IRA v. BRENNER COMPANIES

No. 9021SC1124.

419 S.E.2d 354 (1992)

107 N.C. App. 16

IRA for the Benefit of Philip V. OPPENHEIMER, and Morris I. Karpen, Plaintiffs, v. BRENNER COMPANIES, INC., Abe Brenner, Herbert Brenner, Gertrude P. Brenner, Joseph G. Claud, and Wachovia Bank & Trust Company, N.A., as Personal Representative of the Estate of Wade M. Gallant, Jr., Defendants.

Court of Appeals of North Carolina.

July 21, 1992.


Attorney(s) appearing for the Case

Clark & Wharton by David M. Clark and B. Douglas Martin, Greensboro, and Lowey, Dannenberg, Bemporad & Selinger, P.C. by Richard C. Fooshee, New York City, for plaintiffs-appellants.

Womble Carlyle Sandridge & Rice by William C. Raper and Timothy G. Barber, Charlotte, for defendants-appellees.


COZORT, Judge.

Plaintiffs, minority shareholders of stock in defendant corporation, filed suit in superior court contesting the forced sale of the minority shareholders' stock, commonly referred to as a corporate "freeze-out." The trial court granted summary judgment in favor of defendant corporation and the company's majority shareholders. We find the principal issue raised by plaintiffs' claims concerns the value of the stock and that the statutory appraisal proceeding...

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