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ESTATE OF SHEPPARD v. SPECHT

No. 2011AP2534.

824 N.W.2d 907 (2012)

344 Wis.2d 696

2012 WI App 124

The ESTATE OF James F. SHEPPARD, by Michael E. McMorrow, Personal Representative, Plaintiff-Appellant, v. William F. SPECHT, Defendant-Respondent, Cousins Submarines, Inc. and Cousins Subs Systems, Inc., Defendants.

Court of Appeals of Wisconsin.

Opinion Filed October 17, 2012.

Attorney(s) appearing for the Case

On behalf of the plaintiff-appellant, the cause was submitted on the briefs of Charles P. Graupner and Miriam S. Fleming of Michael Best & Friedrich LLP of Milwaukee, and Michael E. McMorrow , cocounsel, of Mequon.

On behalf of the defendant-respondent, the cause was submitted on the brief of Dean P. Laing of O'Neil, Cannon , Hollman, Dejong & Laing S.C. of Milwaukee.

Before BROWN, C.J., REILLY and GUNDRUM, JJ.

BROWN, C.J.

¶ 1 This is a dispute between a fifty-percent shareholder in two closely held corporations and the Estate of the other fifty-percent shareholder. The shareholders were negotiating the sale of their shares to a third party when one of the shareholders died. Negotiations between the surviving shareholder and the potential buyer broke off. The Estate sued the surviving shareholder for breach of his alleged fiduciary duty as a fifty-percent shareholder...

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