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BROWNING v. C & C PLYWOOD CORP.

248 Or. 574 (1968)

434 P.2d 339

BROWNING ET AL, Appellants, v. C & C PLYWOOD CORP. ET AL, Respondents.

Supreme Court of Oregon.

Reversed November 29, 1967.

Petition for rehearing denied January 23, 1968.

Attorney(s) appearing for the Case

Asa L. Lewelling, Salem, argued the cause and filed a brief for appellants.

Arthur C. Johnson, Eugene, argued the cause for respondents. With him on the brief were Johnson, Johnson & Harrang, Eugene.

Before PERRY, Chief Justice, and SLOAN, GOODWIN, DENECKE and HOLMAN, Justices.

REVERSED.

SLOAN, J.

In early 1963 defendants Campbell, Winn and Riddlesbarger, as the majority stockholders and directors of defendant C & C Plywood Corp., successfully culminated a plan to increase the capital stock of the defendant corporation. The recapitalization of the corporation virtually eliminated plaintiffs' previously owned 32 percent of the outstanding stock. Plaintiffs, alleging that defendants' acts were illegal, fraudulent and oppressive...

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