Corporations Keyed to Klein
Alaska Plastics, Inc. v. Coppock
Facts
Appellee divorced one of the three Appellant directors, and was given 150 shares (1/6 of the outstanding shares) in the divorce settlement. The directors did not notify, or did not notify adequately, Appellee of four annual shareholder meetings. The directors collected a salary or fees from the company, and they used company money to pay for their wives to attend business meetings. The directors offered to purchase Appellee’s shares for $15,000, but Appellee hired an attorney and accountant to assess the value of the shares. The accountant valued her shares between $23 and 40 thousand, not including property owned by Appellant corporation. The directors increased their offer at one point to $20,000. The directors agreed to buy another company without first notifying Appellee (although she ratified that with a subsequent vote of approval). After the initial company burned down without insurance, there was another offer by one of the directors, acting individually, to buy her shares at $20,000. After Appellee filed an action for an equitable remedy, the lower court ordered Appellants to purchase her shares for $32,000 and to pay attorney fees and interest.
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