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ROUSSEL v. PAYNE

Civ. 1171.

352 So.2d 1364 (1977)

Louis J. ROUSSEL v. Charles H. PAYNE, as Commissioner of Insurance of the State of Alabama, American Tidelands Life Insurance Company, Tidelands Capital Corporation.

Court of Civil Appeals of Alabama.

Rehearing Denied October 12, 1977.

Attorney(s) appearing for the Case

Robert M. Alton, Alton, Leavell & Boggs, Montgomery, for appellant.

Charles H. Barnes, Asst. Atty. Gen., and Gen. Counsel, for State Dept. of Ins., appellee.

Charles M. Crook, Montgomery, and Drayton Nabers, Birmingham, for American Tidelands Life Ins. Co. and Tidelands Capital Corp., appellees.

HOLMES, Judge.

This is an appeal from an order of the Commissioner of Insurance for the State of Alabama.

The Commissioner approved a merger between American Tidelands Insurance Company (hereinafter ATL) and New American Tidelands Company (hereinafter New ATL) whereby ATL would become a wholly owned subsidiary of Tidelands Capital Corporation (hereinafter TCC). Pursuant to the merger, all the stock of ATL, except those shares owned by TCC, would be exchanged...

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