Missouri Fidelity Union Trust Life Insurance Company stock was trading at $2.63 per share. Eight directors sold their shares for
Missouri Fidelity Union Trust Life Insurance Company stock was trading at $2.63 per share. Eight directors sold their shares for $7.00 per share, conditioned on the resignation of eleven of the fifteen directors of the corporation and the provision that five nominees of the buyer be elected as a majority of the executive and investment committees. Did the directors violate their fiduciary duty? Would the answer be different if the directors had controlled a majority of the voting stock? [Snyder v. Epstein, 290 F. Supp. 652 (E.D. Wis. 1968).]
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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