Strong v. Fromm Laboratories, Inc.

The plaintiff’s cause of action for a forced liquidation of Fromm Laboratories, Inc., is based upon sec. 180.771, Stats., reading in part as follows:

“(1) Circuit courts have power to liquidate the assets and business of a corporation:

“(a) In an action by a shareholder when it is established:

“1. That the directors are deadlocked in the management of the corporate affairs and the shareholders are unable to break the deadlock, and that irreparable injury to the corporation is being suffered or is threatened by reason thereof; or

“2. That the acts of the directors or those in control of the…