Former Governor J. Fife Symington of Arizona was, during the 1980s, a director of Southwest Savings &
Question:
Former Governor J. Fife Symington of Arizona was, during the 1980s, a director of Southwest Savings & Loan, a federal thrift headquartered in Phoenix. Mr..Symington was also a developer who constructed two major commercial projects in Phoenix, with Southwest Savings & Loan providing the loans for development. Southwest was a victim of the 1980s downturn and was taken over by the Resolution Trust Corporation (RTC). The RTC brought suit against Mr. Symington, alleging that he took advantage of his board position to obtain the loans. Mr. Symington said he was required to present the projects to the Southwest Board as part of the corporate opportunity doctrine and Southwest took the investment. Who is correct?
CorporationA 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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Business Its Legal Ethical and Global Environment
ISBN: 978-1337103572
11th edition
Authors: Marianne M. Jennings