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IOWA GATEWAY, INC. v. INTERSTATE POWER CO.

No. 83-138.

350 N.W.2d 141 (1984)

IOWA GATEWAY, INC., An Iowa Corporation, Appellee, v. INTERSTATE POWER COMPANY, A Delaware Corporation, Orba-Johnson Systems, Inc., an Iowa Corporation, Orba Corporation, a Delaware Corporation, Johnson Bros. Corporation, a Minnesota Corporation, and Orba-Johnson Transshipment Company, an Iowa Joint Venture, Orba Transshipment of Iowa, Inc., an Iowa Corporation, and Johnson Bros. Transshipment Corporation of Iowa, Inc., an Iowa Corporation, Appellants.

Supreme Court of Iowa.

Rehearing Denied June 8, 1984.

Attorney(s) appearing for the Case

David L. Hammer and Les V. Reddick of O'Connor, Thomas, Hammer, Bertsch & Norby, Dubuque, for appellant Interstate Power Co.

Gene Krekel of Hirsch, Link, Adams, Hoth & Krekel, Burlington, and Thomas Tinkham of Dorsey & Whitney, Minneapolis, Minn., for appellants Orba-Johnson Systems, Inc., Orba Corp., Johnson Bros. Corp., Orba-Johnson Transshipment Corp., Orba Transshipment of Iowa, Inc., and Johnson Bros. Transshipment Corp. of Iowa, Inc.

Lex Hawkins and Glenn L. Norris of Hawkins & Norris, Des Moines, Ruth E. Walker, Keokuk, and John H. Smith of Dickey, Smith & Kultala, Keokuk, for appellee Iowa Gateway, Inc.

Considered by UHLENHOPP, P.J., and HARRIS, McCORMICK, McGIVERIN, and LARSON, JJ.

LARSON, Justice.

This is an interlocutory appeal from equity rulings in a bifurcated trial involving ownership rights in a transloading facility on the Mississippi River. The district court reserved the law issues for later disposition. The critical issue on appeal is the effect of Iowa Gateway, Inc.'s attempted exercise of an option to repurchase the facility. We conclude the attempted exercise was invalid and therefore reverse on that issue. Other rulings, controlled...

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