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HUFFMAN v. ALTEC INTERNATIONAL INC.

No. 93-0782.

200 Wis.2d 78 (1996)

546 N.W.2d 162

Thorn C. HUFFMAN, and John A. Eriksson, Plaintiffs-Appellants, v. ALTEC INTERNATIONAL, INC., Defendant-Third Party Plaintiff-Respondent, v. EQUIVEST ASSOCIATES, an Oklahoma partnership consisting of Joseph A. Frates, Robert E. Merrick, P. Peter Prudden III, J. Anthony Frates, and Stephen I. Frates, Third Party Defendants.

Court of Appeals of Wisconsin.

Decided January 11, 1996.

Attorney(s) appearing for the Case

For the plaintiffs-appellants the cause was submitted on the briefs of Murray E. Abowitz and Norman Lemonik of Abowitz, Welch & Rhodes, P.C. of Oklahoma City, Oklahoma, and Marvin H. Davis of Davis, Birnbaum, Marcou, Devanie & Colgan of La Crosse. Oral argument by Norman Lemonik.

For the defendant-third party plaintiff-respondent the cause was submitted on the briefs of Brent P. Smith of Johns & Flaherty, S.C. of La Crosse. Oral argument by Brent P. Smith.

Before Eich, C.J., Gartzke, P.J., and Sundby, J.

SUNDBY, J.

Plaintiffs Thorn C. Huffman and John A. Eriksson brought this action against Altec International, Inc., claiming rights as shareholders. They contend that Altec should have made cash distributions to them as shareholders and not to Equivest Associates, through whom they obtained their Altec shares. They also claim that Altec breached its fiduciary duty to them as shareholders when it made a corporate loan to other Altec shareholders to purchase their stock...

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