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SOUND INFINITI, INCORPORATED EX REL. WA LLC EX REL. RDA v. SNYDER

No. 81923-8.

237 P.3d 241 (2010)

SOUND INFINITI, INC., d/b/a Infiniti of Kirkland, a Washington corporation, ex rel. Afshin Pisheyar, a shareholder thereof; Infiniti of Tacoma at Fife, Inc., a Washington corporation, ex rel. Afshin Pisheyar, a shareholder thereof; S & I of WA LLC, a Washington limited liability company, ex rel. Afshin Pisheyar, a member thereof; RDA Properties, LLC, a Washington limited liability company, ex rel. Afshin Pisheyar, a member thereof; and Afshin Pisheyar, an unmarried individual, Petitioners, v. Richard M. SNYDER and Jeanne C. Snyder, husband and wife, and their marital community; David Hannah and Martha M. Hannah, husband and wife, and their marital community; and Sound Infiniti, Inc., d/b/a Infiniti of Kirkland, a Washington corporation, Respondents.

Supreme Court of Washington, En Banc.

Decided July 22, 2010.

Attorney(s) appearing for the Case

Daniel C. Montopoli, Lucy R. Clifthorne, James A. Krueger, Attorneys at Law, Tacoma, WA, for Petitioners.

Ronald Lewis Berenstain, William C. Rava, Perkins Coie LLP, Seattle, WA, Boyd F. Buckingham Jr., Attorney at Law, Renton, WA, for Respondents.

Kristopher Ian Tefft, Olympia, WA, amicus counsel for Association of Washington Business.

OWENS, J.

¶ 1 This case allows us to consider whether an appraisal proceeding is the exclusive remedy for a dissenting shareholder who was frozen out through a reverse stock split. It is also an opportunity to visit the question of whether there are circumstances under which a divested shareholder has standing in a derivative suit. We affirm the Court of Appeals and hold (1) that the appraisal proceeding in RCW 23B.13.020 is a dissenting shareholder's exclusive...

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