Gibson v. Adams

PUDLOWSKI, Judge.

Edwin S. Gibson (Gibson) formed Madison Metal Services, Inc. (Madison) with Charles H. Adams (Adams) and James V. Murphy (Murphy) in 1981. All three were shareholders of the company. After discharging Gibson in 1991, Adams and Murphy failed to hold shareholders’ or directors’ meetings and raided Madison’s assets without obtaining shareholder or board approval, all to Gibson’s detriment. The trial court found Adams and Murphy had breached their fiduciary duty owed to Gibson. Because substantial evidence exists to support the trial court’s decision, we affirm it’s finding of…