Legal Opinion
Advanced Communication Design, Inc. v. Follett
Supreme Court of Minnesota
Decided August 3, 2000No. C1-99-778PublishedCited by 26 opinions
1Opinion of the Court
OPINION
STRINGER, Justice.
We granted review to consider whether, in a court-ordered buy-out of a minority shareholder pursuant to Minn.Stat. § 302A.751 (1998), a marketability discount should be applied to the value of the shares, and whether in a closely held corporation a minority shareholder with only nonvoting shares owes a fiduciary duty to the corporation or its other shareholders.
Appellant Advanced Communication Design, Inc. (ACD) brought suit against respondent Brian Follett (respondent), a shareholder and former employee, alleging several claims including breach of fiduciary duty as a…
2Cases cited17 opinions
- Cavalier Oil Corp. v. HarnettSupreme Court of Delaware · 1989
- Harry Lewis v. Al KnutsonCourt of Appeals for the Fifth Circuit · 1983
- Raymond Alton Priddy, (88-1299) v. Asher B. Edelman, Martin Warshofsky v. Fruehauf Corporation, Raymond Alton Priddy, Objector-Appellant, (88-1867)Court of Appeals for the Sixth Circuit · 1989
- Balsamides v. Protameen Chemicals, Inc.Supreme Court of New Jersey · 1999
- Matter of Seagroatt Floral Co. Inc.(riccardi)New York Court of Appeals · 1991
12 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Pueblo Bancorporation v. Lindoe, Inc.Supreme Court of Colorado · 2003
- U.S. Bank N. A. v. Cold Spring Granite Co.Supreme Court of Minnesota · 2011
- Kortum v. JohnsonNorth Dakota Supreme Court · 2008
- Brekke v. THM Biomedical, Inc.Supreme Court of Minnesota · 2004
- Brown v. Arp and Hammond Hardware CompanyWyoming Supreme Court · 2006
21 more not listed; retrieve them via the Exa API.