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Business Associations Keyed to Bainbridge
Frandsen v. Jensen-Sundquist Agency, Inc.
Citation:
802 F.2d 941 (7th Cir.1986)Facts
In 1975 Walter Jensen owned all the stock of Jensen-Sundquist Agency, Inc. a holding company whose principal asset was a majority of the stock of the First Bank of Grantsburg; Jensen-Sundquist also owned a small insurance company. In 1984 the president of Jensen-Sundquist began discussions with First Wisconsin Corporation, looking to the acquisition by First Wisconsin of First Bank of Grantsburg, Jensen-Sundquist’s principal property. Each of the minority shareholders except Frandsen signed the waiver. Jensen-Sundquist agreed to sell its shares tin First Bank of Grantsburg to First Wisconsin at $88 a share and then liquidate, so that in the end all the stockholders would end up with cash. Frandsen brought this suit against the majority bloc, charging breach of the stockholder agreement.
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