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INTERNATIONAL INS. CO. v. JOHNS

No. 88-5530.

874 F.2d 1447 (1989)

INTERNATIONAL INSURANCE CO., a corporation, Plaintiff-Appellant, v. Alfred M. JOHNS, James W. McFadden, Thomas V. Ogletree, Richard W. Sherman, and G. Paul Whorton, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

June 7, 1989.

Attorney(s) appearing for the Case

Bruce G. Hermelee, Hermelee, Coward & Minkin, P.A., Todd A. Cowart, Miami, Fla., for plaintiff-appellant.

Lewis R. Mills, Audrey G. Fleissig, St. Louis, Mo., Jerome A. Pivnik, Miami, Fla., for defendants-appellees.

Before VANCE and COX, Circuit Judges, and KING, Chief District Judge.

JAMES LAWRENCE KING, Chief District Judge:

In this appeal we examine golden parachutes1 and corporate control from an insurance law perspective. A Florida corporation's board of directors adopted golden parachutes for several key executives. After change in corporate control opened the parachutes, a disgruntled shareholder instituted a derivative action, alleging that the parachute payments were corporate waste. The directors settled the...

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