Ernest Lane, III v. Ronald D. Lampkin

CHAMBERLIN, JUSTICE,

FOR THE COURT:

¶ 1. The Chancery Court of Warren County, First Judicial District, found that Ronald Lampkin had breached his fiduciary duties to Limestone Products, Inc. (“Limestone”). 1 Lampkin and James Old-rum Smith'Jr. jointly owned and operated Limestone with a line of credit personally guaranteed by each of them. Upon Smith’s death and his estate’s refusal to guarantee the line of credit, Lampkin formed Delta Stone, a new corporation which operated on the same property, used the same facilities, and sold rock to the same clients to whom Limestone had sold.

¶ 2. Lampkin…