Overview:
A Judgment was secured on behalf of a fifty percent (50%) shareholder in Missouri Corporations. The Plaintiff filed his Petition under a Missouri statute titled “Filing for Discontinuation of Certain Corporations.” The Defendant attempted to argue that a private shareholder agreement trempt the applicability of the statute therefore seeking a ruling that there could be no dissolution of the company pursuant to the statute.
In a case of first impression, the Trial Court and Appellate Court upheld a private auction between the two (2) fifty percent (50%) shareholders as a way of resolving the shareholder dispute. As a result of the favorable rulings from the Trial Court and Appellate Court, the client was able to acquire all of the outstanding stock in the company and avoided being forced to sell to his former partner under the terms of the shareholder agreement.