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Category > Law Posted 19 Jun 2017 My Price 4.00

Albert is a director and the majority shareholder of Burien Widgets Corporation

Albert is a director and the majority shareholder of Burien Widgets Corporation. Albert buys, for $2,500, an option to purchase a tract of real estate for $70,000. Albert forms a new corporation, Albert’s Investments, Inc., to hold the option. As the majority shareholder, and thus controlling director, of Burien Widgets, Albert orders Burien Widgets to authorize the pur­chase of the land from Albert’s Investments for $500,000. Albert then has Albert’s Investments buy the land and sell it to Burien Widgets, and loan the money to Burien Widgets for the purchase at a 20 percent interest rate. Donald, a minority shareholder in Burien Widgets, complains to Burien’s board, which takes no action. Donald files a suit against Albert on Burien Widget’s behalf. Will Donald prevail? Please fully explain your answer and support it with at least one example

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SuperTutor
(15)
Status NEW Posted 19 Jun 2017 07:06 AM My Price 4.00

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