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NORTHWEST INVESTMENT CORP. v. WALLACE

No. 05-0340.

741 N.W.2d 782 (2007)

NORTHWEST INVESTMENT CORP., Appellant, v. Emmett Lee WALLACE, William R. Harvey and Helen I. Harvey, Appellees.

Supreme Court of Iowa.

Rehearing Denied November 19, 2007.

Attorney(s) appearing for the Case

John F. Lorentzen of Nyemaster, Goode, West, Hansell & O'Brien, P.C., Des Moines, for appellant.

Terry M. Giebelstein of Lane & Waterman, LLP, Davenport, for appellee Emmett Lee Wallace.

Steven H. Jacobs of Betty, Neuman & McMahon, LLP, Davenport, for appellees Harveys.

STREIT, Justice.

"This is a story about control."1 Minority shareholders who were required to redeem their shares after a reverse stock split refused to accept the corporation's offer to buy back their shares. They complained the offer did not include the additional amount a buyer would theoretically pay to own a controlling interest in the corporation. The district court held the proper valuation...

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