Nesmith v. J&G Shoes, Inc.

Hill, Justice.

The Nesmith family, plaintiffs-appellants, owned 50 percent of the stock in J&G Shoes, Inc. The Elwell family, defendants-appellees, owned the remaining 50 percent. On April 13, 1978, the appellants filed their complaint seeking the appointment of a liquidating receiver. As grounds for liquidation, they alleged that the four directors were deadlocked in the operation of corporate affairs, that the shareholders were unable to break the deadlock, that appointment of a provisional director was impracticable (Code Ann. § 22-1317 (a) (1) (A)), that the president of the corporation,…