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?
Answer to relevant QuestionsCountrywide Financial Corporation created for its employees a pension plan that allowed employees to select how their pension plan amounts are invested, including investing in the common stock of Countrywide. When the value ...Nook Pharmacies, Inc., is a small public company that operates 50 pharmacies in six states. Nook's board of directors is aware that CVS and Walgreens, the dominant companies in the pharmacy industry, are buying many of the ...Kinetic Solutions, LLC, is an Internet software business with 15 members. Five members are the only managers of the business; the other 10 members are only investors. The five managing members want to sell part of the ...Cookietree, Inc., is a privately held Utah corporation that produces and retails baked goods. The company was formed in 1981, with Greg Schenck and his father, Boyd Schenck, among the original shareholders. From the ...Joseph Crotty was a vice president of United Artists Communications, Inc. (UA), a corporation with equity securities registered under the Securities Exchange Act of 1934. Crotty was the head film buyer of UA's western ...
Post your question