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BUSINESS AVIATION OF S.D. v. MEDIVEST

No. 880432.

882 P.2d 662 (1994)

BUSINESS AVIATION OF SOUTH DAKOTA, INC.; Richard F. Corrington, individually and as trustee for Corrington Trust A, Corrington Trust B, and Corrington Trust C; Frances B. Corrington; Richard F. Corrington, Jr.; William B. Corrington; James F. Corrington; Frances Corrington; The Corrington Foundation; Lime Kiln Arts, Inc.; Lincoln Partners; Stephen J. Williams; Nicholas Julian, Jr.; John F. Hanzel; John W. Cookson; Richard Cummings; Sedona Self-Realization Group; William J. Jennings; Glenn R. Lowe; and Wallace M. Rudolph, Plaintiffs and Appellees, v. MEDIVEST, INC.; Eugene R. McDannald, Jr.; William R. Stoddard; John M. Williams; Robert W. Lynch; and William R. Reid, Defendants and Appellants.

Supreme Court of Utah.

October 13, 1994.

Attorney(s) appearing for the Case

Richard J. Leedy, Salt Lake City, for plaintiffs.

Thomas N. Crowther, Salt Lake City, for defendants.

RUSSON, Justice:

Defendants Medivest, Inc. (Medivest), and the five members of its board of directors appeal from that portion of the trial court's entry of final judgment which held that (1) the Medivest shares of stock issued to three members of the board on July 13, 1988, are control shares subject to the provisions of the Control Shares Acquisitions Act, Utah Code Ann. §§ 61-6-1 to -12, and (2) the Medivest shares of stock owned by plaintiffs, who are...

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