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MORREALE v. MORREALE

Nos. 09-CA-42, 09-CA-43.

10 So.3d 1281 (2009)

Peter J. MORREALE, Sr. v. Peter J. MORREALE, Jr. and Tulane Industrial Laundry, Inc.

Court of Appeal of Louisiana, Fifth Circuit.

Rehearing Denied June 19, 2009.

Attorney(s) appearing for the Case

Bruce A. North, Attorney at Law, Metairie, LA, for Plaintiff/Appellee.

Michael R. Allweiss, Mark S. Stein, Lowe, Stein, Hoffman, Allweiss & Hauver, Attorneys at Law, New Orleans, LA, for Defendant/Appellant.

Panel composed of Judges EDWARD A. DUFRESNE, JR., MARION F. EDWARDS, and CLARENCE E. McMANUS.

CLARENCE E. McMANUS, Judge.

STATEMENT OF THE CASE

In 1945, Peter A. Morreale started Tulane Industrial Laundry, Inc. ("TIL"), a Louisiana Corporation. On October 5, 1998, Peter A. Morreale resigned as an officer and director of the corporation and executed a stock redemption agreement in order to preserve the closely held nature of the family business. Peter A. Morreale's son, Peter J. Morreale, Sr. ("Morreale, Sr."), then became President and Chief...

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