Riney v. Weiss & Neuman Shoe Co.

Plaintiffs appeal from a trial court’s order granting defendant summary judgment in this suit for conversion. We affirm.

Plaintiffs in this matter are former shareholders of the Susan Lee Corporation (SLC). Plaintiff William Riney owned 50% of the SLC stock, and plaintiffs Deborah Campbell and Paula Woolen each owned 25% of the stock. SLC was the sole owner of Roland’s of Blooming-ton, Inc. (Roland’s), which operated retail clothing stores in Champaign and Bloomington, Illinois.

On November 7, 1986, L&L Acquisitions, Inc. (L&L), purchased all shares of SLC stock from plaintiffs for $700,000. At…