Christiansen v. Rolich Corp.

OPINION

FRANKS, Judge.

Elizabeth T. Austin (“Lisa”) appeals the dismissal of her shareholder derivative action on behalf of her deceased mother’s estate.

Lisa is one of three children of Mary T. and Robert C. Austin, Sr., the other children being Christy and Robert, Jr. At all times relevant to this suit the children owned stock in a closely held family corporation, Rolich, along with their mother as follows:

[[Image here]]

Lisa 234 shares

Robert, Jr. 196 shares

Christy 188 shares

TOTAL 1000 shares

In 1987 Rolich Corporation acquired a 70% majority control of another corporation, Una-ka, in a…