Saturday, January 5, 2019
LP6.2 Lien v. Lien Essay
A. What type of business organisation entity did Pete spleen & Sons, Inc. , operate when it was bufferly founded in 1944?. Pete Lien & Sons, Inc. operated a coalition when the business was truely founded in 1944. B. Who were the original three partners of Pete Lien & Sons, Inc. , when it was founded? The original partners were Bruce Lien, his br other(a) Charles Lien, and their father Pete Lien senior C. When Pete Lien & Sons, Inc. , incorporated in 1952, the partners became ___________ of the breadbasket.When Pete Lien & Sons, Inc. , in 1952, the partners became live shareholders of the kitty. D. How many people served on the corporations carte of directors at the age of the lawsuit? At the time of the lawsuit, sevener people served on the corporations board of directors. E. At the time of the litigation, who owned the bulk of stock in the corporation and accepted more income and dividends than any other shareholder?Bruce Lien owned the majority of stock in the corporation and received more income and dividend than the other shareholders. F. What altoge on that pointgations did Bruce Lien stir his complaint in the civil work on that he brought against the corporation and the other members of the board of directors in April 2000? Bruce Lien alleged minority shareholder oppression, breach of fiduciary province and tortuous interference with prospective business relations or expectancy. G.nether what atomic number 16 Dakota statute did the outpouring judicial system acknowledge that there was a shareholder tie-up in failing to elect directors? (example (SDCL __-__-__) Under SDCL 47-7-34(3) That the shareholders are deadlocked in pick out power, and beget failed, for a period which include at least two true annual meeting dates, to elect successors to directors whose term have expired or would have expired upon the election of their successors H. What did the trial tribunal determine to be the most upright manner of brea king the deadlock?The trial butterfly determined the most trusty manner of breaking the deadlock was a blind auction between Bruce and all the other shareholders for the sale of the corporation. I. When the trial courts decision was appealed, did the South Dakota compulsory Court, agree that a deadlock existed? No, the ultimate Court did not agree a deadlock existed and reversed the trial courts rulings. The Supreme Court stated, there was no showing that the shareholders were deadlocked in take power because of Bruces refusal to serve well the meeting and participate in the voting for new directors.