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FAIRCLOTH v. BEARD

No. 8615SC270.

349 S.E.2d 609 (1986)

Charles L. FAIRCLOTH and Lonnie Vance Michael v. Hugh Joseph BEARD, McDaniel Lewis Beard, Beard Fabrics, Inc., Beard Properties, Limited, a partnership, and HJB Properties, Limited, a partnership.

Court of Appeals of North Carolina.

November 4, 1986.

Attorney(s) appearing for the Case

Ridge, Richardson & Johnson by Paul H. Ridge and Daniel Snipes Johnson, Graham, for appellants.

Hemric, Hemric & Hemric, P.A. by H. Clay Hemric and Nancy G. Hemric, and Wishart, Norris, Henninger & Pittman, P.A. by W. Kelly Elder, Jr., Burlington, for appellees.

ORR, Judge.

Appellants are four of five defendants named in a shareholder derivative suit brought by plaintiffs Faircloth and Michael on behalf of the North Carolina corporation Beard Fabrics, Inc. Plaintiffs' original complaint, filed in Alamance County 21 May 1982, alleged self-dealing by defendants and requested relief in the form of damages, the imposition of a constructive trust or equitable lien upon any real property owned by the corporation, court-supervised...

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