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BRINCKERHOFF v. JAC HOLDING CORPORATION

263 A.D.2d 352 (1999)

692 N.Y.S.2d 381

PETER R. BRINCKERHOFF et al., Respondents, v. JAC HOLDING CORPORATION et al., Appellants, et al., Defendant.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided July 1, 1999.

Plaintiffs, minority shareholders of Hoover Group, Inc., a Delaware corporation, commenced a derivative action on behalf of the corporation against its directors, alleging breach of fiduciary duty and corporate waste in connection with the corporation's sale of its 41% stock interest in JAC Products, Inc. for what is alleged to be grossly inadequate consideration. We agree with the motion court that pursuant to New York's borrowing...

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