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SKAFLESTAD v. HUNA TOTEM CORP.

No. S-10353.

76 P.3d 391 (2003)

Alf R. SKAFLESTAD and Karlene Greenewald, for themselves and for all others who are similarly situated, Appellants, v. HUNA TOTEM CORPORATION, and Huna Totem Corporation Shareholder Settlement Trust, Appellees.

Supreme Court of Alaska.

Rehearing Denied October 16, 2003.

Attorney(s) appearing for the Case

Fred W. Triem, Petersburg, for Appellants. Bruce E. Gagnon, Atkinson, Conway & Gagnon, for Appellee Huna Totem Corporation Shareholder Settlement Trust.

Daniel G. Bruce, Baxter Bruce & Sullivan, P.C., Juneau, and Barbra Zan Nault, Bankston, Gronning, O'Hara, Sedor, Mills, Givens & Heaphey, P.C., Anchorage, for Appellee Huna Totem Corporation.

Before: FABE, Chief Justice, EASTAUGH, BRYNER, and CARPENETI, Justices.

OPINION

BRYNER, Justice.

I. INTRODUCTION

In keeping with a recommendation by Huna Totem Corporation's board of directors, the company's shareholders voted to put a large sum of available funds into a settlement trust. Certain shareholders later filed a class action, alleging that proxy information Huna Totem sent them in creating the trust was materially misleading because it failed to disclose that, once established, the trust could not...

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