EDMUNDS, Judge.
Defendant James D. Peterson was a shareholder and a member of the board of directors of Investment Life & Trust Company (ILT). Faced with the possibility of a hostile corporate takeover of ILT by an unacceptable company, the South Carolina Commissioner of Insurance requested that defendant put together an alternative offer. In response, defendant set up a consortium of investors who formed First Republic Financial Corporation (FRFC), of which defendant...
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