CRESSY v. SHANNON CONTINENTAL CORP.

No. 3-1275A269.

378 N.E.2d 941 (1978)

George S. CRESSY, Plaintiff-Appellant, v. SHANNON CONTINENTAL CORPORATION, Richard D. Russell, As President, Victor Arko, As Secretary of Shannon Continental Corporation, J. and Alice Russell, Defendants-Appellees.

Court of Appeals of Indiana, Third District.

August 8, 1978.


Attorney(s) appearing for the Case

Thomas P. Loughlin and William T. Means, Mishawaka, for plaintiff-appellant.

Matthews, Petsche & Associates, South Bend, Bayliff, Harrigan, Cord & Maugans, Kokomo, for defendants-appellees.


GARRARD, Presiding Judge.

This appeal concerns a dispute between the two principal shareholders of a closely held corporation, Shannon Continental Corporation (Shannon). Essentially Cressy and Russell each challenged the validity of certain stock transactions involving the other. Considered separately these transactions would have altered control of the corporation. After consolidation and trial the court determined that the mutual intent of Cressy and Russell in...

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