Ludington Fruit Exchange, Inc v. Dolson

This is a case of first impression involving the buyout rights of a dissenting stockholder upon the merger of cooperative corporations.

Petitioner appeals as of right from the trial court’s valuation of respondent’s common stock at $6,333.65. Respondent cross appeals. We affirm in part, reverse in part, and remand.

Petitioner is a for-profit cooperative corporation organized under MCL 450.98 - 450.109; MSA 21.99 - 21.110 for the purpose of selling its members’ fruit crops. Respondent was the cooperative’s general manager from March 1988 to about January 1990.

In April of 1990, because of…