W. E. Stubblefield v. Belco Manufacturing Company, Inc.

Appellee Belco Manufacturing Company, Inc., sued appellant W.E. (“Gene”) Stubble-field, its former manager and owner, alleging acts of mismanagement that damaged Belco. Following a bench trial, the court awarded Belco recovery against Stubblefield. We will affirm the trial court’s judgment.

In 1986, Steve Jones sold 10,000 shares of stock in Belco to Chemeo, Inc., in return for two promissory notes in the amount of $800,-000 and $20,000. The promissory notes were secured by the 10,000 shares of Belco’s stock. At the same time, Jones leased to Chemeo the land on which Belco was located. The…