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WILLARD v. MONETA BLDG. SUPPLY

Record No. 981836.

515 S.E.2d 277 (1999)

258 Va. 140

Ronald L. WILLARD, on Behalf of MONETA BUILDING SUPPLY, INC. and all its Shareholders v. MONETA BUILDING SUPPLY, INC., et al.

Supreme Court of Virginia.

June 11, 1999.

Attorney(s) appearing for the Case

William B. Poff (Frank K. Friedman; Mark D. Loftis; Nicholas C. Conte; George I. Vogel, II; Woods, Rogers & Hazlegrove; Vogel & Cromwell, on briefs), Roanoke, for appellant.

P. Brent Brown (Patrick T. Fennell; William B. Hopkins, Jr.; Carter, Brown & Osborne; Martin, Hopkins & Lemon, on brief), Roanoke, for appellees A.S. and Rose Mary Cappellari and Moneta Building Supply.

William R. Rakes (K. Brett Marston; Gentry Locke Rakes & Moore, on brief), Roanoke, for appellees David L. Cappellari and Capps Home & Building Center, Inc.

Present: All the Justices.

KINSER, Justice.

This appeal involves a sale of the assets of a closely held corporation. The minority stockholder of the corporation has attacked the propriety of the transaction, primarily on the grounds that the corporation's directors, who were also its majority stockholders, breached their statutory and common law duties by failing to maximize the sales price, by authorizing a transaction in which they had a conflict...

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