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COMMERCIAL RECYCLING CENTER v. HIAK

No. S-12616.

228 P.3d 93 (2010)

COMMERCIAL RECYCLING CENTER, LTD., an Alaska Limited Partnership, and Gregory Tiplady, Appellants, v. HOBBS INDUSTRIES, INC., an Alaska corporation, Hobbs Industries, a Washington corporation, Slana Energy, Inc., an Alaska corporation, Alaska Steam & Diesel, Inc., a Washington corporation, Castle Mountain Mining Co., Ltd., Austin R. Hobbs, and Lori L. Hobbs, Appellees.

Supreme Court of Alaska.

April 9, 2010.

Attorney(s) appearing for the Case

Kenneth P. Jacobus, Kenneth P. Jacobus, P.C., Anchorage, for Appellants.

Robert K. Reiman, Law Offices of Robert K. Reiman, Anchorage, for Appellees.

Before: FABE, Chief Justice, EASTAUGH, WINFREE, and CHRISTEN, Justices.

OPINION

FABE, Chief Justice.

I. INTRODUCTION

In 1996 the shareholders of Hobbs Industries, Inc. signed a buyout agreement under which James Cucullu and Gregory Tiplady sold their shares to Austin and Lori Hobbs. The Hobbses experienced difficulty fulfilling the terms of the buyout almost immediately. In 1998 Cucullu and Tiplady sent the Hobbses a letter declaring a rescission of the buyout agreement...

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