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BALDWIN v. BADER

Nos. 08-2588, 09-1017.

585 F.3d 18 (2009)

Alexander G. BALDWIN, Plaintiff, Appellant/Cross-Appellee, v. John W. BADER; Steven P. Boulet; Michael L. Brousseau; Scott F. Hall; Roger H. Poulin; John A. Powell, Defendants, Appellees/Cross-Appellants.

United States Court of Appeals, First Circuit.

Decided October 19, 2009.

Attorney(s) appearing for the Case

George J. Marcus with whom David C. Johnson and Marcus, Clegg & Mistretta, P.A. were on brief for plaintiff, appellant/cross-appellee.

Paul McDonald with whom Theodore A. Small and Bernstein Shur were on brief for defendants, appellees/cross-appellants.

Before TORRUELLA and BOUDIN, Circuit Judges, and SARIS, District Judge.

BOUDIN, Circuit Judge.

This case arises from two transactions in which WahlcoMetroflex, Inc. ("WMI" or "the company") issued equity shares as compensation for agreements made by most of its shareholders to guaranty personally loans made to WMI. Alexander Baldwin, one of seven shareholders and founders of WMI, filed suit alleging that WMI's directors breached their fiduciary duties to him by issuing the two sets of shares, each of which diluted his stake in WMI. The...

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