice