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HEAD v. LANE

No. 85-2207.

495 So.2d 821 (1986)

Thomas A. HEAD, Etc., Appellants, v. Paul G. LANE, Pine Creek Development Corporation, a Florida Corporation, by and through Paul G. Lane, Robert G. Currie, Herbert Schaffer and Lemon Bay Breezes Development Corporation, a Florida Corporation, Appellees.

District Court of Appeal of Florida, Fourth District.

October 1, 1986.

Attorney(s) appearing for the Case

Bruce Zeidel of Law Offices of Cohen, Scherer & Cohn, P.A., North Palm Beach, for appellants.

Jeff M. Brown of Law Offices of LaValle, Wochna, Rutherford & Brown, P.A., Boca Raton, for appellees.

WETHERINGTON, GERALD T., Associate Judge.

This appeal involves a shareholder's derivative action commenced by appellee, Paul Lane, on behalf of appellee, Pine Creek Development Corporation, of which Lane and appellants, Head, Schaffer and Currie, were equal 25% shareholders. The action is premised upon the theory that appellants breached a fiduciary duty that they owed to appellee, Pine Creek, by usurping Pine Creek's corporate opportunity to purchase and develop...

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