Place v. P.M. Place Stores Co.

ULRICH, Chief Judge, Presiding Judge.

Appellants, Phillip Place, Sharon Place, Kathleen Faye Place Trust, and Billy H. Place Trust, shareholders of P.M. Place Stores Company (Company), appeal the judgment of the trial court in favor of the Company and 19 other defendants regarding a June 30, 1993 transfer of the Company’s treasury stock to former stockholders. The transfer affected control of the Company. Appellants sought a rescission by the trial court of the June 30, 1993 transfer claiming that it was not authorized by a valid board of directors. They also sought a declaration that all…