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BAYLISS v. CERNOCK

No. B14-87-00800-CV.

773 S.W.2d 384 (1989)

Geoffrey S. BAYLISS, Appellant, v. Paul J. CERNOCK, et al., Appellees.

Court of Appeals of Texas, Houston (14th Dist.).

Rehearing Denied July 13, 1989.

Attorney(s) appearing for the Case

Van E. McFarland, James D. Pierce, Houston, for appellant.

Richard F. Bergner, Houston, for appellees.

Before MURPHY, ROBERTSON and SEARS, JJ.

OPINION

ROBERTSON, Justice.

In this stockholders' derivative action Geoffrey Bayliss, Donald Van Delinder, and Geochem Laboratories, Inc. alleged that Paul Cernock breached his fiduciary duty to Reservoirs, Inc. by issuing 3000 undervalued shares of its stock to himself and two directors of Reservoirs, Inc. The jury found Cernock breached his duty by issuing the undervalued stock and the trial court rendered judgment for the amount the stock was undervalued...

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