Ohaco Sheep Co., Inc. v. Heirs of Ohaco

JACOBSON, Judge.

The issue in this appeal is whether heirs of former shareholders in a corporation are entitled to share in a newly discovered asset of the corporation, absent a breach of fiduciary relationship or fraud at the time the former shareholders sold their stock.

This appeal arises out of the dissolution and distribution of the assets of the Arizona Woolgrowers Association, a non-profit corporation. That proceeding determined that Ohaco Sheep Company, Inc., owned approximately four percent interest in the assets of the Arizona Woolgrowers Association. The dispute here centers upon who…