McKENZIE v. EASTERN IOWA TIRE, INC.

No. 88-1243.

448 N.W.2d 464 (1989)

Robert J. McKENZIE, Appellant, v. EASTERN IOWA TIRE, INC., Defendant, v. John A. CARVER, Intervenor-Appellee.

Supreme Court of Iowa.

November 22, 1989.


Attorney(s) appearing for the Case

R. Richard Bittner and Michael K. Bush of Carlin, Hellstrom & Bittner, Davenport, for appellant.

Charles W. Brooke and Richard A. Davidson of Lane & Waterman, Davenport, for intervenor-appellee.

Considered by SCHULTZ, P.J., and CARTER, LAVORATO, SNELL and ANDREASEN, JJ.


SCHULTZ, Justice.

In 1984 Robert McKenzie brought an action to liquidate the assets of Eastern Iowa Tire, Inc. (Eastern) pursuant to Iowa Code section 496A.94. McKenzie and John A. Carver each owned fifty percent of the corporate stock. In his petition McKenzie alleged that the directors and shareholders were deadlocked, the corporate assets were misapplied or wasted, and the corporation had a negative net worth. He asked the court to appoint a liquidating receiver...

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