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Business Organizations Keyed to Cox
Tandycrafts, Inc. v. Initio Partners
Citation:562 A.2d 1162 (1989)
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Initio Partners, a limited partnership, was the largest independent shareholder of Tandycrafts, Inc., owning 9.9% of Tandycraft’s stock. Tandycraft proposed to amend its charter, and issued a proxy statement in connection with the vote on the proposed amendment at the annual meeting. Initio sought a temporary injunction against holding Tandycraft’s annual meeting, on the ground that the proxy statement was materially misleading. The annual meeting was then held and the charter amendments were defeated. Tandycraft opposed the motion, on the grounds that the changes in the proxy statement were not attributable to Initio’s litigation and that counsel fees could not be awarded to a plaintiff that had sued on its own behalf.
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