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DiIACONI v. NEW CAL CORP.

No. 5319.

643 P.2d 1234 (1982)

97 N.M. 782

Joseph A. DiIACONI and Haskel Wright, Plaintiffs-Appellants, v. NEW CAL CORPORATION, A New Mexico corporation, and Don R. Miehls, Christel Miehls and Dennis Miehls, as directors of said corporation and individually, Defendants-Appellees.

Court of Appeals of New Mexico.

April 1, 1982.

Attorney(s) appearing for the Case

Richard W. Darnell, Neal & Neal, Hobbs, Rosenberg Law Firm, Carlsbad, for plaintiffs-appellants.

B.G. Davis, Paine, Blenden & Diamond, Carlsbad, for defendants-appellees.

OPINION

WALTERS, Chief Judge.

The trial court dismissed the plaintiffs-minority shareholders' derivative action and request for liquidation, brought pursuant to § 53-16-16, N.M.S.A. 1978. They appeal; we affirm.

Plaintiffs DiIaconi and Wright are minority shareholders (11% each) in defendant New Cal Corporation (New Cal), a New Mexico corporation formed in the late 1960's for the purpose of developing a 340-acre tract of land located west of...

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