TILLIS v. UNITED PARTS, INC.

No. 80-844.

395 So.2d 618 (1981)

John E. TILLIS, Sr. et al., Appellants, v. UNITED PARTS, INC. et al., Appellees.

District Court of Appeal of Florida, Fifth District.

March 25, 1981.


Attorney(s) appearing for the Case

James R. Dressler, Cocoa Beach, for appellants.

Robert T. Westman and L.L. Lovering, Cocoa, for appellees.


COWART, Judge.

Appellants, minority stockholders of a close corporation, filed a stockholder's derivative action against the majority stockholders and the corporation alleging that the majority stockholders, acting as corporate directors and officers, purchased from themselves and for the corporation shares of capital stock of the corporation at a price in excess of its market value. The complaint alleged that while the purchase was made from retained corporate earnings...

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