HOLDEN v. CONSTRUCTION MACHINERY COMPANY

No. 55059.

202 N.W.2d 348 (1972)

Herle H. HOLDEN, individually and as a shareholder of Construction Machinery Company, suing in behalf of himself and all shareholders of said corporation and for the benefit of said corporation, Appellee and Cross-Appellant, v. CONSTRUCTION MACHINERY COMPANY et al., Appellants and Cross-Appellees.

Supreme Court of Iowa.

Rehearing Denied January 10, 1973.


Attorney(s) appearing for the Case

James L. Perkins, of Winston, Strawn, Smith & Patterson, Chicago, Ill., and Wirt P. Hoxie of Hoxie & Teske, Waterloo, for appellants, cross-appellees.

Robert C. Tilden and William H. Carmichael, of Simmons, Perrine, Albright & Ellwood, Cedar Rapids, and T. G. Garfield, Ames, for appellee, cross-appellant.

Heard before and determined by the full bench.


RAWLINGS, Justice.

This is an equity action in five divisions by Herle H. Holden (Herle), owner of 49.976 percent of outstanding stock in Construction Machinery Company (CMC) against his brother Warren A. Holden (Warren), holder of 50.024 percent, and other corporate officers involving management-control of the corporation. CMC is made a nominal defendant.

Division I of Herle's petition asserts a derivative cause, alleging that April 4, 1964, Warren as president...

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