Legal Opinion
Rexford Rand Corporation v. Gregory Ancel
Court of Appeals for the Seventh Circuit
Decided June 30, 1995No. 94-2529PublishedCited by 72 opinions
1Opinion of the Court
FLAUM, Circuit Judge.
This diversity ease requires us to consider whether a minority shareholder’s duty of loyalty to a closely held corporation continues after he has been “frozen out.” Rexford Rand Corporation (“Rexford Rand”) is a closely held corporation registered in Illinois. 1 Gregory Ancel (“Gregory”) owns 25% of the corporation’s stock. Albert Ancel (“Albert”), Gregory’s brother, also owns 25%, and Selwyn Ancel (“Selwyn”), Albert and Gregory’s father, owns the remaining 50%. Albert serves as President, Chief Executive Officer, Treasurer, and as a director of Rex-ford Rand. Selwyn is…
2Cases cited31 opinions
- McNutt v. General Motors Acceptance Corp.Supreme Court of the United States · 1936
- Saint Paul Mercury Indemnity Co. v. Red Cab Co.Supreme Court of the United States · 1938
- Hunt v. Washington State Apple Advertising CommissionSupreme Court of the United States · 1977
- Walker v. City of BirminghamSupreme Court of the United States · 1967
- Donahue v. Rodd Electrotype Co. of New England, Inc.Massachusetts Supreme Judicial Court · 1975
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3Cited by72 opinions
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- The Wellness Community Tm-National v. Wellness House F/k/a the Wellness Community Tm Chicago/western SuburbsCourt of Appeals for the Seventh Circuit · 1995
- Willie May Anthony v. Security Pacific Financial Services, IncorporatedCourt of Appeals for the Seventh Circuit · 1996
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