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Home / Opinion Digests / Corporate – Closely-Held – Distribution Of Assets – Shareholder Liability (access required)

Corporate – Closely-Held – Distribution Of Assets – Shareholder Liability (access required)

Although the purchaser/share holders of the stock in the car dealership did not hold corporate meetings or elect corporate directors as required by statute, the shareholders nevertheless could be sued by the sellers, for their alleged "unlawful distribution of assets" of the dealership. Plaintiff sellers of the dealership stock alleged that defendants distributed automotive and related ...

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