REXFORD RAND CORP. v. ANCEL

No. 94-2529.

58 F.3d 1215 (1995)

REXFORD RAND CORPORATION, Plaintiff-Appellee, v. Gregory ANCEL, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided June 30, 1995.


Attorney(s) appearing for the Case

George M. Hoffman (argued), Stan Mitchell Glazier, Neal, Gerber & Eisenberg, Chicago, IL, for plaintiff-appellee.

Thomas V. Malorzo, Dallas, TX (argued), for defendant-appellant.

Before FLAUM, RIPPLE and KANNE, Circuit Judges.


FLAUM, Circuit Judge.

This diversity case requires us to consider whether a minority shareholder's duty of loyalty to a closely held corporation continues after he has been "frozen out." Rexford Rand Corporation ("Rexford Rand") is a closely held corporation registered in Illinois.1 Gregory Ancel ("Gregory") owns 25% of the corporation's stock. Albert Ancel ("Albert"), Gregory's brother, also owns 25%, and Selwyn Ancel ("Selwyn"), Albert...

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