Stephens v. McGarrity

Phipps, Judge.

Appellant Richard Stephens and appellee Douglas McGarrity are minority shareholders of Northlake Foods, Inc. William B. Johnson, the majority shareholder of Northlake, also controls other companies, including W. B. Johnson Properties, LLC and JP Aviation, LLC. After Northlake made millions of dollars in loans to Johnson Properties and JP Aviation, McGarrity brought an action asserting both direct and derivative claims against Johnson and his entities and seeking, among other things, a return of the borrowed monies to Northlake. Stephens has brought this appeal from the trial…