Squaw Mountain Cattle Co. v. Bowen

CARDINE, Justice.

The minority shareholders in the Two Bar-Muleshoe Water Company (Muleshoe) brought this derivative action against the corporation’s majority stockholder and president, Springer Jones, his wife and their ranch corporation, Squaw Mountain Cattle Company, for converting corporate assets. The action resulted from Jones causing the bulk of a $1.25 million settlement from litigation to be distributed to himself and his relatives. The trial court found generally in the minority shareholders’ favor, but declined to assess punitive and exemplary damages. Both parties appeal.

We affirm…