PENNFIELD OIL CO. v. WINSTROM

No. S-04-982.

720 N.W.2d 886 (2006)

272 Neb. 219

PENNFIELD OIL COMPANY, a Nebraska corporation, appellee and cross-appellee, v. W.L. WINSTROM, individually and as Personal Representative of the Estate of R.W. Winstrom, appellee and cross-appellant, and Andrew L. Winstrom, appellant and cross-appellee.

Supreme Court of Nebraska.

August 18, 2006.


Attorney(s) appearing for the Case

David A. Domina and James F. Cann, of Domina Law, P.C., Omaha, for appellant.

John R. Douglas, Brien W. Welch, and Daniel J. Epstein, of Cassem, Tierney, Adams, Gotch & Douglas, Omaha, for appellee W.L. Winstrom.

Rodney M. Confer and Jeanelle R. Lust, of Knudsen, Berkheimer, Richardson & Endacott, L.L.P., Lincoln, for appellee Pennfield Oil Company.

HENDRY, C.J., WRIGHT, CONNOLLY, GERRARD, STEPHAN, McCORMACK, and MILLER-LERMAN, JJ.


GERRARD, J.

FACTUAL BACKGROUND

Pennfield Oil Company (Pennfield) is a closely held Nebraska corporation, formed in 1947 by R.W. Winstrom (R.W.). It has been a subchapter S corporation since 1987. At the time of the corporation's formation, R.W. held 50 shares of stock, as did J.P. Stocker. Another 20 shares were later issued to V.J. Lich, and in 1948, the three shareholders entered into an agreement (the 1948 agreement) generally requiring redemption of...

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