Gaynor v. Buckley

SOLOMON, Chief Judge.

Plaintiff, a minority stockholder in Georgia-Pacific Corporation (G-P) brought this derivative action on behalf of the corporation against its board of directors and Mr. Jack Brandis, one of its officers. 1 Plaintiff seeks the cancellation of a stock option granted Brandis and an accounting on a joint venture between G-P and a group of corporations controlled by Brandis. This venture culminated in G-P’s purchase of the Brandis interests. Plaintiff asserts that the joint venture diverted a G-P corporate opportunity to Brandis and that the price paid for Brandis’…