Penn v. Pemberton & Penn, Inc.

This is a controversy between the minority and the majority shareholders of Pemberton & Penn, Inc., a solvent corporation. J. Pemberton Penn, at the time of his death in 1947, was a director, president, and owner of 1,500 shares, or one-third of the outstanding stock of the corporation. The other 3,000 shares were owned by George R. Penn, Richard T. Penn, Elizabeth Penn Carter, and Everett E. Carter, who were, and are, officers and directors. J. Pemberton Penn, Jr., and American National Bank & Trust Company qualified as personal representatives of J. Pemberton Penn, and instituted this suit…