McKenna v. Capital Resource Partners, IV, L.P.

Barnes, Chief Judge.

The appellant-plaintiffs are minority shareholders in Loyalty-works. They sued the company and its majority shareholder Capital Resource Partners, IV, L.P. (CRP) to enforce a verbal settlement agreement. The defendants denied reaching an agreement, contending that any agreement had to be in writing to be binding. Loyalty-works also counterclaimed against plaintiff Rorke on a promissory note he had signed in exchange for exercising his option to buy stock in the company. The trial court granted summary judgment to the appellee-defendants on the main complaint, and to…