Kalabogias v. Georgou

Plaintiffs, brothers Thomas and George Kalabogias, 49% shareholders in the Contessa Main Street Corporation (the Corporation), brought an action against Peter and Mary Ann Georgou, 51% shareholders in the Corporation, Ethel Nagode, and the Corporation seeking the Corporation’s dissolution. Prior to trial, the circuit court granted the petition of the original defendants to purchase plaintiffs’ stock as an alternative to dissolving the Corporation. Accordingly, a bench trial to determine the “fair value” of plaintiffs’ shares was held, after which the court ordered the Corporation to purchase…