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WEIGEL BROADCASTING CO. v. SMITH

No. 1-95-1626.

682 N.E.2d 745 (1996)

289 Ill. App.3d 602

225 Ill.Dec. 1

WEIGEL BROADCASTING COMPANY, an Illinois Corporation, Plaintiff-Appellee/Cross-Appellant, v. Lloyd C. SMITH and Darlene v. Smith, Dino Leventis; Robert J. Blesius and George Ukropen and Anita Ukropen; Daniel J. Mccarthy III and Sally C. Mccarthy; John B. Van Duzer, As Trustee of the John B. Van Duzer Trust; malcolm p. Chester and Jacob H. Martin, As Independent Administrators of the Estate of Charles G. Chester; James M. Wilson; The Chicago Corporation; David R. Denis; Donaldson, Lufkin & Jenrette Securities Corporation; Jon Johnsen and Naomi E. Johnsen; Jon Johnsen; defendants-Appellants/Cross-Appellees.

Appellate Court of Illinois, First District, Fourth Division.

Rehearing Denied July 17, 1997.

Attorney(s) appearing for the Case

Robert J. Bates, Jr., Mark G. Sheridan, Bates Meckler, Bulger & Tilson, G. Gale Roberson, Jr., McBridge, Baker & Coles, Chicago; William G. Sullivan, Martin, Brown & Sullivan, Chicago, for Defendants-Appellants.

Bruce S. Sperling, Mitchell H. Macknin, Sperling, Slater & Spitz, P.C., Chicago, for Plaintiff-Appellee.

MODIFIE DENIAL OF PETITION FOR REHEARING

Justice WOLFSON delivered the opinion of the court:

The minority shareholders in this case had no choice: they had to sell their shares to the majority. This dispute concerns the value of the minority shares. To resolve the issue, we have to determine the meaning of the words "fair value" in the Business Corporation Act.

On January 5, 1988, Weigel Broadcasting Co. (Weigel) petitioned the court to determine...

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