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POTTER v. POHLAD

No. C5-96-1921.

560 N.W.2d 389 (1997)

James A. POTTER, as Trust Administrator of the MEI Liquidating Estates created under the Amended Plan of Reorganization of the Official Committee of Unsecured Creditors for MEI Diversified, Inc., MEI Salon Corp., Essanelle Salon Co., The Glemby Company, Inc., Maxim's Beauty Salons, Inc., Sophia Beauty Salons (N.Y.), Inc., Glemby Int'l Washington, Inc., Glemby Int'l Missouri, Inc., Salon Service, Inc., Appellant, v. Carl R. POHLAD, et al., Respondents.

Court of Appeals of Minnesota.

March 4, 1997.

Attorney(s) appearing for the Case

Craig W. Gagnon, Edward T. Wahl, Peter R. Bisio, Oppenheimer Wolff & Donnelly, Minneapolis, for Appellant.

Gregory P. Joseph, Fried, Frank, Harris, Shriver & Jacobson, New York City, for Respondents.

David P. Pearson, Thomas H. Boyd, Winthrop & Weinstine, St. Paul, for Respondents.

Considered and decided by LANSING, P.J., PETERSON and MANSUR, JJ.

OPINION

LANSING, Judge.

A trust administrator brought suit against three corporate officers alleging violation of their fiduciary duties after the corporation was bankrupted by a failed acquisition and joint venture. The district court granted summary judgment in favor of the officers, ruling that they were protected by the business judgment rule. We affirm.

FACTS

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