Jackson v. Southern Pan & Shoring Co.

Hunt, Justice.

Sarah Jackson appeals the trial court’s grant of summary judgment to Southern Pan and the company’s shareholders voiding her stock purchase warrant; she also appeals the court’s denial of her motion for summary judgment on her counterclaim seeking declaratory relief.

In 1978, Jackson guaranteed a $786,000 loan for Custom Form Leasing Company. As part of the loan transaction, Custom Form incorporated Southern Pan as a wholly-owned subsidiary, eighty percent of whose shares Jackson could purchase for $80,000 by exercising, before 1990, a warrant given her for guaranteeing the loan.…