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Corporations Keyed to Klein
Stuparich v. Harbor Furniture Manufacturing, Inc
Facts
Plaintiffs are two sisters who owned a majority of the non-voting shares and a smaller percentage of voting shares of Harbor Furniture. Their brother, Malcolm, Jr., controlled Harbor Furniture with his 51.56% voting share ownership. The shares were passed down by family members to both parties. Harbor Furniture was comprised of two business ventures: a furniture company which lost money, and a mobile home park which was lucrative. Malcolm, Jr. actively participated in the business early on, and he was able to collect a majority of shares by buying his father’s stock at a reduced rate. He collected a salary (as did his wife and son), but the company paid dividends to the shareholders. Defendants sometimes neglected to keep Plaintiffs informed of all business activities, and Plaintiffs never had an active role in running the company. Plaintiffs at one point mistakenly believed that they had had a majority of voting shares of the company, and they called for a vote to divi de the two ventures. The vote was refused, and Malcolm, Jr. repeatedly refused to buy out the Plaintiffs’ shares. The relationship between the parties became strained to the point where Malcolm, Jr. physically injured one of the Plaintiffs. Plaintiffs then brought this action to dissolve the company, arguing that they were given no role in the company while Malcolm, Jr. has a vested interest in continuing the venture (he draws a salary), and the relationships were strained beyond repair. The trial court sided with Defendants and granted their summary judgment.
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