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Corporations Keyed to Hazen
Meiselman v. Meiselman
Citation:
307 S.E.2d 551 (1983)Facts
Michael Meiselman, the plaintiff and complaining minority shareholder, and Ira Meiselman, one of the defendants, are brothers. Beginning in 1951, Meiselman started a series of transfers of corporate stock in the various corporations which he divided equally between the two sons. However, in March 1971 Meiselman transferred 83,072 shares of stock in Eastern Federal to Ira, while Michael received only 1,966 shares in the corporation. The record reflects no bitterness and hostility between Michael and Ira. Michael, however, stated that his job has been out in the field and that when he had a recommendation to make he was, for the most part, to report it to his brother. Michael indicated that he was allowed to participate in the management of Eastern Federal in the manner apparently until the corporation entered into the management contract with Republic at issue here. In addition, Michael contends that he has not been allowed to even come up to the office and have been discouraged in getting the full details as to what the companies borrow and that Ira never let him walk in the office where the buyer talked to him.
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Topic Resources
Topic Outline
Shareholders’ Rights