Young v. General Acceptance Corp.

ON PETITION TO TRANSFER

BOEHM, Justice.

This case concerns the proper application of Indiana's Control Share Acquisition Statute where the control at issue does not arise from the acquisition of shares, but by a contractual agreement to elect certain members to a public corporation's board of directors.

Factual and Procedural Background

In 1988, Malvin and Russell Algood, father and son, founded a closely held consumer finance company, General Acceptance Corporation ("GAC"). GAC was initially owned exclusively by Algood family members. Its business was the funding and servicing of high-risk…