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Corporations Keyed to O’Kelley
Wilkes v. Springside Nursing Home, Inc.
Citation:353 N.E.2d 657 (1976)
In 1951 Wilkes acquired an option to purchase a building and lot located on the corner of Springside Avenue. Riche, Quinn, Pipkin and Wilkes invested $1,000 and subscribed to ten shares of $100 per value stock in Springside. In 1965, the stockholders decided to sell a portion of the corporate property to Quinn who, in addition to being a stockholder in Springside, possessed an interest in another corporation which desired to operate a rest home on the property. Wilkes was successful in prevailing on the other stockholders of Springside to procure a higher sale price for the property than Quinn apparent anticipated paying or desired to pay. The bad blood between Quinn and Wilkes affected the attitudes of both Riche and Connor. Wilkes then gave notice of his intention to sell his shares for an amount based on an appraisal of their value. In February 1967, a directors’ meeting was held and the board exercised its right to establish the salaries of its officers and employees. At the annual meeting, Wilkes was not reelected as a director nor as an officer. The meetings of the directors and shareholders in early 1967 were allegedly used as a vehicle to force Wilkes out of active participation in the management and operation of the corporation and to cut off all corporate payments to him.
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