Ernest Lane, III v. Ronald D. Lampkin

CARLTON, J.,

for the Court.

¶ 1. This case addresses the valuation of a corporation and the related award of damages when one of the corporation’s two shareholders dies and the remaining shareholder begins a new corporation to operate the same .rock-supply business. In the present case, Limestone Prpducts Incorporated had only two shareholders, Ronnie Lampkin and J.O. Smith Jr. Prior to Smith’s death, Limestone operated for ten years with a line of credit.personally guaranteed by both shareholders. However, upon Smith’s death, his estate (the Estate) refused Lampkin’s request to extend a…