Corporations Keyed to Klein
Frandsen v. Jensen-Sundquist Agency, Inc
Facts
Jensen-Sundquist was a holding company comprised of the First Bank of Grantsburg and a small insurance company. In 1975, Walter Jensen owned all of the stock of Jensen-Sundquist, but gave 52% to family and sold 8% to Plaintiff. Plaintiff also received a right of first refusal to purchase the majority block of shares, and also had the right to have his shares purchased by the majority if they were to be sold to a third party. In 1984, Jensen-Sundquist entered discussions with First Wisconsin, wherein First Wisconsin would purchase Jensen-Sundquist for $62 per share. Plaintiff refused to go along, and the agreement between Defendants was modified to allow Jensen-Sundquist to treat the First Bank of Grantsburg as an asset that would be sold off to First Wisconsin for $88 per share. Plaintiff protested, arguing that he had the right of first refusal and that the only reason they avoided offering that right to Plaintiff was to make sure the president of Jensen-Sundquist did no t lose his job under Plaintiff.
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