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Corporations Keyed to Hazen
In re Valuation of Common Stock of McLoon Oil Co.
Citation:
565 A.2d 997 (Me. 1989)Facts
On December 6, 1976, McLoon Oil Co, Morse Bros. Oil Co., and T-M Oil Co., along with several companies, merged into the Lido Company of New England, Inc. Two dissenting shareholders sued for appraisal rights. McLoon Morse Bros., and T-M Oil Companies were entirely owned by the members of the Pescosolido family. In December 1975, Carl Sr. proposed to merge all family-held companies into Lido, over which he would exercise sole voting control. Carl J. and Richard objected to the proposed merger. These dissenters filed a suit for valuation of their stock.
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