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Business Associations Keyed to Epstein, 5th Ed.
Hollis v. Hill
Citation:
232 F.3d 460 (2000)Facts
In 1995, Hill and Hollis founded FFUSA, a Nevada corporation that marketed mortgage notes and financial products. Each owned 50% of the shares, with Hill serving as president and Hollis as vice president. The company operated profitably through 1997, with both receiving substantial salaries. In December 1997, Hill began complaining that Hollis wasn’t carrying his share of the workload and stopped paying his salary. Hollis proposed several solutions, including mediation, but Hill rejected them all. Without Hollis’s knowledge, Hill moved FFUSA’s annuity business into his own sole proprietorship, charging the corporation a fee for this “service.” Hill also stopped sending financial reports to Hollis and refused his requests to inspect company books. Over time, Hill unilaterally reduced Hollis’s salary by 50%, then to zero, closed the Florida office, terminated Hollis’s company benefits, and eventually fired Hollis as vice president. These actions effectively rendered Hollis’s 50% ownership in FFUSA worthless, as the company never declared dividends and Hollis had no way to realize any return on his investment.
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