White v. Investors Management Corp.

DONALD RUSSELL, Circuit Judge:

The plaintiff Richard M. White (hereafter “White”) asserts in his complaint that the defendant Investors Management Corporation (hereafter “IMC”) and its directors improperly and fraudulently sought, in redeeming the plaintiff’s stock in IMC, to deprive him of the proper amount due under the redemption. The defendants contend this proposed payment in redemption was as authorized under its Articles of Incorporation.1 The Articles of Incorporation of IMC provide two methods of redeeming the Special Common Stock in such corporation owned by the plaintiff. One of…