Wood v. Tricon Metals & Services, Inc.

Warren Wood appeals from a summary judgment in favor of Tricon Metals Services, Inc. ("Tricon"), and Walter H. Ferguson.

Wood, Ferguson, and James Bell formed Tricon in 1968, since which time it has sold high strength steel products, primarily for mining and industrial applications. Wood, Ferguson, and Bell jointly ran Tricon, each serving as an officer, director, and salesman for Tricon. Each owned 300 of the 900 shares of stock issued.

In 1975 Wood formed Transam Metals, Inc. ("Transam"), a Florida corporation; it also sold metal products. Wood assured Bell and Ferguson that Transam would not…