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JAHN v. KINDERMAN

No. 1-02-2335.

814 N.E.2d 116 (2004)

351 Ill. App.3d 15

286 Ill.Dec. 466

Randall T. JAHN, Martin D. Jahn, Sr., Martin A. Jahn, Jr., Eric Emmerick and Cheryl J. Jahn-Allison, Individually and Derivatively on Behalf of Chicago Metallic Corporation, Plaintiffs-Appellants and Cross-Appellees, v. Larry KINDERMAN, Martha Jahn Martin, Reinhardt H. Jahn, Reinhardt E. Jahn, Loren A. Jahn, Gerald Lahey and Chicago Metallic Corporation, Defendants-Appellees and Cross-Appellants.

Appellate Court of Illinois, First District, First Division.

As Modified Upon Denial of Rehearing July 26, 2004.

Attorney(s) appearing for the Case

Freeborn & Peters, Chicago (William N. Howard, Fred Foreman and Robert J. Hall, of counsel), for Appellants/Cross-Appellees.

Sonnenschein Nath & Rosenthal (Gerald E. Fradin, of counsel); Fagel & Haber (Richard H. Chapman, of counsel); McDermott, Will & Emery (Steven P. Handler, Joshua T. Buchman, Amy G. Doehring, of counsel), Chicago, for Appellees/Cross-Appellants.

Modified Upon Denial of Rehearing

Justice McNULTY delivered the opinion of the court:

Under the Business Corporation Act, frozen-out minority shareholders in closely held corporations may seek dissolution of the entity, and majority shareholders may avoid this result via a buyout of the minority at a "fair value" to be determined by the circuit court if the sides are unable to reach an agreement on the terms of sale. The instant matter results from such...

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