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Business Associations Keyed to Bainbridge
Alaska Plastics, Inc. v. Coppock
Citation:621 P.2d 270 (Alaska 1980)
In 1961 the three individual appellants, Ralph Stefano, C. Harold Gillam, and Robert Crow formed a corporation known as Alaska Plastics and began to produce foam insulation at a building they bought in Fairbanks. Each held 300 shares of stock. In 1970 Crow was divorced and, as part of a property settlement, gave his former wife, Patricia Muir, 150 shares in the corporation. In 1971, Stefano and Gillam and Crow held the shareholders meeting and they voted themselves each a $3,000 annual director’s fee. In July 1974, Muir’s lawyer made a demand on the corporation to inspect the books and records of the corporation. Muir also ordered an appraisal of Alaska’s Plastics’ Fairbanks property. At the 1975 shareholder meeting, Muir offered her stock to the corporation for $40,000. Shortly after these negotiations failed, Alaska Plastics’ Fairbanks plant burned to the ground. The fire caused a total loss. About a year after the fire, Stefano made a further offer of $20,000 to Muir. An amended complaint alleges ten separate causes of action and prays for relief both in the name of the corporation and individually for Muir.
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