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GRATO v. GRATO

272 N.J. Super. 140 (1994)

639 A.2d 390

LOIS GRATO & THOMAS GRATO, PLAINTIFFS-RESPONDENTS/CROSS-APPELLANTS, v. LOUIS GRATO, WILLIAM GRATO, STEPHEN GRATO, GRATO & SONS TRUCKING COMPANY, INC., EASTERN MOTOR FREIGHT, INC., G & S INDUSTRIES, INC., AND INTERNATIONAL MOTOR FREIGHT, INC., DEFENDANTS-APPELLANTS/CROSS-RESPONDENTS. LOIS GRATO & THOMAS GRATO, PLAINTIFFS-RESPONDENTS/CROSS-APPELLANTS, v. LOUIS GRATO, WILLIAM GRATO & STEPHEN GRATO, DEFENDANTS-APPELLANTS/CROSS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided April 6, 1994.

Attorney(s) appearing for the Case

Patrick T. Collins argued the cause for appellants (Franzblau, Dratch & Friedman, attorneys; Stephen N. Dratch, of counsel; Steven Pasternak, on the brief).

Les Bierman, attorney, argued the cause for respondents (Mr. Bierman, of counsel and on the brief).

Before Judges BAIME, CONLEY and VILLANUEVA.

The opinion of the court was delivered by CONLEY, J.A.D.

This appeal and cross-appeal involve the dissolution of closely-held family corporations and the continuation by defendants, majority shareholders, of the business under a different corporate name. The trial judge concluded defendants' conduct breached their fiduciary duties and awarded plaintiffs the value of their interest in the business as it has been continued under the new corporate name. Defendants appeal...

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