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SQUAW MOUNTAIN CATTLE CO. v. BOWEN

Nos. 90-86, 90-87.

804 P.2d 1292 (1991)

SQUAW MOUNTAIN CATTLE COMPANY, a Wyoming Corporation; Springer Jones; and Donna Jones, Appellants (Defendants), v. Pat BOWEN; Bernard Raymond McGuire, Sr., Irrevocable Trust, Bernard Raymond McGuire, Jr. and Thomas Michael McGuire, Trustees; and Burnett Ranches, a Wyoming Partnership, acting by and through Two Bar-Muleshoe Water Company, a Wyoming Corporation, Appellees (Plaintiffs). Pat BOWEN; Bernard Raymond McGuire, Sr., Irrevocable Trust, Bernard Raymond McGuire, Jr. and Thomas Michael McGuire, Trustees; and Burnett Ranches, a Wyoming Partnership, acting by and through Two Bar-Muleshoe Water Company, a Wyoming Corporation, Appellants (Plaintiffs), v. SQUAW MOUNTAIN CATTLE COMPANY, a Wyoming Corporation; Springer Jones; and Donna Jones, Appellees (Defendants).

Supreme Court of Wyoming.

February 6, 1991.

Attorney(s) appearing for the Case

Thomas S. Smith and Kathleen A. Hunt of Smith (argued), Stanfield & Scott, Laramie, for appellants in No. 90-86 and appellees in No. 90-87.

Rex E. Johnson and D.N. Sherard (argued), Wheatland, for appellees in No. 90-86 and appellants in No. 90-87.

Before URBIGKIT, C.J., and THOMAS, CARDINE, MACY and GOLDEN, JJ.

CARDINE, Justice.

The minority shareholders in the Two Bar-Muleshoe Water Company (Muleshoe) brought this derivative action against the corporation's majority stockholder and president, Springer Jones, his wife and their ranch corporation, Squaw Mountain Cattle Company, for converting corporate assets. The action resulted from Jones causing the bulk of a $1.25 million settlement from litigation to be distributed to himself...

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