Business Associations Keyed to Hamilton
Katzowitz v. Sidler
Facts
Katzowitz (P), Sidler (D), and Lasker (D) were the sole shareholders and owners of Sulburn Corporation. Sidler (D) and Lasker (D) wanted to oust Katzowitz (P) from his position, and Katzowitz (P) agreed to withdraw from active participation. At the time of his withdrawal, the corporation owed $2,500 to each director. Sidler (D) and Lasker (D) proposed an issuance of stock. Despite Katzowitz’s (P) objections, the two (D) passed their proposal whereby each of them could purchase 25 shares at $100 per share when in actuality, the shares were worth $1,800 each. Katzowitz (P) did not want to purchase shares and received $3,147.59 in the dispersal. The others (D) received $18,885.52. Katzowitz’s suit seeks to dismiss the distribution, to return their (D) purchase price of the 25 shares, and force an equal distribution of the remaining assets.
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