Browning v. C & C PLYWOOD CORP.

In early 1963 defendants Campbell, Winn and Riddlesbarger, as the majority stockholders and directors of defendant C & C Plywood Corp., successfully culminated a plan to increase the capital stock of the defendant corporation. The recapitalization of the corporation virtually eliminated plaintiffs’ previously owned 32 percent of the outstanding stock. Plaintiffs, alleging that defendants’ acts were illegal, fraudulent and oppressive,① filed this suit, seeking to be restored to their 32 percent interest in the corporation. The trial court dismissed plaintiffs’ suit and they appeal. Although…