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YOUNG v. GENERAL ACCEPTANCE CORP.

No. 53S04-0206-CV-345.

770 N.E.2d 298 (2002)

Rodney E. YOUNG, Jason E. Banach, Karen T. Banach, Ted E. Hall, and Michael E. Hall, on behalf of themselves and all others similarly situated, Appellants (Plaintiffs Below), v. GENERAL ACCEPTANCE CORPORATION, et al., Appellees (Defendants Below).

Supreme Court of Indiana.

June 21, 2002.

Attorney(s) appearing for the Case

Eric Allan Koch, Bloomington, IN, Timothy J. Storm, Chicago, IL, Attorneys for Appellants.

Joseph H. Yeager, Jr., Thomas A. Withrow, O. Wayne Davis, B. Keith Shake, Indianapolis, IN, Geoffrey M. Grodner, Kendra Gowdy Gjerdingen, Lonnie D. Johnson, Bloomington, IN, Attorneys for Appellees.

ON PETITION TO TRANSFER

BOEHM, Justice.

This case concerns the proper application of Indiana's Control Share Acquisition Statute where the control at issue does not arise from the acquisition of shares, but by a contractual agreement to elect certain members to a public corporation's board of directors.

Factual and Procedural Background

In 1988, Malvin and Russell Algood, father and son, founded a closely held consumer finance company,...

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