IN RE AMERCO DERIVATIVE LITIGATION

No. 51629.

252 P.3d 681 (2011)

In re AMERCO DERIVATIVE LITIGATION. Glenbrook Capital Limited Partnership; Alan Kahn; Ron Belec; and Paul F. Shoen, Appellants, v. John M. Dodds, an Individual; Richard Herrera, an Individual; Aubrey Johnson, an Individual; Charles J. Bayer, an Individual; John P. Brogan, an Individual; James J. Grogan, an Individual; Amerco, a Nevada Corporation; Edward J. Shoen, an Individual; James P. Shoen, an Individual; William E. Carty, an Individual; Mark V. Shoen, an Individual; SAC Holding Corporation, a Nevada Corporation; SAC Holding Corporation II, a Nevada Corporation; Three SAC Self-Storage Corporation, a Nevada Corporation; Four SAC Self-Storage Corporation, a Nevada Corporation; Five SAC Self-Storage Corporation, a Nevada Corporation; Six SAC Self-Storage Corporation, a Nevada Corporation; Six-A SAC Self-Storage Corporation, a Nevada Corporation; Six-B SAC Self-Storage Corporation, a Nevada Corporation; SIX-C SAC Self-Storage Corporation, a Nevada Corporation; Seven SAC Self-Storage Corporation, a Nevada Corporation; Eight SAC Self-Storage Corporation, a Nevada Corporation; Nine SAC Self-Storage Corporation, a Nevada Corporation; Ten SAC Self-Storage Corporation, a Nevada Corporation; Eleven SAC Self-Storage Corporation, a Nevada Corporation; Twelve SAC Self-Storage Corporation, a Nevada Corporation; Thirteen SAC Self-Storage Corporation, a Nevada Corporation; Fourteen SAC Self-Storage Corporation, a Nevada Corporation; Fifteen SAC Self-Storage Corporation, a Nevada Corporation; Sixteen SAC Self-Storage Corporation, a Nevada Corporation; Seventeen SAC Self-Storage Corporation, a Nevada Corporation; Eighteen SAC Self-Storage Corporation, a Nevada Corporation; Nineteen SAC Self-Storage Limited Partnership, a Nevada Limited Partnership; Twenty SAC Self-Storage Corporation, a Nevada Corporation; Twenty-One SAC Self-Storage Corporation, a Nevada Corporation; Twenty-Two SAC Self-Storage Corporation, a Nevada Corporation; Twenty-Three SAC Self-Storage Corporation, a Nevada Corporation; Twenty-Four SAC Self-Storage Limited Partnership, a Nevada Limited Partnership; Twenty-Five SAC Self-Storage Limited Partnership, a Nevada Limited Partnership; Twenty-Six SAC Self-Storage Limited Partnership, a Nevada Limited Partnership; and Twenty-Seven SAC Self-Storage Limited Partnership, a Nevada Limited Partnership, Respondents.

Supreme Court of Nevada.

May 12, 2011.


Attorney(s) appearing for the Case

Lewis & Roca LLP and Daniel F. Polsenberg and Jennifer B. Anderson , Las Vegas; Berman DeValerio and Joseph J. Tabacco, Jr. , and Christopher T. Heffelfinger , San Francisco, CA; Latham & Watkins LLP and Marc W. Rappel , Brian T. Glennon , and Gene Chang , Los Angeles, CA; Harold B. Obstfeld , New York, NY; Robbins Umeda LLP and Brian J. Robbins , Kevin A. Seely , Kelly Mclntyre , and Gregory E. Del Gaizo , San Diego, CA, for Appellants.

Parsons Behle & Latimer and Rew R. Goodenow , Reno; Irell & Manella LLP and David Siegel , Daniel P. Lefler , and Charles E. Elder , Los Angeles, CA, for Respondents John M. Dodds, Richard Herrera, Aubrey Johnson, Charles J. Bayer, John P. Brogan, and James J. Grogan.

Laxalt & Nomura, Ltd., and Daniel Hayward , Reno; Morrison & Foerster, LLP, and Jack W. Londen , San Francisco, CA, for Respondent AMERCO.

McDonald Carano Wilson LLP and Thomas R.C. Wilson and Matthew C. Addison , Reno; Pillsbury Winthrop Shaw Pittman LLP and Walter J. Robinson , Palo Alto, CA, for Respondents Edward J. Shoen, James P. Shoen, and William E. Carty.

Law Offices of Calvin R.X. Dunlap and Monique Laxalt and Calvin R.X. Dunlap , Reno; Squire, Sanders & Dempsey L.L.P. and George Brandon and Brian A. Cabianca , Phoenix, AZ, for Respondents Mark V. Shoen and SAC entities.

Before the Court En Banc.


OPINION

By the Court, HARDESTY, J.:

AMERCO is a Nevada corporation controlled by the feuding Shoen family. Its main operating subsidiary is U-Haul International, Inc. AMERCO has engaged in numerous business transactions with the SAC entities, which are real estate holding companies controlled by AMERCO shareholder and executive officer Mark Shoen. Based on several of those transactions, appellants filed the underlying shareholder derivative suit in...

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