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  5. 849 S.W.2d 504 (1993)
 

SMITH v. EASTGATE PROPERTIES, INC.

No. 92-692.

849 S.W.2d 504 (1993)

312 Ark. 355

H.L. "Pete" SMITH, Appellant, v. EASTGATE PROPERTIES, INC., Richard Stofer, and Henry Allen, Appellees.

Supreme Court of Arkansas.

March 22, 1993.

Attorney(s) appearing for the Case

Wright, Lindsey & Jennings, Little Rock, for appellant.

Eudox Patterson, Hot Springs, for appellee.

NEWBERN, Justice.

This case involves the remedies to be afforded a dissenting shareholder of a closely held corporation when a majority of the shareholders vote to sell substantially all the corporate assets. The appellant, H.L. "Pete" Smith, argues the Chancellor erred by substituting the equitable remedy of foreclosure for the legal remedy of determining the fair value of his shares under Ark.Code Ann. § 4-26-904(f)(2)(A) (Repl.1991) when acting pursuant to...

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