King v. Ballard

McCLOUD, Chief Justice.

Tommy Ballard entered into a written agreement to purchase 8220 shares of stock of The Bank of Woodson from Bill King, Cecil King, Zanna Anderson and Marvin Bellah. The contract provided that Ballard would purchase the controlling interest in the bank for $60.10 per share for a total of $494,022. Following the sale, Ballard sued the sellers of the stock urging several causes of action. The bank sued the sellers, as officers and directors, alleging that they violated their fiduciary duties. At the time of the sale, Bill King served as president of the bank and the other…