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NOEL v. PIZZA MANAGEMENT, INC.

No. 69,583

258 Kan. 3 (1995)

WALLACE R. NOEL, LARRY D. NOEL, and MICHAEL L. NOEL, Appellants, v. PIZZA MANAGEMENT, INC., a corporation, and ARTURO G. TORRES, Appellees.

Supreme Court of Kansas.

Opinion filed July 14, 1995.

Attorney(s) appearing for the Case

Robert Martin, of Martin, Pringle, Oliver, Wallace & Swartz, L.C., of Wichita, argued the cause, and Richard K. Thompson, of the same firm, was with him on the briefs for appellants.

Ron D. Beal, of Klenda, Mitchell, Austerman & Zuercher, of Wichita, argued the cause, and Gary M. Austerman, of the same firm, was with him on the brief for appellees.

The opinion of the court was delivered by

SIX, J.:

This case arises in a corporate setting and includes allegations of breach of fiduciary duty, breach of a third-party beneficiary contract, and fraud in the initial distribution of stock. The litigation is fueled by the tension resulting from Pizza Management, Inc.'s (PMI) failed attempt in 1986 to go public. PMI, a defendant, was a closely held Texas corporation and a franchisee of numerous Pizza Hut restaurants...

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