Question: Tri R Angus Inc a closely held corporation was owned

Tri R Angus, Inc., a closely held corporation, was owned 80 percent by Jon and Frances Neiman, who were also directors of Tri R Angus. Troy Neiman and Carol Lewis owned 12 percent of Tri R Angus's shares. Troy and Carol asked a court to remove Jon and Frances as directors of the corporation on the grounds that they authorized Tri R Angus to distribute its assets in violation of state law, inappropriately mortgaged or sold corporate assets, misused corporate earnings, and wasted corporate assets. Jon and Frances denied the allegations. At trial, Troy and Carol entered as evidence pleadings from other actions against Jon and Frances and introduced no objective evidence of current conduct by Jon or Frances. What standard of misconduct did the court require Troy and Carol to prove in order to remove Jon and Frances? Did the court find they had proved their case?

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  • CreatedJuly 16, 2014
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