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THOMAS v. NORTH 40 LAND DEVELOPMENT, INC.

No. 2004-CA-0610.

894 So.2d 1160 (2005)

Elton THOMAS and Judy T. Routzahn, Individually and on Behalf of all Other Shareholders of North 40 Land Development, Inc. v. NORTH 40 LAND DEVELOPMENT, INC. and Darold D. Sercovich, Sr., Kim Chandler and Jesuit Bend Lands, Inc.

Court of Appeal of Louisiana, Fourth Circuit.

January 26, 2005.

Attorney(s) appearing for the Case

Robert A. Mathis, Newman, Mathis, Brady & Spedale, APLC, Metairie, Counsel for Defendants/Appellees (Iberiabank and Iberia Jesuit Property, Inc.).

Geoffrey H. Longenecker, Longenecker & Associates, Ltd., Covington, Francis J. Lobrano, Joyce Cossich Lobrano, Lobrano & Lobrano, Belle Chasse, Counsel for Defendants/Appellants (Gary T. Sercovich, Individually, and on Behalf of North 40 Land Development, Inc.).

Court composed of Judge CHARLES R. JONES, Judge PATRICIA RIVET MURRAY, Judge DENNIS R. BAGNERIS, Sr.

MURRAY, J.

This is a shareholders' derivative action. This action was brought originally by two of the three shareholders of North 40 Land Development, Inc. ("North 40"), Elton Thomas and his daughter, Judy Routzahn, against, among others, the third North 40 shareholder, Darold Sercovich, Sr. ("DD"); Kim Chandler, an officer of North 40; and DD's wholly owned corporation, Jesuit Bend Lands, Inc. ("Jesuit Bend")(the "Thomas Derivative Action"). The Thomas Derivative...

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