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KIRTZ v. GROSSMAN

No. 33785.

463 S.W.2d 541 (1971)

Frank G. KIRTZ and Mary Jane Kirtz, Plaintiffs-Appellants, v. Sidney GROSSMAN, John J. Theiss, Paul Weil, Frederick Busse, Diatemp, Incorporated, a Corporation, Essex International, Incorporated, a Corporation, Defendants-Respondents.

St. Louis Court of Appeals, Missouri.

January 26, 1971.

Attorney(s) appearing for the Case

Frank Mashak, St. Louis, for plaintiffs-appellants.

Alvin A. Wolff, St. Louis, Kirkland, Ellis, Hodson, Chaffetz & Masters, by Walter T. Kuhlmey, Chicago, Ill., for defendants-respondents.

Heneghan, Roberts & Godfrey, by Carl R. Gaertner, St. Louis, for defendants-respondents, Sidney Grossman, John J. Theiss, Paul Seil, Frederick Busse & Diatemp, Inc.

CLEMONS, Commissioner.

The ultimate issue here is whether a majority stockholder can dissolve a corporation by paying a minority stockholder the book value of his stock when the fair value of corporate assets exceeds the book value.

This suit attacks the planned dissolution of defendant Diatemp, Incorporated, a Missouri corporation. Plaintiffs Frank G. and Mary Jane Kirtz owned 2.28 per cent of Diatemp stock and defendant Essex International, Incorporated...

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