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MIDWEST MANAGEMENT CORP. v. STEPHENS

No. 2-68757.

353 N.W.2d 76 (1984)

MIDWEST MANAGEMENT CORPORATION and Hollingsworth, Stephens, Clark & Koerner, Inc., Appellees, v. Morris STEPHENS and Stephens Industries, Inc., Appellants.

Supreme Court of Iowa.

Rehearing Denied August 16, 1984.

Attorney(s) appearing for the Case

Robert E. Dreher of Dreher, Wilson, Adams & Jensen, Des Moines, for appellants.

Richard G. Santi of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, Des Moines, for appellees.

Considered en banc.

UHLENHOPP, Justice.

The central question in this appeal concerns the fiduciary duty owed by a corporate director to the corporation and its shareholders when he persuades the corporation to invest essentially all of its assets in a new business venture. The case is bottomed on a breach of that duty, not on breach of contract. The parties argue numerous issues and we have considered all of them, but in this opinion we address...

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