Chemical Dynamics, Inc. v. Newfeld

CRANDALL, Judge.

Plaintiff, Chemical Dynamics, Inc., d/b/a The Schultz Co. (corporation), appeals from the judgment, in a court-tried case, in favor of defendants, Lawrence Newfeld, Frieda Newfeld, his wife, Harry Schultz, Darlene Schultz, his wife, and Sol Schultz, in an action based upon defendants’ purchase of certain real estate allegedly in violation of their fiduciary duties as directors of the corporation. We affirm.

The record reveals that corporation is a closely held family corporation with 40 outstanding shares, 23 of which are held either by the Schultz family or by the Schultz…