Oberhelman v. Barnes Investment Corp.

The opinion of the court was delivered by

Holmes, J.:

This is an action brought by a minority shareholder of a close corporation on his own behalf and as a stockholder’s derivative action on behalf of the corporation. Plaintiff, Homer H. Oberhelman, seeks to recover the principal and interest on loans Barnes Investment Corporation (Barnes, or the corporation) made to defendant Arthur M. Nease, Jr., who is the majority shareholder, president, and chairman of the Board of Directors. Plaintiff also sought punitive damages. The trial court entered judgment for defendants and plaintiff appeals.

The…