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ST. JAMES CAPITAL v. PALLET RECYCLING

No. C8-98-1545.

589 N.W.2d 511 (1999)

ST. JAMES CAPITAL CORP., et al., Appellants, v. PALLET RECYCLING ASSOCIATES OF NORTH AMERICA, INC., et al., Respondents, Jeffrey E. Otto, Respondent, Don Matre, et al., Respondents.

Court of Appeals of Minnesota.

March 9, 1999.

Attorney(s) appearing for the Case

Timothy D. Kelly, Thomas W. Pahl, Jennifer L. Frisch, Kelly & Berens, P.A., Minneapolis, MN (for appellants)

Geoffrey P. Jarpe, Martha J. Keon, Jeffrey B. Stites, Maun & Simon, P.L.C., St. Paul, MN (for respondents Pallet Recycling Associates of North America, Inc., Robert C. Klas, Reynold P. Flom, William L. Alvey, Thomas S. Schrerier, Kelly O'Neal, and Edward Van)

Mark J. Briol, Briol & Associates, Minneapolis, MN (for respondent Jeffrey E. Otto).

William M. Hart, Mark J. Heley, Meagher & Geer, P.L.L.P., Minneapolis, MN (for respondents James Brill and Don Matre).

Considered and decided by SHORT, Presiding Judge, RANDALL, Judge, and HOLTAN, Judge.

OPINION

RANDALL, Judge.

Appellants argue that the district court erred when it dismissed their claim for failure to state a claim on which relief may be granted and ruled that directors and officers of an insolvent corporation owe no duty of care to creditors of the corporation. We affirm.

FACTS

Appellant St. James Capital Corporation (St.James) is an investment company that is in the business of lending temporary working capital to businesses...

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