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Business Organizations Keyed to Cox
Cookies Food Products v. Lakes Warehouse
Citation:430 N.W.2d 447 (1988)
L.D. Cook of Storm Lake, Iowa, founded Cookies in 1975 to produce and distribute his original barbeque sauce. In 1981, L.D. Cook, the majority shareholder, decided to sell his interest in Cookies. He first offered the directors an opportunity to buy his stock, but the board declined. Herrig then offered Cook and all other shareholders $10 per share for their stock, which was twice the original price. Shortly after Herrig acquired majority control, he extended the term of the exclusive distributorship agreement with Lakes and moved from his role as director and distributor to take on an additional role in product development. He also received twice compensation. Unsatisfied with the status quo, a group of minority shareholders commenced this action.
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